51 Insights – What Matters in Digital Assets

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“The idea of general purpose blockchains or blockchains where all block space is worth the same is going to go away. Within a year, maybe two years, you can guarantee they’re pretty much identical. In that world, we recognized a need to differentiate ourselves again.”That’s Marc Boiron, the CEO of Polygon Labs, explaining why being just “another fast L2” is no longer a viable business model.For years, Polygon owned DeFi. Fast, cheap transactions. $10 billion TVL at peak. Then FTX collapsed, enterprises fled, and competitors caught up on speed. Polygon faced a choice: become irrelevant or get ruthlessly focused.The answer: Stop being everything to everyone. Start being the best at one thing.And that one thing is payments.About Marc: Marc Boiron is the Chief Executive Officer of Polygon Labs, a prominent developer of Ethereum scaling infrastructure. A lawyer by training, he has become a leading voice in the Web3 industry, overseeing the strategic development of the Polygon and AggLayer ecosystems. He’s the man tasked with navigating Polygon through its “rebuilding” phase, moving from the DeFi boom of 2021, surviving the enterprise exodus post-FTX, and now doubling down on ZK-tech and global money movement.In our conversation, we explore why Polygon is betting on B2B2C, how they plan to out-distribute Fintech giants like Stripe, and why the “App Layer” (like Polymarket) is finally becoming more valuable than the “Infrastructure Layer.”🚨We’re opening sponsorships for our next podcast series. Top guests. Serious listeners. Claim your spot →🎧 Jump to the best parts* (04:30) → The Death of General Purpose: Why block space is becoming a commodity and how Polygon is differentiating.* (11:20) → The Institutional Reality: Do big banks care if you’re a Layer 2 or a Sidechain? (Spoiler: No).* (16:18) → Competing with “Corporate” Chains: Marc’s take on ARK, Tempo, and the threat of Wall Street-backed blockchains.* (21:40) → The Cross-Border Killer App: Why B2B treasury and creator payouts are the low-hanging fruit of 2026.* (33:02) → The “Package” Strategy: How Polygon plans to simplify the “convoluted” onboarding process for enterprises in Q1.* (43:40) → The Polymarket Effect: What happens when an app built on your chain becomes more valuable than the chain itself?Important Links* LinkedIn: https://www.linkedin.com/in/marcboiron* X: https://x.com/0xMarcB* Polygon: https://polygon.technology/contact-usWatch or listen now:YouTube • Apple Podcasts🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Everyone has a boss. The central bank’s boss is a devil known as inflation. When inflation is tame, they can tune the economy and bail out the system. But when price pressure stays steady, the central bank gets constrained. That’s the environment crypto sits in today.”That’s Garrick Hileman, one of the few Bitcoin advocates who’s deeply skeptical about what Bitcoin will actually become.🚨We’re opening sponsorships for our next podcast series. Top guests. Serious listeners. Apply here → About Garrick: Ranked as one of the 100-most influential economists in the UK and Ireland. For over a decade, Garrick Hileman has occupied a unique position in crypto. He was publishing research on Bitcoin in 2013 (pseudonymously, to appease his PhD supervisors). He authored University of Cambridge’s first major crypto benchmark study in 2017. He was Head of Research Blockchain.com and was a visiting fellow at the London School of Economics. He studied under economic historians such as Niall Ferguson.In short: He’s seen crypto from the very beginning. And now, he’s warning us about something uncomfortable.Bitcoin won’t be money. It might be digital gold. And if institutions keep accumulating it, it could become neither.“I am one of the only Bitcoiners who consistently rails against ‘Hyper-Bitcoinization.’ People only think one chess move ahead. A dollar collapse wouldn’t just make Bitcoin go up; it would trigger a government response so catastrophic and restrictive that you might not like the exit you’re running toward. You want the frog to boil slowly in the kettle, not a crisis-driven rush.”In our conversation, we dive into why Bitcoin isn’t “money” by traditional definitions, why the AI bubble might be the biggest threat to your portfolio, and why the massive concentration of Bitcoin in the hands of Wall Street institutions like BlackRock might actually break the “cypherpunk” dream.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (02:25) → The central bank’s boss: Why inflation is the only thing that can stop the money printer and what that means for asset markets.* (05:16) → Dollar dominance, stablecoins and payments in the context of financial history* (11:45) → Is Bitcoin money? Garrick explains why his students are always split 50/50 on this question and why Bitcoin currently fails the “Unit of Account” test.* (18:10) → The hyper-Bitcoinization fallacy: Why a dollar collapse would be bad for Bitcoin* (21:40) → The biggest systemic risk: Why the real risk to the economy isn’t a bank run, but ChatGPT-6 “underwhelming” the markets.* (27:04) → Why CBDC’s failed vs private stablecoins* (38:05) → Corporate blockchains vs open blockchains* (46:15) → The Wall Street concentration risk: What happens to Bitcoin’s soul when BlackRock and Michael Saylor own more than Satoshi?Important Links* LinkedIn: https://www.linkedin.com/in/hileman* X: https://x.com/GarrickHileman* Website: https://www.garrickhileman.com/* ITIF: https://itif.org/person/garrick-hileman/* Google Scholar: https://scholar.google.com/citations?user=0SuZhjwAAAAJ&hl=en* RePEc: https://ideas.repec.org/e/phi155.htmlWatch or listen now:YouTube • Apple Podcasts🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance.My biggest takeaways from this conversation & who to bet on:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️"We think the space now moves to a growth phase where the underlying build-out is largely done and value really shifts to the applications that sit on top.”That’s Richard Galvin, Executive Chairman and Chief Investment Officer at Digital Asset Capital Management (DACM), describing the most compelling arbitrage in crypto right now.Richard’s thesis is simple but profound: The era of investing only in "Blockchains" (Layer 1s) is ending. The era of "Applications" is beginning.In our conversation, he breaks down a staggering statistic: Application revenue now represents nearly 70% of the entire crypto revenue pool, yet these apps account for only 7% of total market value.“We’ve built the supply. Block space is now cheap, fast, and commoditized. We don’t need more blockchains; we need more users. The value is migrating from the ‘pipes’ to the ‘services’ and the market hasn't priced it in yet.”About Richard: Richard Galvin is the Executive Chairman and Chief Investment Officer (CIO) of Digital Asset Capital Management (DACM), a global investment firm specialising in digital assets and cryptocurrencies. He co-founded DACM in 2017 after a 20-year career in senior investment banking. His previous roles include serving as Head of Equity & Derivative Capital Markets (Australia) at JPMorgan and as Co-Head of TMT Investment Banking at Goldman Sachs JBWere.As of late 2025, he also serves as a member of the Board of Directors at Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset services platform.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (02:09) → The Canary in the Coal Mine: Why crypto is the leading indicator for macro liquidity and what it’s telling us about the next 12 months.* (05:49) → The Great Altcoin Devaluation: Why fundamentals (users, revenue) are up triple digits while token prices are down 70%—and why this is a “value investor’s dream.”* (10:50) → The Dotcom Parallel: Why L1s (Solana, Ethereum) are the “Cisco” of this cycle, and why the “Amazon” of crypto is currently sitting in the application layer.* (13:02) → The 70/7 Mispricing: Richard breaks down the math: 70% of industry revenue comes from apps, but they hold only 7% of the market cap.* (18:37) → From Lending to Meme Coins: Why Richard is bullish on both the “serious” (Aave) and the “speculative” (Pump.fun) as drivers of mass adoption.* (33:52) → The 2035 End State: Why your grandmother will use DeFi without ever knowing what a “private key” is. Important Links * LinkedIn: https://au.linkedin.com/in/richard-galvin-b336808 * X: https://x.com/richwgalvin* Medium: https://medium.com/@richard.galvin* DACM: https://www.dacm.io/* AIMA: https://www.aima.org/🎙️ In our conversation, we discussed:* The 4-year cycle is dead (but the market hasn't caught up yet): Unlike previous boom-bust cycles where the same retail cohort chased returns, today's crypto is dominated by sophisticated institutions with fundamentally different investment behaviors. This should compress volatility and extend growth cycles.* Why he's bearish on 2025 (but still bullish long-term): Crypto is currently weaker than most asset classes, driven by a drop in corporate treasury buying (which artificially propped up prices) and capitulation from investors front-running a non-existent cycle. This is actually healthy, it's removing speculation.* The internet parallel everyone gets wrong: In the 1990s, people thought infrastructure companies would hold all the value. But infrastructure (Cisco, Nortel) became commoditized. Applications (Google, Amazon) captured the upside. Same thing is happening in crypto right now. We explore how. * Why Solana applications are the most mispriced: Solana has the fastest growth, highest revenues, lowest transaction costs (~$0.00001), yet applications trade at discounts to other ecosystems. The market sees volatility and competition as downsides. Richard sees them as proof of health.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance. My biggest takeaways from this conversation & who to bet on: 1. The dot-com parallel (& the 10x mispricing)

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Capitalism is the superior system broadly. But when left unchecked, it has a lot of problems. And the reason communism and socialism have become more popular is because most people in the world are not participating in the capitalist system.”That’s Yat Siu, Co-founder and Executive Chairman of Animoca Brands, outlining what drives Animoca Brand’s investment thesis. Animoca has quietly built a $1.4 billion portfolio of over 600 companies. Their bet? That while Bitcoin is the reserve asset, the “Altcoin” economy, representing culture, gaming, and data, will ultimately be the larger asset classIn our conversation, he breaks down why Animoca Brands is looking to go public on the NASDAQ and why “digital property rights” are the only viable path to re-enfranchise the global population into the capitalist machine. And here is his biggest take:“No king willingly gives up their kingdom. Spotify won’t decentralize. Facebook won’t tokenize. It’s not innovation from incumbents, it’s creative destruction. A new company will disrupt them, and they’ll have to adapt or die.”In this episode, we sit down with Yat to unpack the philosophy of digital property rights and the future of Animoca.About Yat: Yat Siu is a Hong Kong-based technology entrepreneur, investor, and a leading advocate for Web3 and digital property rights. He is best known as the co-founder and executive chairman of Animoca Brands, a global leader in gamification and blockchain with a portfolio of over 600 companies.He’s been investing in blockchain since the earliest days and is known for his philosophical approach to technology and economics. Before Animoca, he was an early investor in mobile gaming and founded multiple companies.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:52) → From Checkpoint Charlie to Web3: Yat Siu grew up crossing between East and West Berlin. He explains how seeing “scarcity vs. abundance” side-by-side shaped his belief that property rights are the foundation of freedom.* (05:16) → The problem with modern capitalism: Why real estate, compound earnings, and the stock market have become impossible for most people and how QE destroyed the savings mechanism.* (13:06) → John Locke’s labor theory in the digital age: Why your data and ideas are the new “apples you plucked” and why Big Tech is essentially enslaving creators.* (30:59) → The Altcoin Thesis: Why Animoca views itself as a leveraged bet on the altcoin market, and why Yat believes the collective market cap of altcoins will eventually surpass Bitcoin’s “digital gold” status.* (36:30) → From NFTs to digital identity to stablecoins: Why Animoca invests across every layer of tokenization.* (44:47) → The vision for the next 5-10 years: Why tokenization will make everyone financially literate.Important Links * LinkedIn: https://hk.linkedin.com/in/yatsiu* X: https://x.com/ysiu* Instagram: https://www.instagram.com/ysiu/* Animoca Brands: https://www.animocabrands.com/* Wikipedia: https://en.wikipedia.org/wiki/Yat_Siu🎙️ In our conversation, we discussed:* Why capitalism is dying (and how to save it): The failure of antitrust, the rise of tech monopolies, and why data (the new oil) needs to be owned by the people who create it, not the platforms that exploit it.* The NASDAQ Strategy: Why Animoca plans to go public to allow broad retail participation, contrasting with the closed nature of VC funds.* Where to tokenize: Tokenizing liquid assets (like Treasuries) adds utility. Tokenizing illiquid assets (like real estate) doesn’t magically make them liquid, it just wraps the same problem in a token.* Digital identity as the killer app: Why privacy ≠ anonymity, and why blockchain needs reputation (what Animoca is building) before it can scale trust.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance. My biggest takeaways from this conversation & who to bet on: 1. Altcoins will be larger than Bitcoin

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“The $400 trillion market is any asset that is recorded on an antiquated ledger... If we go to $2 trillion in the next five or 10 years, that would be a very good outcome for everybody.”That’s Carlos Domingo, CEO and co-founder of tokenization pioneer Securitize. And he clears up a big myth: “Tokenization makes the asset easier to trade... But that doesn’t necessarily make it liquid unless the asset is liquid itself because the liquidity is intrinsic to the asset.”In this episode, we sit down with Carlos to understand how tokenisation moves from a buzzword to reality.Carlos explains why 2025 is an inflection point for tokenization. He breaks down why Securitize is going public via a SPAC at a ~$2B valuation , and why the “liquidity myth” of tokenizing real estate is a trap.We also cover the critical shift from stablecoins to tokenized treasuries, the entry of BlackRock, and the inevitable future where your Tesla shares aren’t just entries in a DTCC database, but liquid collateral in your digital walletAbout Carlos: Carlos Domingo is the Co-founder and CEO of Securitize, one of the leading tokenization platforms. He founded the company in 2017 when the space was pure speculation. He has led Securitize to become the transfer agent of choice for giants like BlackRock and KKR. Before Securitize, he worked at Fortune 500 companies and was co-founder and managing partner at SPiCE Fund. 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:25) → The $400T opportunity: Why tokenization isn’t a threat to traditional finance, it’s an upgrade to it. And why $2-10T in real tokenized assets over the next 10 years is the realistic target.* (04:39) → Why Carlos started Securitize in 2017: The founding story, watching shares take weeks to transfer, getting inspired by ICOs, and realizing institutions needed the same efficiency.* (08:57) → The BlackRock moment: Why the largest asset manager in the world launching a tokenized product wasn’t just a win for Securitize, it was the moment the entire industry’s eyes opened.* (18:39) → The public vs. private blockchain war: Why private blockchains (like JP Morgan’s) will lose to open ecosystems, using the same logic that killed AOL and won the internet for everyone.* (23:36) → Tokenizing public equities: Why shares trapped in DTCC databases need to be freed onto blockchains, and why the first big marquee company to do it unlocks everything.* (31:15) → How to profit from tokenisation: Three buckets - infrastructure tokens, service providers like Securitize, and enterprise exposure. Why betting on all three matters, and why buying the asset is better than buying the company.Important Links * LinkedIn: https://www.linkedin.com/in/carlosdomingo/ * X: https://x.com/carlosdomingo* Instagram: https://www.instagram.com/carlosdomingo/* Medium: https://medium.com/@carlosdomingo* Securitize: https://securitize.io/* BlackRock BUIDL Fund: https://securitize.io/buidl🎙️ In our conversation, we discussed:* The “big bang” moment for tokenized assets: Why 2025 might be the tipping point as BlackRock, JPMorgan, and Citi scale tokenized funds and treasuries.* Why Stablecoins were the Trojan Horse: How the $300B stablecoin market proved the tech works, paving the way for yield-bearing instruments like Treasuries.* The “infrastructure war”: Why banks are building private chains due to regulation, not utility, and why open innovation always wins.* Tokenized equities: The roadmap to taking shares of companies like Tesla or Apple out of the centralized depository and into your digital wallet.* The “service provider” alpha: Why investing in the picks and shovels (transfer agents, compliance layers) is the safest bet on the tokenization megatrend.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: Start a research-driven growth campaign with us and reach 100k+ decision makers across digital assets and finance. My biggest takeaways from this conversation & who to bet on: 1. Private blockchains are the “Intranets” of finance (and they will die)

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Zero is crazy because it means you’re just completely against the market... The starting point is about 2% of the size of the equity market and that should be the neutral starting point.”That’s Matt Hougan, CIO of Bitwise Asset Management, on Bitcoin allocation. His point isn’t that one needs to be a crypto evangelist or a “laser-eyed” maximalist. It’s simply that in a world where Harvard is tripling its exposure and sovereign wealth funds are doubling down, having 0% exposure to digital assets is actually an active bet against the market.In this episode, we sit down with Matt to make sense of the market’s recent swings. Matt explains why the liquidity crunch and rate anxiety are temporary headwinds masking a massive structural shift: the transition from a programmed, halving-dependent cycle to a mature, macro-driven asset class.We cover the “Bitcoin as a Service” valuation framework, why the old four-year cycle no longer explains the market, and why the smart money is quietly buying the haystack while retail tries to time the needle.About Matt: Matt Hougan is the Chief Investment Officer at Bitwise Asset Management, the world’s largest crypto index fund manager. He was an early voice advocating for Bitcoin ETFs, and before joining Bitwise, he served as the CEO of ETF.com. A three-time member of the “Barron’s 100 Most Influential People in Fund Management,” Matt is the bridge between Wall Street rigor and the digital asset frontier, with presence on financial news channels like CNBC and Bloomberg.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:37) → The Four Major Headwinds: Why the market is stalling right now (liquidity, election anxiety, and the ghosts of October 10th) and why 2026 is the real target* (11:44) → Bitcoin is a SaaS Company: Matt’s brilliant framework for explaining Bitcoin’s value to traditional investors: It provides a service (wealth storage), but you buy the asset instead of paying a subscription.* (22:14) → Is MicroStrategy A Ticking Time-Bomb?: Matt breaks down the math behind the “synthetic halving” and why corporate treasuries need to do more than just HODL.* (26:30) → The “Do Hard Things” Thesis for DATs: Why ETFs have become the “risk-free rate” of crypto access, forcing companies like MicroStrategy and others to take on operational complexity to justify their premiums.* (41:33) → Buy the Haystack: In a world of exploding stablecoins and L2s, picking winners is hard. Matt explains why a diversified approach, owning the equity, the infrastructure, and the tokens, is the only sane strategy.* (46:36) → The Four 2026 Catalysts Bitwise Is WatchingLiquidity reversal (December 1st), Fed rate cuts, October 10th fears fading, and market structure progress. Matt’s specific roadmap for what needs to happen to hit new all-time highs—and why institutions are positioning now.Important Links * LinkedIn: https://www.linkedin.com/in/matthew-hougan/* X: https://x.com/Matt_Hougan* Bitwise memo: https://experts.bitwiseinvestments.com/cio-memos* CFA Society NY: https://cfany.org/speaker-organizer/matt-hougan/* Forbes: https://www.forbes.com/sites/matthougan/🎙️ In our conversation, we discussed:* Why the “Four Year Cycle” is fundamentally dead, even if it’s psychologically alive.* The rise of the “DeFi Mullet”: TradFi in the front, DeFi in the back.* Why stablecoins are the US dollar pair for the future of tokenised markets.* The valuation math behind a $1.3M Bitcoin price target by 2035.* Why Bitwise launched an XRP ETF and a staking-native Solana ETF.Watch or listen now:YouTube • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: We arm financial institutions and digital asset leaders with bespoke research, thought leadership to shape the most important conversations, scale trust, and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Fiat needs to move 24/7. And that’s what blockchains are built for.”That’s Sveinn Valfells, co-founder of Monerium, one of Europe’s oldest and largest stablecoin players – and one of the few people in Europe who’s not just talking about on-chain finance but actually building the regulatory-compliant rails to make it happen.In this episode, we talk about how Sveinn helped write the stablecoin playbook that’s now shaping global policy. His company, Monerium, issued the first regulated stablecoin in Europe, long before Circle had a legal framework and before the U.S. even passed enabling legislation.But this isn’t just another stablecoin episode.It’s a front-row seat to the regulatory cold war unfolding between the U.S. and Europe and why Europe lost the first phase of this war. About Sveinn: Sveinn Valfells is an Icelandic entrepreneur, scientist, and investor. With a background in tech and physics, Sveinn was an early adopter of Bitcoin, helping to organise the first Bitcoin conferences in London. He led Monerium in 2015 to become the first company licensed in the European Economic Area to issue e-money on-chain, including EURe, GBPe, and USDe stablecoins, enabling instant transfers between traditional bank accounts and blockchain wallets.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (00:37) → The future of Fiat is on-chain: Sveinn explains his core thesis: blockchains offer a superior infrastructure for transacting real-world assets, and fiat currency is the most significant of these.* (07:23) → The e-money blueprint: How Monerium issued the first regulated stablecoin in Europe using the pre-MiCA e-money framework — years before Circle or Paxos had legal clarity.* (17:11) → MiCA vs. the Genius Act: Sveinn compares the EU’s MiCA regime with the U.S. Payment Stablecoin Act — and explains why America is now copying Europe’s early blueprint.¨* (23:47) → The “too big to fail” risk of dollar dominance: Why relying on USD for 99% of stablecoin volume is dangerous — and how multi-currency rails could mitigate systemic risk.* (29:00) → Why Europe fell behind and how they’ll catch up: Despite clear regulation, Europe’s fragmented startup ecosystem slowed real adoption. Sveinn outlines what needs to change for Europe to lead.Important Links * Website: https://sveinn.valfells.com/* X: https://x.com/sveinn_valfells* LinkedIn: https://www.linkedin.com/in/sveinn-valfells* Medium: https://medium.com/@valfells* Monerium: https://monerium.com/board/🎙️ In our conversation, we discussed:* Why the future of fiat currency is on the blockchain* How Monarium pioneered regulated stablecoins in Europe* The critical differences and similarities between EU and US stablecoin regulation* The systemic risks of global reliance on the US dollar and its infrastructure* Why the Euro has the potential to become a major on-chain currency* The future of financial services in a tokenised world* Why a multi-chain, multi-currency stablecoin ecosystem is inevitableWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 A note from 51: We arm financial institutions and digital asset leaders with bespoke research, thought leadership to shape the most important conversations, scale trust, and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“We’ve now got the single most powerful factor in all of investing that’s ever existed… Everything is tied to this debasement of currency.”That’s Raoul Pal, CEO of Real Vision and one of the most respected macro thinkers in the world, explaining why the entire financial system has converged on a single trade: outrun the collapse of fiat.In this episode, Raoul lays out a sweeping thesis: The world is caught in a massive sovereign debt spiral that can only be managed by persistent currency debasement. What looks like asset appreciation is really just denominator decay, the optical illusion of rising prices in a world of falling money. “The S&P 500 isn’t going up. The dollar is going down. Once you see that, you can’t unsee it.”This isn’t a bug; it’s a feature of the current financial system. This singular macro force makes investing in scarce, exponential assets like crypto not just an opportunity, but a necessity for capital preservation and growth.We trace this macro supercycle from its origins in the global debt boom to its next chapter: tokenized networks, AI agents, and a replatforming of capital itself. The game is no longer about picking assets based on traditional fundamentals; it’s about choosing the best vehicles to outrun the devaluation of fiat currency.About Raoul: After forecasting the 2008 financial crisis and the 2012 European sovereign debt crisis, Raoul delved into the world of Bitcoin. He authored the first-ever institutional macro report on Bitcoin in 2013 and has since transitioned from a diversified macro investor to being almost entirely focused on digital assets. After a distinguished career that included managing hedge funds at Goldman Sachs, he retired from active fund management at 36 to launch the research service Global Macro Investor. He later co-founded Real Vision to democratise financial knowledge for all.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (04:22) → The Endgame of Currency Debasement and Debt: Raoul explains the inescapable math of sovereign debt, how the post-2008 debt spiral locked central banks into perpetual money printing, and why central bank liquidity is the “single most powerful factor in all of investing.”* (07:46) → The $100 Trillion Destination: Why crypto is the single most powerful macro trade of all time, with a network adoption trend line pointing to a $100 trillion asset class within eight years. We are only 4% of the way there.* (13:12) → Why Gold Preserves Wealth but Doesn’t Compound ItRaoul contrasts gold and crypto: gold protects against debasement, but crypto grows through exponential network effects. In a system where fiat is structurally melting, compounding > storing.* (20:10) → Metcalfe’s Law, Not DCF: Why traditional valuation models fail for crypto. Raoul argues that blockchains are technology networks, not companies, and their value is driven by users and transaction volume, the same law that governs Google, Amazon, and Tesla.* (31:37) → The Economic Singularity: Raoul’s long-term outlook. The debasement trade will continue until ~2032, forcing a mass migration to blockchain rails before AI and robotics fundamentally rewrite the rules of GDP growth.* (33:37) → The Four-Year Cycle is Now Five: A provocative and data-backed argument for why the crypto cycle has elongated. It was never about the Bitcoin halving; it was about the global debt refinancing schedule.* (44:29) → NFTs Are Humanity’s Contract Layer: Moving beyond digital art, Raoul explains why NFTs will become the largest part of crypto networks, underpinning everything from financial derivatives and brand loyalty to your digital identity.Important Links * Website: https://raoulpal.com/* X: https://x.com/RaoulGMI * LinkedIn: https://www.linkedin.com/in/raoul-pal-real-vision/* Real Vision: https://www.realvision.com/contributor/raoul-pal🎙️ In our conversation, we discussed:* The endgame of currency debasement and debt* The “biggest macro trade of all time”* Why gold is a store of value but not a compounder of wealth* Why the four-year crypto cycle is dead* Why the current cycle’s slow, steady build-up may actually be a sign of deep structural strength* Which L1s are going to win* How NFTs will transform brand loyalty, social graphs, and the creator economy.* Why AI and blockchain will be the solution to our debt spiralWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“You cannot build a reputation based on what you are going to do. Trust must be earned over time. The track record matters.”William Mougayar on why Ethereum’s 10-year record matters more than competitor speed claims.William Mougayar, an early internet pioneer and one of the first to recognise the potential of Ethereum, has been in the technology business for nearly four decades. He met Vitalik Buterin in late 2013 and has had a front-row seat to the evolution of the blockchain industry ever since. He advised the Ethereum Foundation through its early growing pains, served as chairman of the Kin Foundation during Solana’s 35-cent days, and has spent four decades watching technology waves from Hewlett-Packard to peer-to-peer protocols.His thesis: The general-purpose L1 wars are over. Ethereum won. What remains is specialization, consolidation, and the infrastructure layer maturing into a $700B capital base.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here.🎧 Jump to the best parts* (07:03) → The double-spend solution and programmable money: William traces blockchain’s lineage from 1990s Cybercash to Napster’s peer-to-peer revolution to Satoshi’s breakthrough, explaining why “if this, then that” logic with money attached changed everything.* (17:05) → The first principles of blockchain: William argues that trust, decentralisation, and credible neutrality are far more critical than speed, explaining why institutions prioritise consistency and fairness over flashy performance metrics.* (28:48) → Why Ethereum sacrificed L1 activity by design: The intentional shift to L2s wasn’t weakness—it was strategic expansion. “Ethereum is no longer just the L1. Ethereum is an ecosystem.” Why comparing Solana’s base layer to Ethereum’s base layer is intellectually dishonest.* (34:40) → Debunking Solana’s narrative: DEX volumes, app revenue, L2 value extraction, capital turnover, and speed. William systematically dismantles each with data: Ethereum does 8.4B in DEX volume vs Solana’s 5B when L2s are included. Top 10 Ethereum apps revenue: $4B; Solana: $2B.* (40:03) → A new valuation for blockchains: Why traditional metrics like P/E ratios and discounted cash flows fail to capture the value of public blockchain infrastructure, and why network effects and the flow of money are better indicators.👉 Subscribe to our digital asset treasury newsletter for all the alpha!We sat down with William Mougayar, author of The Business Blockchain and founder of the Ethereum Market Research Center, to cut through the noise and return to the first principles of what makes a blockchain valuable and enduring.Why it’s important: As the Layer 1 landscape becomes increasingly competitive, narratives often diverge from fundamentals. With billions of dollars at stake, understanding the core tenets of decentralization, trust, and credible neutrality is crucial for investors, builders, instituions and enterprises. William provides a masterclass in separating hype from reality, drawing on his decades of experience in technology cycles.Where to find * X: @wmougayar* Blog: https://wamougayar.xyz * Research: https://ethmrc.com 🎙️ In our conversation, we discussed:* Pre-Bitcoin digital cash and peer-to-peer technologies* What made Ethereum’s smart contracts a revolutionary leap forward* Why the “Layer 1” label is a misleading oversimplification for Ethereum* The critical importance of credible neutrality and censorship resistance* A detailed rebuttal of common anti-Ethereum arguments, particularly regarding Solana* The flaws in using “revenue” as the primary metric for valuing a blockchain* How value accrues to ETH through its role as a productive, foundational asset* The evolution of valuation models from the early internet to today’s blockchain ecosystems* What’s next for blockchain adoption, from institutional finance to consumer appsWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:1. The “general-purpose blockchain” game is over

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Money should travel at the speed of the internet. Stablecoins make that possible.”— Chris Harmse, Co-founder & CBO of BVNKBVNK, a leading stablecoin payment infrastructure provider, just hit $20 billion in annual transaction volume with 320 employees.In May, they partnered with Worldpay, which processes $2.3 trillion annually for 1M+ merchants, to enable stablecoin payouts across 180+ countries.🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts* (08:28) → The new financial stack: Chris outlines the six core ‘payment primitives’ (send, receive, store, earn, spend, comply) driving adoption and explains how companies can now build entire neobanks on top of stablecoin rails, reaching 200 markets instantly.* (15:13) → The three catalysts behind the 2025 Stablecoin summer: Why did the market explode this year? Chris pinpoints the trifecta of regulatory clarity, massive payment volumes, and a critical mass of global users that created the perfect storm for enterprise adoption. * (20:41) → Competing with giants like Stripe: As big players enter, Chris explains why fragmentation creates opportunity and how BVNK’s value proposition is to abstract away all complexity, making blockchain payments as seamless as using a credit card.* (29:15) → Regulation, regions, and the next 3 years: Why LatAm, Africa, and Southeast Asia are leading adoption from the bottom up, and why regulatory clarity has turned from headwind to tailwind for global enterprises.👉 Subscribe to our digital asset treasury newsletter for all the alpha!We sat down with Chris Harmse, Co-Founder and Chief Business Officer at BVNK, to explore the surge in demand for stablecoins for payments and their transformative impact on global finance.Why it’s important: Stablecoins have crossed $300B in supply, putting them on par with some of the largest U.S. retail money market funds and regional banks. Initiatives like Stripe’s Open Issuance, BVNK’s WorldPay partnership and Circle’s Payment Network CPN show that money movement on blockchains is hitting mainstream. BVNK: Founded in 2021, BVNK is a London-based fintech company that provides a full-stack stablecoin operating system for businesses, enabling them to integrate stablecoin payments and treasury solutions into their operations. It has processed $20B+ in transactions and is valued at $750M, backed by top investors and enterprise partnerships across 180+ countries.Where to find Chris Harmse:LinkedIn: https://www.linkedin.com/in/chrisharmse/X: https://x.com/chrisharmse89Website: https://bvnk.com/about-us 🎙️ In our conversation, we discussed:* Why traditional payment rails are broken and fragmented* The evolution of stablecoins from niche to enterprise-scale* Which use cases (payouts, commerce, treasury) are scaling fastest* How BVNK differentiates in an increasingly crowded market* Why regulatory clarity flipped the narrative in 2025* The WorldPay partnership and its network effects* How emerging markets are driving adoption from the bottom up* Where value will accrue across the payments stack (issuers vs. distributors vs. L1s)* Navigating the complexities of KYC and compliance in a blockchain world* Future outlook: Regulation and enterprise adoptionWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:Recommended reports:🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business.My biggest takeaways from this conversation:1. Enterprise adoption has matured1. Enterprise adoption has matured—the conversation shifted from education to executionThe pilot phase is over. Chris argues that enterprises no longer need stablecoin 101 - they’re architecting specific use cases. The traditional financial system, with fragmented domestic schemes and SWIFT-dependent cross-border rails, can’t compete with instant, 24/7, low-cost blockchain infrastructure.“Two to three years ago, people were thinking about pilots. That has shifted to today where they’re going live and they’re doing billions and billions of dollars of TPV.”

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHi, it’s Marc. ✌️“Solana is just faster, cheaper, and more accessible.It maps perfectly to the same consumer demand cycle that made Amazon unbeatable.”— Cosmo Jiang, General Partner at Pantera Capital🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts* (10:56) → Why “NAV per share” is the new “free cash flow per share: Cosmo explains how digital asset treasuries work just like banks or Amazon in its prime: execution and capital allocation matter more than hype. Investors should look at NAV-per-share growth, not token price, just as Amazon’s stock rewarded reinvestment before profits.* (22:03) → Inside Solana Company (NASDAQ: HSDT): We break down how Pantera structured Solana Company to systematically acquire and stake Solana, combining a $500M PIPE, $750M in stapled warrants, and differentiated staking economics. Actionable takeaway: public vehicles can outperform ETFs when they compound yield and use capital markets tools (buybacks, convertibles) to increase tokens per share.* (29:43) → Solana vs. Ethereum & Why Tokens Are Infrastructure Equity: Cosmo makes the case that Solana isn’t just “cheaper”, it’s a cash‑flow‑producing platform growing faster than ETH on incremental users, developers, and fees. He reframes tokens as ownership units in productive networks, not commodities. For investors, that means valuing Solana the way you’d value a high‑growth infra company, not a currency.👉 Subscribe to our digital asset treasury newsletter for all the alpha! We sat down with Cosmo Jiang, General Partner at Pantera Capital and Board Observer at Solana Company, to unpack the rise of digital asset treasury companies (DATs) and why Solana is at the centre of the next wave.This isn’t just a copy of MicroStrategy. It’s a redesigned flywheel, engineered for speed, yield, and public markets scale.Why it’s important: Digital asset treasury companies (DATCOs) have raised $20B in 2025 so far. July alone accounted for nearly $10B, making DATs (digital asset treasuries) the single largest category of crypto fundraising this year. While Bitcoin still dominates, increasing flows are moving to Ethereum, Solana, TON, and other altcoin-focused DATs.Pantera: It is one of the original and largest institutional investors in digital assets. Its portfolio spans eight tokens, including Bitcoin, Ethereum, Solana, and BNB across U.S., U.K., and Israeli companies. These include BitMine Immersion, Twenty One Capital, DeFi Development Corp, and Mill City Ventures III.Where to find Cosmo Jiang:LinkedIn: https://www.linkedin.com/in/cosmojiangX: https://x.com/cosmo_jiangPantera: https://panteracapital.com/team/ 🎙️ In our conversation, we discuss:* Origin of digital asset treasuries (DAT)* Why Solana beats Bitcoin and Ethereum on raw product-market fit* What Pantera saw that made them launch a $1.25B SOL-native public vehicle* Why public equities are the ultimate crypto onboarding funnel for institutions* How Solana Company is engineered to maximize SOL per share * Why most investors underestimate how active Solana already is* Understanding MNAV and navigating market cycles* Why Solana is becoming the default blockchain for payments, AI, and RWAs* Debunking core crypto misconceptions for institutional investors* The case for treating tokens like infrastructure equity, not software* The rise of corporate chains and the multi-chain futureWatch or listen now:YouTube • Spotify • Apple PodcastsRecommended podcasts:My biggest takeaways from this conversation:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHey, it’s Marc. ✌️“Solana’s built to be the internet’s capital market fast, decentralized, and ready for the future.”We sat down with Matt Sorg, VP of Technology at Solana Foundation, for an insightful look into why Solana’s high-speed, low-cost blockchain is redefining how value moves globally.From his days leading AI at Unity to steering Solana’s tech vision, Matt’s journey reflects the cutting edge of blockchain innovation. Now, he’s helping Solana power everything from meme coins to institutional assets, with AI and quantum security on the horizon.We talked about:* Solana’s core philosophy: "Increased Bandwidth, Reduced Latency."* Why it’s the go-to for DeFi, NFTs, and DePIN* How Solana outpaces traditional finance* Preparing for a quantum-secure future* AI’s growing role in blockchain… and much more.Here are our key insights & take-aways. The Solana advantageMatt keeps it real about Solana’s edge:“Solana delivers internet-scale capital markets, moving value faster than anything out there.”Unlike traditional systems like Visa, which settle daily, Solana’s near-instant transactions let businesses scale at the speed of the internet. Think digital startups buying AI compute or tokenizing assets, Solana’s low fees and high throughput make it a no-brainer for innovators.Matt explained how Solana’s ecosystem thrives:

This is a free preview of a paid episode. To hear more, visit www.51insights.xyzHey, it’s Marc. ✌️“Solana is the foundation for Internet Capital Markets. And we’re building the most on-chain public company in the world to prove it.”We sat down with Kyle Samani — co-founder of Multicoin Capital, early Solana backer, and now Chairman of Forward Industries — a newly launched $1.65B Solana treasury company backed by Multicoin, Galaxy Digital, and Jump [RELEASE]. 📈 NASDAQ: FORD"We are now the largest Solana DAT Treasury company in the world. And I can tell you our aspirations are a lot greater than that. We just got to the starting line and we're sprinting."Kyle’s not new to making bold bets. From launching Multicoin in 2017 to leading Solana’s seed round in 2018, his views have often been early — and right. Now he’s taking that same conviction to public markets and is betting everything on Solana's internet capital markets vision.We talked about:* Why Forward Industries raised $1.65B for Solana (not Bitcoin)* The MNAV premium game and what happens in bear markets* How treasury companies can actually outperform holding crypto directly* Solana vs Ethereum* Why corporate layer ones will fail* The timeline for internet capital markets going mainstreamLet’s jump in. Why FORD exists“It’s not enough to just buy Solana and trade at a premium. We want to rebuild capital markets on-chain.”Kyle sees Forward Industries as the first fully on-chain public company — not just buying SOL, but running payroll, governance, dividends, and vendor payments entirely on-chain.The vision:* Public company treasury model, but with real utility and cash flow* On-chain fundraising and operations* Yield from Solana DeFi, staking, and credit arbitrageThey’ve already secured ~$1.65B, including personal capital from Kyle and institutional backers. Up to 75% of capitalcame from TradFi institutions, including pensions, endowments, and sovereigns.Solana > ETFsKyle breaks down why treasury companies can outperform ETFs:“ETFs give you fixed exposure. But with a treasury company, you can grow the asset per share through yield, arbitrage, and M&A.”His strategy:

Hi, it’s Marc. ✌️“BNB is the most overlooked blue-chip crypto asset in the space. It’s tied to the largest company in crypto, and yet Western investors still don’t fully get it.”We sat down with David Namdar — hedge fund veteran, Bitcoin OG, Galaxy Digital co-founder — now CEO of BNB Network Company (BNC), a $500M digital asset treasury betting big on BNB.David has been in crypto for more than a decade. From attempting one of the first Bitcoin ETFs at SolidX, to building Galaxy Digital with Mike Novogratz, to now leading a digital treasury platform for BNB, his journey mirrors the evolution of crypto itself.We talked about: * Why treasury companies are exploding now* BNB as “digital infrastructure equity”* and why he believes BNB is positioned to outperform Bitcoin over the next five years.… and much more.The treasury company explosionDavid keeps it simple about what Michael Saylor achieved:"He's been able to accumulate over 3% of the Bitcoin supply. At current prices, that's $70B."The playbook: Take corporate cash, buy Bitcoin, trade at a premium, sell more equity, buy more Bitcoin. Repeat.Five years ago, MicroStrategy was a struggling software company worth under $1B with $400-500M in cash. Today, it's over $100B with $70-80B in Bitcoin."The market loved it and traded at a premium. Then, he started creating this idea of a flywheel where he could sell more equity or sell debt in order to buy more Bitcoin.But it took validation time. David explains why other companies are following now:"After the model has been kind of validated over the last five years by Saylor, and then a couple of the more recent ones that have succeeded, MetaPlanet in Japan...it went from having $1-2B market cap to $5-10B."That strategy proved two things:* Bitcoin works as a corporate treasury reserve.* Markets will reward bold execution with premiums.The BNB thesisHere's David's core argument: BNB is systematically undervalued because U.S. investors don't understand what they're missing."Iimagine if in the U.S. we didn't have access to Apple, Google, Facebook, now Meta. Imagine if the largest social network, the largest tech company, something like Nvidia, was entirely outside of the U.S. market."The numbers back this up. Binance has 290M users. Most use BNB to pay reduced gas fees. All of that activity drives token burns and value accrual."BNB then is kind of this digital infrastructure equity of the entire Web3 universe. It actually has more activity in stablecoins than Ethereum does."David's positioning framework:* Bitcoin = digital gold* Ethereum = digital oil* BNB = digital infrastructure equityWhy treasuries matter now: Unlike past cycles, this time the U.S. regulatory environment has opened up, making it easier to bring corporate structures and capital markets into crypto.David estimates $100–200B will flow into digital treasuries over the next year, not through exchanges, but through public-market vehicles that institutional investors can buy.That means:* More disciplined capital allocation* Less froth around meme coins* More focus on blue-chip digital assets“Our job is to accumulate as much of the asset as possible — with discipline.”Digital asset treasuries vs. ETFsIt is simple. With an ETF, you always own the same amount of underlying asset per share. With treasury companies, successful execution can multiply your holdings.David breaks it down:"If they succeed at executing on the strategy and selling at a premium and getting the flywheel going...then you can end up with significantly more of the underlying asset per share than what you started with."But he warns against hype chasing:"What ends up happening a lot of the time with these treasury companies is there's an announcement that gets made. The stock jumps up 5-20x and investors rush in and immediately are down 50-80%."His advice: Wait a few days, understand the strategy, and verify the team can execute.The premium questionArthur Hayes thinks that NAV premiums will decline. David agrees, but with nuance:"We are going to see a lot of the premiums decline, but we're also going to see some of them persist for a lot longer than people think."His math: Outside MicroStrategy, there's $30-50B in treasury assets with $10-25B in premiums. He expects $100-200B more capital to flow in over the next year."During that process...that 10, 20, 30 billion of premium that [MicroStrategy has] will probably go to some of these other companies that are more capable to actually accumulate the underlying asset."Key takeawaysHere are some key takeaways David shared for public companies and institutional investors:* Digital asset treasuries are the next big capital market vehicle: Expect $100B–$200B to flow into crypto treasuries (beyond Bitcoin and Ethereum) over the next 12 months, skipping exchanges and going directly into corporate treasury vehicles.* Premiums will redistribute, not disappear: While some NAV premiums will compress, successful treasury companies with strong execution will capture value from weaker players. Access to capital markets during downturns determines survival.* Infrastructure matters more than hype: The winners will be treasury companies with experienced teams, diverse capital access, and focus on long-term asset accumulation rather than short-term price pumps.* BNB positioned for AI + Robotics transaction growth: BNB’s lower cost structure vs. Ethereum/Solana makes it the likely leader for AI, robotics, and trillions of microtransactions. BNB is evolving into the infrastructure chain and can provide AI and blockchain companies with scalability advantages.Take care, MarcMore from us:🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

“The age of accounts is ending. The age of wallets is beginning.”— Tony McLaughlin, CEO of Ubyx, ex-CitiFor the release of our new stablecoin report “Digital Dollar, Real Yield,” we sat down with two of the sharpest operators in stablecoin infrastructure:* David Sutter, CEO of OpenTrade, powering yield infrastructure for fintechs using stablecoins* Tony McLaughlin, CEO of Ubyx and former Citi exec, building the first global clearinghouse for stablecoinsBoth are quietly shaping what the next decade of global finance will look like, faster, cheaper, programmable. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

“Enterprises don’t want ten integrations to enter the blockchain space. They want one partner that does it all: on-ramps, off-ramps, custody, cards, compliance.”We sat down with Max von Wallenberg, the co-founder and CEO of Iron to discuss how stablecoins are becoming the new rails for global finance.Iron is a stablecoin payments infrastructure company recently acquired by MoonPay. It provides stablecoin APIs that enable wallets, fintechs, and enterprises to move money seamlessly across fiat and crypto rails—covering on-ramps, off-ramps, global payouts, and banking-like functionality for wallets.We’ll talk about:* Regulatory catalyst* Enterprise FOMO* Infrastructure moats* Why every fintech will go stablecoin-native… and much more This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

Hi, it’s Marc. ✌️“Blockchain is just infrastructure. The real question isn’t ‘Why do you need blockchain?’ but rather ‘Can it make your solution better, faster, and more scalable?.”The restaurant industry is a trillion-dollar business, yet most restaurants operate on razor-thin margins of 4% or less. Traditional platforms like OpenTable and Toast have created walled gardens that limit restaurants' control over customer relationships, payments, and loyalty programs.We sat down with Ben Leventhal, the founder and CEO of Blackbird Labs to discuss the future of first-party data ownership with blockchain.Blackbird, a blockchain-powered platform aims to revolutionize payments and loyalty by giving restaurants direct ownership over their transactions and customer data. It is proving that Web3 isn’t about hype—it’s about solving real-world business problems.Here’s what we’ve covered:* Why Blackbird was built: Restaurants rely on platforms like OpenTable, Toast, and POS systems, but these platforms own the customer data—not the restaurants. The biggest players in restaurant tech (OpenTable, Toast) control customer data. Blackbird enables restaurants to own their payments, loyalty programs, and consumer insights.* Saving millions using blockchain: Payment processing fees eat up 2-3% of revenue—a significant loss for low-margin businesses. Restaurants can reduce these costs significantly by leveraging blockchain.* Restaurants must own their consumer data: The restaurant industry operates on 4% margins—losing even 1-2% to third parties is a major issue. Owning first-party data means you can increase retention without paying intermediaries.* How Blackbird works: Instead of relying on third-party reservation and payment systems, Blackbird gives restaurants full control over transactions and customer data. It enables customers to check in, dine, and leave without manually paying—payment happens in the background. Transactions happen using Fly tokens, stored in an auto-generated wallet for every user, reducing friction.And much more.On the Consumer Experience with Blackbird,“Payments are loyalty. You can’t separate the two. Our goal is to make them seamless for both consumers and restaurants.”Key Take-Aways for Brand Leaders* Blockchain for payments & loyalty can work: Brands should explore tokenized loyalty programs that are interoperable across multiple locations and do not lock consumers into walled gardens.* Pro Tip: Ensure that customer data and transactions are stored in a way that the brand—not third parties—can leverage for direct relationships.* Blackbird’s FlyNet (L3 blockchain on Base) enables real-time transactions and ownership of consumer interactions. It combines payments, loyalty, and consumer data into one seamless platform.* Own your first-party data: Restaurants need flexible, modular tech stacks that empower them to own customer relationships, not rely on third-party platforms that take a cut.* Pro Tip: If your brand is in hospitality or retail, blockchain can help you to own first-party data and reduce reliance on intermediaries.* Removing friction in the customer experience pays off: Brands should look at how friction in payments, loyalty, or onboarding affects conversions and invest in streamlining the experience.* Pro Tip: Benchmark your checkout or payment experience against the best in digital commerce (Amazon, Apple Pay, Uber)—if it’s slower, fix it.* Blackbird allows seamless check-ins and auto-pay, eliminating the “waiting for the check” problem. * Result: Higher transaction volume, lower payment processing costs, and more engaged customers.* Blockchain is a tool, not the product: Do not start with technology—start with the problem and assess if blockchain (or AI, etc.) is the best solution.* Pro Tip: If your Web3 initiative doesn’t offer clear benefits over Web2 alternatives (better UX, lower costs, more control), reconsider the implementation.* Numbers prove product-market fit: For emerging tech solutions in traditional industries, real adoption numbers matter—always ask for proof of traction.* Pro Tip: When evaluating new tech partnerships, demand KPIs like transaction volume, retention rates, and real-world adoption figures.* Blackbird is already processing over $500K+ in transaction volume in 2025. Over 1,000 restaurants onboarded across New York, San Francisco, and Charleston.Blockchain should be invisible—it’s a tool, not the product.Tune in to dive deeper into Blackbird’s infrastructure and the future of blockchain in the restaurant industry. That’s all for now.Marc & TeamPS: We help companies like Avalanche, Near, or MoonPay with industry-leading thought leadership campaigns. Interested? Start dominating your vertical. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

Hi, it’s Marc. ✌️"The biggest AI impact isn't in chatbots—it’s in backend efficiencies like demand forecasting, inventory management, and pricing optimization."We sat down with Mario Lang, Executive Director & Global Technology Lead at The Estée Lauder Companies Inc., to discuss the key shifts in technology to define the next decade of luxury.The Estée Lauder Companies (ELC) have explored emerging technologies, such as blockchain-based Digital Product Passports (DPPs) for authentication, consumer engagement, and resale tracking. They are also developing AI-driven customer service agents to enhance white-glove luxury experiences. Mario said: “Many brands fail in digital transformation because they silo innovation teams from core business units—tech must be embedded, not an afterthought.”In 2024, ELC and Microsoft expanded their partnership with an AI Innovation Lab to power prestige beauty with generative AI by accelerating consumer engagement, speed to market, and localized relevance across ELC’s 20+ brands. The company also built an AI tool to merge trend data with products to spot trends, optimize marketing, and boost profitability while improving consumer targeting and reducing marketing inefficiencies.AI, blockchain, and immersive commerce are no longer experiments—they are shaping how brands engage, optimize, and sustain long-term value.Here’s what we’ve covered:* Digital Product Passports (DPPs) – The future of CRM* AI in Luxury – Backend first, frontend next* NFTs – From collectibles to utility* AI-powered trend spotting & pricing optimization* Web3 loyalty programs* The shift to interoperable luxuryAnd much more.The future of luxury isn’t brand silos—cross-brand collaboration will redefine consumer engagement. Brands need to stop hoarding consumer data and embrace shared loyalty ecosystems.Key Take-Aways for Brand Leaders* DPPs will be the CRM: DPPs lower the barrier to consumer-brand interaction, replacing the outdated PII (Personal Identifiable Information) model. They authenticate luxury products, support resale, and build long-term consumer relationships.* Action: Start integrating DPPs in your supply chain today across sourcing, retail, and resale. The EU will require them soon for sustainability compliance.* No ID management platform currently exists that fully bridges procurement, retail, and consumer engagement—this is an untapped opportunity.* AI should first optimize operations, then elevate consumer experience: AI agents can enable hyper-personalized luxury service at scale, reducing human resource needs. The biggest opportunity isn’t in chatbots—it’s in backend efficiencies: demand forecasting, dynamic pricing, and supply chain optimization.* Action: Deploy AI to optimize inventory, promo pricing, and customer segmentation before launching consumer-facing AI experiences.* NFTs are not dead—they need utility: The NFT hype cycle is over, but functional NFTs tied to loyalty, gated access, or resale verification will thrive. Sports teams and entertainment brands are leading the way in NFT utility—luxury is behind.* Pro tip: Instead of a collectible, think of NFTs as a membership key—reward consumers with exclusive product drops, events, or brand collaborations.* Metaverse is evolving through AR & Wearables: Full-scale VR adoption is waiting on better hardware, but AR is already driving results in retail activations. Consumers expect seamless blending of digital and physical luxury experiences.* Action: Test AR activations in high-footfall retail spaces and track conversion from AR-driven engagement to purchase.* The future of luxury loyalty is interoperable: Consumers want brand-agnostic loyalty programs where benefits travel across brand ecosystems. The biggest brands are already tracking consumer behavior beyond direct sales—department store data is the next battleground.* Action: Consider partnering with other brands or platforms for shared loyalty programs. A perfect example: Cavs Rewards* The biggest opportunity isn’t just better loyalty—it’s disrupting wholesale retail data access, allowing luxury brands to reclaim customer insights lost in department stores.* Future-proofing- How to vet emerging technologies: Leaders need to assess tech through clear business outcomes, not just “innovation for innovation’s sake.” Brands that fail to connect technology to engagement, conversion, or efficiency will struggle with adoption.* Action: Categorize all new tech into:* Now – Solves an immediate business need (e.g., AI for pricing optimization)* Soon – Competitive advantage in 1-3 years (e.g., DPPs, loyalty evolution)* On the Horizon – Moonshot innovation bets (e.g., AR-based virtual commerce)* Pro tip: Never lead with “innovation” when pitching tech internally—frame solutions in terms of revenue, efficiency, and conversion.The next decade of luxury isn’t about digital gimmicks—it’s about using technology to lower friction while preserving exclusivity.Brands that integrate AI, blockchain, and immersive experiences into existing consumer journeys—instead of treating them as standalone experiments—will win.Dive deeper and listen to the full conversation.That’s all for now.Thanks,Marc & Team51 can help your Web3 & AI scale-ups to become the go-to name for enterprises & brands. We’ve built the highest-quality growth engine in Web3:* 70K+ B2B business leaders & direct corporate access to get in front of decision-makers.* Institutional grade research & BD execution to deliver high-intent corporate prospects & higher conversion rates* Sales enablement & GTM strategy to close enterprise deals faster.Clients include: Avalanche, MoonPay, Near Foundation, and others.Let’s talk. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

Hi, it’s Marc. ✌️“There is no correlation between budget and success. The most successful brands are the ones that understand the community they’re entering and add value rather than just push ads. Spending millions doesn’t guarantee engagement—listening and iterating does.”We sat down with Charles Hambro, Co-founder and CEO at GEEIQ, to break down how brands can use Roblox, Fortnite, and other virtual worlds to drive engagement and stay ahead.GEEIQ is an analytics platform that helps brands track and optimize activations in virtual spaces. Since 2018, it has analyzed hundreds of brand campaigns, proving that gaming isn’t just for experiments—it’s a core marketing channel.Why it matters: Traditional social media is losing ground. Younger audiences are spending more time inside games than scrolling feeds. For brands, this isn’t just an opportunity—it’s the next battleground for attention.On why brands are moving into virtual worlds, Charles said:“Virtual worlds are not just games anymore—they’re social hubs. People aren’t just playing, they’re hanging out. That’s where brands need to be.”By the data: The last 5 years have seen a shift from social media to user-generated content (UGC) platforms like Roblox, Fortnite, and Zepeto.* In Q4 alone, 110 brands launched activations in Roblox, more than Fortnite (75) and Sandbox (31) combined.* Roblox has seen 847 brand activations since 2018, nearly double Fortnite (477).Here’s what we’ve covered:* Why brands are shifting from social media to virtual worlds—and why Roblox dominates brand activations.* How virtual commerce is evolving—and what Walmart, Gucci, and Hugo Boss are testing.* The biggest mistakes brands make in gaming activations—and how to avoid them.* Why traditional social media and gaming platforms will merge—and how brands should prepare.And much more.Virtual commerce is still in the early stages. Brands should experiment with digital-to-physical strategies, but don’t expect instant ROI—yet. The real winners will be the brands that experiment early, listen to the data, and focus on engagement over impressions.The Ultimate AI x Crypto Intelligence PlatformCompare, analyze, and track AI startups & vendors in real-time — powered by research and data, not hype. Join the waitlist for exclusive early access 👉Key Take-Aways for Brand Leaders* Roblox is not the only game in town: Roblox leads in brand activations, but it’s not the only platform that matters. Fortnite, Zepeto, and others offer different opportunities based on budget, audience, and engagement style. The right choice depends on your strategy—not hype. Breaking it down:* Fortnite → High-quality brand activations, but bigger budgets required.* Zepeto → Strong Gen Z, female audience—ideal for fashion & lifestyle brands.* Decentraland & Sandbox → Web3 & NFT focus, but smaller user bases.* PRO TIP: If reach and engagement are the goal, Roblox is still the best bet. But don’t assume success—test, analyze, and refine before scaling.* From social media to virtual worlds: Brands no longer need approval from platforms like Roblox or Fortnite to launch activations. Just like users can create and publish content, brands can build their own experiences, virtual stores, or branded items without needing direct partnerships with the platform. Virtual worlds function like social platforms where brands can build their own spaces (similar to how they used to create Instagram profiles).* PRO TIP: Don’t treat virtual worlds like traditional gaming—approach them like social media platforms where users expect engagement, not ads.* Brand success isn’t about big budgets: Spending more doesn’t guarantee success—brands that listen to the community and add value perform better. Engagement, not impressions, drives ROI—time spent with a brand in virtual worlds outperforms traditional social media.* PRO TIP: Before launching, use data to study user behavior and adjust your activation accordingly.* E-Commerce in virtual worlds is just beginning: Walmart’s test in Roblox (powered by GEEIQ’s data) showed potential but had limits—only three real-world items were available for purchase. Meanwhile, Roblox partnered with Shopify to let creators sell physical goods directly in-game using Shopify’s checkout, with a full launch set for 2025. Gen Z and Gen Alpha already shop on social platforms and buy virtual items on platforms like Roblox. As virtual worlds evolve, in-game purchases could outpace traditional e-commerce.* PRO TIP: Brands should experiment with digital-to-physical commerce (e.g., selling digital skins that unlock real-world products) to prepare for this shift.* Virtual worlds will become more social: Meta’s Horizon Worlds could be the sleeping giant, with Meta’s 3B+ monthly users and deep platform integration. Expect mergers and acquisitions between virtual platforms and traditional social media. More social features (news feeds, TikTok-like experiences) will be integrated into virtual worlds.* PRO TIP: If you’re planning for long-term brand positioning, start testing activations in virtual spaces now—before competition floods in.* Blockchain and Web3 games aren’t dead: Blockchain and Web3 gaming aren’t a lost cause—they just need a fresh approach. Platforms like Decentraland and Sandbox didn’t resonate because NFTs weren’t the real draw. Users care more about immersive social and gaming experiences than the underlying tech. For blockchain to truly make an impact in gaming, it’s about traditional giants like Roblox or Fortnite seamlessly integrating on-chain assets.* PRO TIP: Brands should focus less on chasing the NFT hype and more on gamifying experiences that enhance engagement. The future of Web3 in gaming lies in creating multiple touchpoints, building lasting loyalty, and delivering real utility—like cross-platform asset ownership.Virtual worlds aren’t just an extension of gaming—they’re the future of brand engagement.Tune in to dive deeper into Charles’ brand strategy.That’s all for now.Thanks,Marc & Team📊 Data Drop: Top Brands in Gaming / Immersive CommerceWe have curated a dataset of 150+ of immersive commerce / gaming activations of major consumer brands. Subscribe to PRO to get free access to all the data (at the bottom of the article) 👇 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

Hi, it’s Marc. ✌️We sat down with Michael Chock, Chief Solutions Officer at SmartMedia Technologies, John Timoney, Co-founder at Uptop and Mark Epps, Director of Communication and Web3 at ATP Tour to break down how sports clubs are leaving millions on the table—and how new tech is turning passive fans into paying customers.Sports teams and brands monetize less than 5% of their fan base despite having millions of followers. This brings the need for monetising fan engagement, not just measuring.On the future of Web3 and fan engagement, Mark said:“When we launched our ‘Momentum’ campaign, we grew our fan database by 25% in just eight days. And we did it using NFTs—without even calling them NFTs."On the need for fan identity and first-party data, John said:“The future of fandom and marketing is direct-to-wallet. Your wallet is your identity, your transaction history, and your engagement proof—all in one."On loyalty, Michael said: “Sports teams don’t have a loyalty challenge—they have an engagement challenge. Having millions of Instagram followers means nothing if brands can’t turn them into real value.”— Michael Chock, Smart Media TechnologiesWant the full breakdown? We just dropped our flagship report on The Future of Fan Engagement.Key Take-Aways for Brand Leaders* Sports and brands have massive digital audiences but monetize only 1-5% of them. Even a 1% improvement in monetization can generate significant revenue. Brands should shift from passive social media followings to opt-in, direct engagement models that provide fan incentives.* PRO TIP: Develop digital experiences where fans willingly share data in exchange for unique perks (e.g., exclusive early access, and customized rewards).* The future isn’t about "fan loyalty" but fan identity tracking—understanding behaviours, preferences, and engagement across platforms. Build persistent digital identities (wallet-based or tokenized) where a fan’s engagement history follows them across platforms.* PRO TIP: Track engagement patterns (e.g., app usage, in-stadium check-ins, digital purchases) to personalize future offers.* The Cleveland Cavaliers' fan wallet system increased partner grocery store sales by double-digit percentages by shifting fan spending habits. Leverage data-driven loyalty ecosystems that reward fans not just for spending with the team but with partner brands.* PRO TIP: Instead of generic discounts offer rewards tied to emotional moments—such as premium game experiences, access to exclusive gear, or VIP content.* Platforms like Meta owns the audience, not the brand. Engagement on Instagram or TikTok means nothing if brands don’t capture direct data. Brands need to shift efforts from social media vanity metrics to first-party data collection through direct-to-fan channels.* PRO TIP: Use QR codes, in-stadium activations, or gamified content that drives fans to owned platforms (e.g., team apps, digital wallets).* The winning fan engagement model is open-loop, not closed-loop. This means rewards, identity, and experiences should work across multiple ecosystems. Move toward an interoperable ecosystem where a fan’s engagement in one place unlocks perks elsewhere.* PRO TIP: Collaborate with sponsors and leagues to create a unified fan wallet where brands share, rather than silo, consumer engagement data.* Marketers are demanding more ROI from sponsorships. Sponsors want more than just logo exposure; they want data-driven attribution. Build sponsorship assets that measure impact beyond impressions—such as engagement-based rewards or real-time participation analytics.* PRO TIP: Use direct-to-wallet marketing instead of email spam—personalized offers will drive conversion rates exponentially higher.Web3 is a “HOW”, not a “Why.”The adoption curve is already underway—120M+ active blockchain wallets exist today, and digital-first consumers are shifting to seamless, owned experiences.Tune in to dive deeper into Web3 fandom strategy.That’s all for now.Marc & Team🚀 Work With 51: Scale Your Web3 x AI Corporate AdoptionOur industry OGs, vast network, research team & 70k+ B2B audience help you:* Co-publish enterprise-grade reports with us, driving traffic and boosting B2B outbound conversion rates.* Execute a multi-channel growth campaign that delivers better results than anything else in Web3's consumer space. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe