Metaverse
Persistent virtual worlds with on-chain economies are no longer a thought experiment. A handful are now liquid enough to trade as economies in their own right — with land markets, in-world commerce velocity and identity layers that resemble emerging-market structure more than they do gaming.
/ 01
Flow before narrative
We are unromantic about this category. Most metaverse projects do not have the user retention or the on-chain commerce velocity to justify any allocation. The few that do behave like small sovereign economies and reward the same disciplines that work in macro: measure flow, measure tenure, ignore announcements.
/ 02
What the desk actually weighs
- 01Daily active users with on-chain wallet linkage — not in-app engagement metrics.
- 02Land turnover and the spread between asking and clearing prices.
- 03Identity protocol adoption across multiple worlds.
- 04Brand integrations with revenue-share, not banner placements.
- 05Infrastructure exposure: rendering, networking, and on-chain storage primitives that any world will need.
/ 03
Exit when velocity turns
When the agent enters this segment it does so through a handful of liquid positions and exits at the first sign of velocity rolling over. We would rather miss a winner than ride a hype cycle to zero.