This is your last chance. After this, there is no turning back. You take the red pill, you stay in Wonderland and I show you how deep the rabbit hole goes.
Morpheus, The MatrixTokens are making the world legible to machines, encoding who we are, what we own, what we do, and what we want. Every business on the planet will be defined by this over the next decade.
Tokenization is defined as rendering the world legible for computers, encoding who we are, what we own, what we do, and what we want, so that software can act on it. Click each token type to understand what it is, why it matters, and who is winning the race to own it.
Six structural forces converged to make the Token Revolution inevitable. These are not passing trends. Each one is self-reinforcing and continues to compound.
Token factories transform tokens into more valuable tokens, or into higher levels of intelligence. Every software business can be modeled as supplying, building, or orchestrating token factories.
Two trajectories pointing at the same future: AI is becoming radically cheaper while machine-native transaction volume runs away from human volume.
Three acts: sourcing tokens to feed the machines, building agents that feed on them, and supplying the fuel that powers it all. Click any belief to expand.
Data is becoming more like money, the more you have, the better positioned you are to create more. The most valuable companies of the next decade will compound by harnessing these self-reinforcing loops.
Think you absorbed all of it? Prove it.
Ten areas the letter calls out as the most important bets in the token economy over the next few years.