The Blockchain Agency brings together knowledge and experience from their tenures at the likes of Google, Uber, and Razorfish as well as significant engagement across the blockchain ecosystem with applications in adtech, entertainment, fintech, healthcare, enterprise, government, and more, including successful partnerships with VCs and other investor-led projects.
What do you see as an interesting fact about the current state of the blockchain industry?
The issue with many companies is that they have a great idea and whitepaper, but they need premium marketing to get their idea out there. Unfortunately, there is a lack of retail interest at the moment. Therefore, there needs to be an effective way to bring ideas to life as the industry is not working in the same way it used to.
What are your thoughts on the current cryptoasset bear market?
There may be negative sentiments about the currency, but this does not mean the technology is bad. From a marketing perspective, it is about understanding how you approach the unique market at the mass adoption level; it is not about approaching it at the ICO level. It seems like ICOs are not doing well, but in reality, people are moving away from ICOs to different mainstream adoption techniques.
What is your advice for Private Investors who are skeptical about the market given the current conditions, but that believe in Blockchain?
In a typical vetting process, there is a whole range of due diligence that naturally any investor has to do; including questions such as what market are they are in, what problems are they solving, what is the size of their market etc. There is a presentation by Benedict Evans, the A16Z Strategist, called ‘The End of the Beginning’. This is an important framework for understanding the bigger, long-term picture. Everybody has mobile phones now, but it took many years of machine learning to get technology to a stage where it compliments user behaviour, and we’ve seen this with Facebook and Google.
When do you believe the cryptoasset market will turn positive again?
There are a couple of signals; one is the launch of an ETF, the second is how quickly things are being integrated into the mainstream market. Coinbase has over 40 million registered accounts, and Yahoo Finance has a Crypto dashboard, so already there are real world use cases. IBM even has a blockchain department with over a thousand people working in it, so there is only a matter of time until the ‘tipping point’ happens.
Private Investors typically invest and exit in 3-5 years. If this is true, what should they be doing now, to invest in the right company for ab exit in 3-5 years?
Private Investors need to have dedicated Blockchain advisors to keep up with current market trends and technological advancements. Jesse is working at a co-working space in the US, and a sliver of their budget/spending is already dedicated to Blockchain. He also shared with us an interesting statistic, that 20-40% of enterprises are starting or looking into Blockchain initiatives. One of the best things Private Investors should be on the lookout for is which companies are solving ancient problems with new solutions to revolutionize industries such as healthcare.
Overall, just like many advisors and professionals within the Blockchain space, Jesse remains incredibly optimistic. The current bear market is simply one which many companies will have to ride out, and it will indeed filter out many companies who do not have the expertise to survive turbulent times. It is important to note that there is no doubt that blockchain technology has tremendous potential. This is slowly being seen at a mass adoption level; we shouldn’t let the price of cryptoassets taint our view of that.