[a16z Crypto: The Crypto Industry Enters the 'Show Me' Era, Vision Alone Is No Longer Enough] Paul Cafiero, Communications Partner at a16z Crypto, posted on the X platform that the crypto industry has entered the 'Show Me' era, where vision and MVP (Minimum Viable Product) alone are no longer sufficient to gain external recognition. As traditional financial institutions truly enter the crypto space—BlackRock launching a tokenized money market fund, Fidelity applying for a crypto ETF, and JPMorgan settling transactions on its internal blockchain—the industry standards have been permanently raised. The crypto industry has historically operated on the logic of 'vision as product,' but now the standards of proof have fundamentally shifted: partnerships require actual deployment and partners willing to endorse them; data must reflect mainnet transaction volume, active users, revenue, and retention curves, rather than just testnet data; and the clearest proof of product-market fit is not a press release but an organically growing community that exists even before launch.