with @eddylazzarin @skominers @milesjennings @rhhackett
Today we're diving deep into *the* defining concept in crypto: tokens.
We're moving beyond conventional categories — like “governance tokens” or “utility tokens” or even “memecoins” — to present a full taxonomy that details what tokens are, what they aren’t, and what they're capable of becoming.
Questions we'll explore include: What is a token? Is it a form of money? A piece of data? Something else? How many types of tokens are there — and who is in control of each? And how should we think about their actual economic, legal, and technical characteristics? We'll also dig into different token designs and their uses; where tokens derive value from; how they jibe with securities laws; and much more.
In this conversation, you’ll hear from several experts on the a16z crypto team who have developed a new 7-part framework for classifying tokens, which you can find linked below. Joining us are the coauthors: Chief Technology Officer Eddy Lazzarin, General Counsel and Head of Policy Miles Jennings, and Research Partner Scott Kominers, who is also a Professor at Harvard Business School where he teaches courses on market design and entrepreneurship.
Check out the resources below for a flowchart that we’ll also be referencing throughout this episode and that will be helpful as we wend our way through the token idea maze.
Timestamps:
(0:00) Introduction
(3:28) The Evolution of Token Terminology
(6:19) Classifying Tokens: Economic, Legal, and Technical Dimensions
(8:37) Moving Beyond “Governance Tokens”
(12:05) Inherent Value: The Memecoin Debate
(15:35) Company-Controlled Tokens: Risks and Realities
(31:33) Arcade Tokens: Stability and Utility
(46:00) The Power of Blockchain Interoperability
(49:34) Shared Rewards and Loyalty Programs
(59:19) Asset-Backed Tokens and Their Mechanisms
(1:08:23) Collectible Tokens and Their Uniqueness
(1:14:31) Network Tokens: The Future of Decentralized Marketplaces
(1:31:03) Regulatory Challenges and "Lawyer Tokens"
(1:36:57) Final Thoughts and Future Prospects
Resources referenced in this episode:
- 7 canonical tokens, defined [see flowchart] by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto newsletter, March 2025)
- Defining tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
- Network tokens vs. company-backed tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025)
- Defining decentralization: It comes down to control by Miles Jennings (a16z crypto, February 2025)
- Read Write Own: Building the Next Era of the Internet by Chris Dixon (Penguin Random House, January 2024)
- The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create by Steve Kaczynski and Scott Duke Kominers (Penguin Random House, January 2024)
As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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