Out of nearly 200 projects invested in by A16Z, a large number have stopped operations. Meanwhile, HYPE, without VC backing, has a market cap approaching $100 billion. (via Deep Tide) HYPE has no marketing budget, but the most influential KOLs promote it organically because they hold the token—something that typical business collaborations can't achieve. Good product, good revenue, good model, good team—moving forward, we should focus more on these types of projects, rather than who invested, who shared, or who followed.