I think a really simple way to define NFTs are as a file or a file type that lives on the blockchain. You have MP3s, you have JPEGs—these are files that live on your phone or your computer. NFTs are a new file type, a digital media file, that live on the blockchain.

I call it 'ego analytics' — people want to know and see that they are being successful. And I always like to say that in the first 30 seconds of every product experience, every user is lazy, vain, and selfish. They want everything to be done for them; they don't want to read something; they don't feel like their time should be spent on anything new. And you have to to craft hooks that get people through that laziness, vanity, and selfishness.

The front door is the first signal that you get when you go to a full-service restaurant as to whether this is going to be a transaction—i.e., 'Give me your name, and I'll give you a table. Give me your order, and I'll give you food. Pay your bill, and we're done.' It could either be that, or it could be recognition, eye contact, a smile, a sense that I'm happy to see you, a sense that I do see you, a sense that you matter.

There are a lot of people out there who are starting to get this uneasy feeling. 'What is going on with the Treasury and the Federal Reserve? Does this really make sense? It seems too good to be true. You're just going to print all this money, and somehow it's all going to be okay?' I think they're looking for an alternative system that they can trust. In cryptocurrency, there's nobody who has their fingers on the dials who can manipulate it for their own benefit. There's only ever going to be 21 million bitcoins—nobody can really go in and change that, and that's, so far, stood the test of time (10 years or so). The US dollar is increasingly—they're not feeling like they have that same level of trust.

Oftentimes, you have a founder who has a very clear understanding of what they're trying to build but a less clear understanding of the need they're trying to solve in the market. So, the first question I would ask a founder in this case is, 'If I could give you the number one position on any Google search... what is that search?'

Humans have realized it's more efficient to actually compete for status in these virtual worlds than it is in real life, and that's especially true for young people

Working remotely is not at all about the software tools that you use but rather about the culture that you've instituted as a company.

I've been telling my friends for years, you only live in San Francisco for the stories. You want the crazy stories—'I came home last night and there were homeless people having sex in my front yard.' Usually you get people to kind of admit that they kind of like that up to a point. But then it's like, I took my three-year-old out yesterday, went down to the park ... A junkie tried to stab my three-year-old with a used syringe. The jokes start to get less funny over time.

The best investors are the ones, oftentimes, who ask the best questions of founders rather than give the right answers to founders—because your job as an investor is to help bring out the best in the founder, not to replace that founder's judgment with your own.

One of the things that I tell young people considering startups is that I actually think there's probably something a little different or off—you might describe [it] as wrong—with people who are very motivated to start companies. I don't think they're normal ... Would you sign up to get punched in the face every day? Does that sound like a perfectly logical [and] rational thing to do? Most people wouldn't.

I think we will see the next generation of educational content be much more appealing visually - it'll have cinematic language and production values and will open up education to the masses in a way that we've never seen before from text.

Every person now has a choice at any moment in time for how to entertain themselves and they're always going to go to the best option because it's one tap away on their phone

The people that are starting companies today [amid COVID-19] or that are thinking about starting companies in the next few months are going to be the true believers, the true entrepreneurs. And the tourists and posers will have gone home.

A founder who truly understands what they're working on is able to explain it to a layman, so the ability of the founder to clearly communicate their ideas in verbal form is really important.

We raise a society of navigators and map-followers, but most of the best entrepreneurs are cartographers and know how to create their own map.

The 100-inch TV set that covers your wall is going to cost you 100 bucks. The four-year college degree is going to cost $1 million ... The four-year college degree is basically—just think about it technologically—it's an unchanged experience from 100 years ago. Getting a degree from a college university today, it's the same set of activities, it's the same format, it's teachers in the classroom, it's written exams. There's been no technological change whatsoever, and prices have exploded.

We make money by deploying our capital versus sitting on our capital. So, the main message to all of our entrepreneurs—and to entrepreneurs period—is that entrepreneurial spirit and entrepreneurial energy and innovation is timeless; it's not dependent on macro environments.

There's going to be a market correction, and there's going to be a lot of people saying 'I told you those NFTs were stupid. Who wants to own a digital asset when I can just copy & paste the original?' ... We've seen market cycles in crypto a number of times now—after a big run-up in price, there's always a correction and there are always naysayers who come out of the woodwork ... What you see if you stay in the space long enough is that the technology just gets better and better and better. There's sort of a Moore's Law going on with crypto technology—and that goes for NFTs too.

I think we have 100 million or something people owning crypto today. In 10 years, I think it's very, very, very likely that it's going to be a billion+, maybe even 3 billion. That might be even conservative. If inflation hits in a big way, buy Bitcoin; don't sell Bitcoin. That, to me, is very obvious, but it's not yet obvious, so I'm just saying it.

Monetarily, I'd say, buy Bitcoin, and if you're more adventurous, also by ETH—like 50% BTC and 50% ETH. Put into it what you can afford to just never think about. Literally, if it goes to zero for years, drops 80%, you don't even care; you're not looking at the price ... So, do that, number one, because that alone, I think, is the dumbest and most obvious thing to do to prepare yourself for 5 or 10 years or more of significant financial and monetary disruption, number one.