{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Scoop","title":"Venture capitalists are shunning tokens, say veteran crypto investors","html":"","width":"100%","height":180,"duration":2169,"description":"Last year’s bull market exuberance is a distant memory, as are the wildly inflated crypto funding rounds that attracted an unprecedented amount of venture capital to the space.\nIn this episode of The Scoop, CoinShare’s Chief Strategy Officer Meltem Demirors and Aglaé Ventures Managing Partner Vanessa Grellet unpack how the crypto VC landscape has changed since last year’s bull market, and particularly why venture capitalists are becoming more reluctant to invest in early token rounds.\nAs Demirors explains, savvy investors are realizing the token model is not always the best way to capture value:\n“There's now consideration of the fact that tokens, in particular governance tokens, are not necessarily the best way to capture value creation… an investor who's willing to write really large checks is going to have some fundamental questions around monetization that doesn't just rely on ‘number-go-up’ tokenomics.”\nAccording to Grellet, regulatory concerns — particularly regarding some token models’ similarity to unregistered securities — are another reason tokens are not as attractive to investors these days.\nWhile hesitancy regarding seed-stage token rounds is becoming more widespread, Grellet believes there is still interest in tokens if they make sense as part of larger equity investments:\n“We see a lot of investors being comfortable with both the equity and a token option so that if the main company has one project, but also has several other projects that warrant tokens, then you can have upside in the ongoing life of the company.”\nEpisode 89 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, CoinShares CSO Meltem Demirors, and Aglaé Ventures' Managing Partner Vanessa Grellet.\nListen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.\nThis episode is brought to you by our sponsors Tron, Chainalysis & IWC...","thumbnail_url":"https://img.transistorcdn.com/kC6kzNjgr18dm0FmBfV_f9xccAkjj-QXoCJmVNlNtrU/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8xZmIz/N2E5MmRmMzJjOTU3/OTNhYjJkYzcxZTlj/MTU2Yi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}