Narratives

Living investment theses organised around the market structures, entities and evidence that shape them.

Featured Narrative

Consumer crypto

Onchain collectibles, tokenised nostalgia and financialised trading-card markets.

Research updated 08 Jun 2026

Market structure

Perps, asset providers and infrastructure that make speculation easier.

Capital formation

AI capital formation, large IPOs and liquidity events competing for speculative attention.

Research updated 12 Jun 2026

Privacy infrastructure

Privacy assets, ZK infrastructure and encrypted compute in the AI era.

Payments and settlement

Stablecoin supply, payments, reserve yield and public-equity links.

Published, dated research connected to the Narratives above.

Crypto tokenised attention. AI stole it.

12 Jun 2026

How tokenised trading cards are becoming crypto’s newest consumer-facing RWA market

08 Jun 2026