20VC: Should Large Crypto Funds Give Money Back to LPs | What Will the Next Generation of Crypto Funds Look Like | What Should Happen with FTX; Who Should be Held to Account | The Future of NFTs & What Happens to Opensea w/ Nick Tomaino @ 1confirmation

Posted on 30th October 2023 by Harry

Nick Tomaino is the Founder and General Partner @ 1confirmation, one of the leading seed firms fueling the decentralization of the web and society. The fund started with $26M in backing from individuals including Peter Thiel and Mark Cuban and it has been reported that the firm now has over $1B in assets under management. Nick has led seed investments in OpenSea, dYdX, SuperRare, Polkadot and Cosmos among others. Prior to 1confirmation, Nick was a Principal @ Runa Capital and before that led business development and marketing at Coinbase in the early days of the company.

In Today’s Episode with Nick Tomaino We Discuss:

  1. From Cryptokitties to founding the Leading Seed Crypto Firm:
  • How did Nick first come into contact with crypto and bitcoin specifically?
  • How did getting fired from Coinbase catalyse his move into venture?
  • What does Nick know today that he wishes he had known when he started investing?

2. The Landscape Today: Funds and SBF

  • Are the current generation of crypto funds too large? Should they give money back to their LPs?
  • Will the next generation of crypto funds be smaller? Are any crypto funds able to raise right now?
  • Why does crypto Twitter hate crypto VCs? Who are the worst VCs for pump and dump?

3. SBF & FTX: What Actually Happened, Who is to Blame, What Happens from here?

  • What is the biggest misconception on SBF and FTX today?
  • Who should be held accountable? What else would Nick like to see?
  • How should FTX change the way that LPs invest into venture managers?

4. How to Build the Best Crypto Portfolio in Venture:

  • How large are the funds? How does Nick determine the right size for a fund?
  • How many investments does Nick make per fund? How do loss rates look in crypto?
  • What have been Nick’s biggest investment hits and losses? How did that impact his mindset?

5. The Future for NFTs and Opensea:

  • Why does Nick remain bullish on the future of NFTs?
  • How is Nick able to remain optimistic about the future of Opensea given their volumes?
  • Where does Nick believe the fair price for Opensea should be today?
  • Did Nick sell their Opensea at the $13Bn round?

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