Part 3: We're Just Getting Started — Packy McCormick

2021 was the year of profile picture (PFP) NFTs. Depending on how you value them, both CryptoPunks and Bored Ape Yacht Club have total market caps (# of NFTs * price per NFT) of around $3 billion each. More than just a disconnected network of owners, though, the humans behind the NFT PFP formed communities, online and IRL. First, they met in Discor... See more

But the challenge with physical space-based businesses is not the size of the overall market, it's capturing enough of it in a scaleable way to build a venture backable business. A massive market with a felt need is necessary but not sufficient for venture scale growth.

In order for IRL Clubs to be attractive venture investments, they need to scale beyond the four walls. They need to make money independent of adding more square feet.