Episode 104 of Season 4 of The Scoop was recorded at Circle's Converge in San Francisco with The Block's Frank Chaparro and Volt Capital Managing Partner Soona Amhaz.
Volt Capital announced in May the launch of its second fund — with backing from the likes of Andreessen Howoritz's Chris Dixon and Marc Andreessen — and despite the ongoing bear market for digital assets, founder Soona Amhaz says there's an opportunity to invest in a new wave of entrepreneurs.
Following the launch of a wide range of marketplaces tied to non-fungible tokens and decentralized finance, Amhaz said she is setting her sights on projects and companies that solve the problems facing such organizations, including the breaches and security issues that hang over the space like a cloud.
"A trend I'm seeing is second order thinking to primitives that were finally established," Amhaz noted. "So one anecdote of this is just being able to move NFTs between buyers and sellers: having marketplaces established was a huge win for the space this most recent cycle. But now we're already seeing a wave of founders who are building with this second order thinking of, 'Okay, now that NFTs are here and now that we have NFT marketplaces, how are we preventing fraud? How are we thinking about security? How are we thinking about content moderation?'"
Indeed, Volt's strategy reflects a shift among venture capitalists in the market more generally, who are now focusing on infrastructure plays rather than token deals.
"You're now building where there is demand," she said. "If you look at where the center of gravity is right now for crypto, because retail has largely evaporated… the center of gravity really and the attention and the spotlight are on other founders who are building crypto startups, they're on builders that need developer tools to enhance the DX or developer experience."
During this episode, Chaparro and Amhaz also discuss:
- How Volt is allocating towards crypto gaming
- Why this crypto cycle is different than previous ones
- What it's like to work in the crypto industry
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