Evan Park, a Tribe Capital investor, is highly optimistic about DePIN for three main reasons. The use cases, sustainability, and — of course — the revenue potential.
Tribe has backed a number of DePINs, including Wynd Networks – the company behind Grass – flight tracking project Wingbits, and Akash.
Park asks himself the same question when he looks at DePIN-funded projects: “Is it a good project?” “solving a problem where real demand can be generated.”
While Park may be skeptical of a pitch, it’s because he is suspicious when the project’s revenue figures aren’t coming from its underlying network.
When I asked what made him say bullshit when he was pitching a DePIN, he said: “important to distinguish revenue in crypto, but also in DePIN.” He is essentially interested in knowing where the money comes from. Do the users act as validators, too? Do individuals also act as validators? “contributing to the network and their data, is that the thing that’s making revenue?”
He keeps an eye on the organic growth of his company and confirms any potential for demand.
It is important to have a team that works well and an entrepreneur. “deep in the space” Park is a huge success. You may recognize this because Wyatt Lonergan from VanEck Ventures said that he too pays careful attention to projects teams.
“It’s a consideration that’s more important in DePIN than any other sector. But also having domain expertise, or having advisors and team members that have that domain expertise in your given industry, while bridging that with crypto native experience. It’s not enough to have one without the other,” He noted.
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