There are two types of assets: 1. DCF assets: valued by cash flows. 2. Attention assets: valued by mindshare. For a decade, financial markets have struggled to separate the two. Gamestop was the turning point. Challenge for Institutional Investors: 1. Institutional investors still don’t have a model for attention flows. And without a model, they can’t justify buying these assets because it looks too much like gambling to their LPs. 2. Worse, they’re not even trying to find 100x outcomes. Their mandate is to track benchmarks, not chase memes. Advantages for retail: 1. No LPs. No mandates. 2. They crave dopamine, chase 100x, and get emotionally tied to memes. Crypto rails let anyone trade any asset, anytime, anywhere, in any size. No gatekeepers, no hours, no minimums. It doesn’t just enable attention assets, it actually supercharges them. This leads to network effects where liquidity begets liquidity. Future Eventually, institutions will adapt. They’ll figure out heuristics to model attention flows. And when they do, they’ll trade these assets too. Just like they trade other OG non-DCF assets like Gold and Bitcoin. Hence, ETFs for attention assets aren’t a meme. They’re an inevitability.