More on NFTs & Art
Jayden Levitt
3 years ago
How to Explain NFTs to Your Grandmother, in Simple Terms
In simple terms, you probably don’t.
But try. Grandma didn't grow up with Facebook, but she eventually joined.
Perhaps the fear of being isolated outweighed the discomfort of learning the technology.
Grandmas are Facebook likers, sharers, and commenters.
There’s no stopping her.
Not even NFTs. Web3 is currently very complex.
It's difficult to explain what NFTs are, how they work, and why we might use them.
Three explanations.
1. Everything will be ours to own, both physically and digitally.
Why own something you can't touch? What's the point?
Blockchain technology proves digital ownership.
Untouchables need ownership proof. What?
Digital assets reduce friction, save time, and are better for the environment than physical goods.
Many valuable things are intangible. Feeling like your favorite brands. You'll pay obscene prices for clothing that costs pennies.
Secondly, NFTs Are Contracts. Agreements Have Value.
Blockchain technology will replace all contracts and intermediaries.
Every insurance contract, deed, marriage certificate, work contract, plane ticket, concert ticket, or sports event is likely an NFT.
We all have public wallets, like Grandma's Facebook page.
3. Your NFT Purchases Will Be Visible To Everyone.
Everyone can see your public wallet. What you buy says more about you than what you post online.
NFTs issued double as marketing collateral when seen on social media.
While I doubt Grandma knows who Snoop Dog is, imagine him or another famous person holding your NFT in his public wallet and the attention that could bring to you, your company, or brand.
This Technical Section Is For You
The NFT is a contract; its founders can add value through access, events, tuition, and possibly royalties.
Imagine Elon Musk releasing an NFT to his network. Or yearly business consultations for three years.
Christ-alive.
It's worth millions.
These determine their value.
No unsuspecting schmuck willing to buy your hot potato at zero. That's the trend, though.
Overpriced NFTs for low-effort projects created a bubble that has burst.
During a market bubble, you can make money by buying overvalued assets and selling them later for a profit, according to the Greater Fool Theory.
People are struggling. Some are ruined by collateralized loans and the gold rush.
Finances are ruined.
It's uncomfortable.
The same happened in 2018, during the ICO crash or in 1999/2000 when the dot com bubble burst. But the underlying technology hasn’t gone away.
middlemarch.eth
3 years ago
ERC721R: A new ERC721 contract for random minting so people don’t snipe all the rares!
That is, how to snipe all the rares without using ERC721R!
Introduction: Blessed and Lucky
Mphers was the first mfers derivative, and as a Phunks derivative, I wanted one.
I wanted an alien. And there are only 8 in the 6,969 collection. I got one!
In case it wasn't clear from the tweet, I meant that I was lucky to have figured out how to 100% guarantee I'd get an alien without any extra luck.
Read on to find out how I did it, how you can too, and how developers can avoid it!
How to make rare NFTs without luck.
# How to mint rare NFTs without needing luck
The key to minting a rare NFT is knowing the token's id ahead of time.
For example, once I knew my alien was #4002, I simply refreshed the mint page until #3992 was minted, and then mint 10 mphers.
How did I know #4002 was extraterrestrial? Let's go back.
First, go to the mpher contract's Etherscan page and look up the tokenURI of a previously issued token, token #1:
As you can see, mphers creates metadata URIs by combining the token id and an IPFS hash.
This method gives you the collection's provenance in every URI, and while that URI can be changed, it affects everyone and is public.
Consider a token URI without a provenance hash, like https://mphers.art/api?tokenId=1.
As a collector, you couldn't be sure the devs weren't changing #1's metadata at will.
The API allows you to specify “if #4002 has not been minted, do not show any information about it”, whereas IPFS does not allow this.
It's possible to look up the metadata of any token, whether or not it's been minted.
Simply replace the trailing “1” with your desired id.
Mpher #4002
These files contain all the information about the mpher with the specified id. For my alien, we simply search all metadata files for the string “alien mpher.”
Take a look at the 6,969 meta-data files I'm using OpenSea's IPFS gateway, but you could use ipfs.io or something else.
Use curl to download ten files at once. Downloading thousands of files quickly can lead to duplicates or errors. But with a little tweaking, you should be able to get everything (and dupes are fine for our purposes).
Now that you have everything in one place, grep for aliens:
The numbers are the file names that contain “alien mpher” and thus the aliens' ids.
The entire process takes under ten minutes. This technique works on many NFTs currently minting.
In practice, manually minting at the right time to get the alien is difficult, especially when tokens mint quickly. Then write a bot to poll totalSupply() every second and submit the mint transaction at the exact right time.
You could even look for the token you need in the mempool before it is minted, and get your mint into the same block!
However, in my experience, the “big” approach wins 95% of the time—but not 100%.
“Am I being set up all along?”
Is a question you might ask yourself if you're new to this.
It's disheartening to think you had no chance of minting anything that someone else wanted.
But, did you have no opportunity? You had an equal chance as everyone else!
Take me, for instance: I figured this out using open-source tools and free public information. Anyone can do this, and not understanding how a contract works before minting will lead to much worse issues.
The mpher mint was fair.
While a fair game, “snipe the alien” may not have been everyone's cup of tea.
People may have had more fun playing the “mint lottery” where tokens were distributed at random and no one could gain an advantage over someone simply clicking the “mint” button.
How might we proceed?
Minting For Fashion Hats Punks, I wanted to create a random minting experience without sacrificing fairness. In my opinion, a predictable mint beats an unfair one. Above all, participants must be equal.
Sadly, the most common method of creating a random experience—the post-mint “reveal”—is deeply unfair. It works as follows:
- During the mint, token metadata is unavailable. Instead, tokenURI() returns a blank JSON file for each id.
- An IPFS hash is updated once all tokens are minted.
- You can't tell how the contract owner chose which token ids got which metadata, so it appears random.
Because they alone decide who gets what, the person setting the metadata clearly has a huge unfair advantage over the people minting. Unlike the mpher mint, you have no chance of winning here.
But what if it's a well-known, trusted, doxxed dev team? Are reveals okay here?
No! No one should be trusted with such power. Even if someone isn't consciously trying to cheat, they have unconscious biases. They might also make a mistake and not realize it until it's too late, for example.
You should also not trust yourself. Imagine doing a reveal, thinking you did it correctly (nothing is 100%! ), and getting the rarest NFT. Isn't that a tad odd Do you think you deserve it? An NFT developer like myself would hate to be in this situation.
Reveals are bad*
UNLESS they are done without trust, meaning everyone can verify their fairness without relying on the developers (which you should never do).
An on-chain reveal powered by randomness that is verifiably outside of anyone's control is the most common way to achieve a trustless reveal (e.g., through Chainlink).
Tubby Cats did an excellent job on this reveal, and I highly recommend their contract and launch reflections. Their reveal was also cool because it was progressive—you didn't have to wait until the end of the mint to find out.
In his post-launch reflections, @DefiLlama stated that he made the contract as trustless as possible, removing as much trust as possible from the team.
In my opinion, everyone should know the rules of the game and trust that they will not be changed mid-stream, while trust minimization is critical because smart contracts were designed to reduce trust (and it makes it impossible to hack even if the team is compromised). This was a huge mistake because it limited our flexibility and our ability to correct mistakes.
And @DefiLlama is a superstar developer. Imagine how much stress maximizing trustlessness will cause you!
That leaves me with a bad solution that works in 99 percent of cases and is much easier to implement: random token assignments.
Introducing ERC721R: A fully compliant IERC721 implementation that picks token ids at random.
ERC721R implements the opposite of a reveal: we mint token ids randomly and assign metadata deterministically.
This allows us to reveal all metadata prior to minting while reducing snipe chances.
Then import the contract and use this code:
What is ERC721R and how does it work
First, a disclaimer: ERC721R isn't truly random. In this sense, it creates the same “game” as the mpher situation, where minters compete to exploit the mint. However, ERC721R is a much more difficult game.
To game ERC721R, you need to be able to predict a hash value using these inputs:
This is impossible for a normal person because it requires knowledge of the block timestamp of your mint, which you do not have.
To do this, a miner must set the timestamp to a value in the future, and whatever they do is dependent on the previous block's hash, which expires in about ten seconds when the next block is mined.
This pseudo-randomness is “good enough,” but if big money is involved, it will be gamed. Of course, the system it replaces—predictable minting—can be manipulated.
The token id is chosen in a clever implementation of the Fisher–Yates shuffle algorithm that I copied from CryptoPhunksV2.
Consider first the naive solution: (a 10,000 item collection is assumed):
- Make an array with 0–9999.
- To create a token, pick a random item from the array and use that as the token's id.
- Remove that value from the array and shorten it by one so that every index corresponds to an available token id.
This works, but it uses too much gas because changing an array's length and storing a large array of non-zero values is expensive.
How do we avoid them both? What if we started with a cheap 10,000-zero array? Let's assign an id to each index in that array.
Assume we pick index #6500 at random—#6500 is our token id, and we replace the 0 with a 1.
But what if we chose #6500 again? A 1 would indicate #6500 was taken, but then what? We can't just "roll again" because gas will be unpredictable and high, especially later mints.
This allows us to pick a token id 100% of the time without having to keep a separate list. Here's how it works:
- Make a 10,000 0 array.
- Create a 10,000 uint numAvailableTokens.
- Pick a number between 0 and numAvailableTokens. -1
- Think of #6500—look at index #6500. If it's 0, the next token id is #6500. If not, the value at index #6500 is your next token id (weird!)
- Examine the array's last value, numAvailableTokens — 1. If it's 0, move the value at #6500 to the end of the array (#9999 if it's the first token). If the array's last value is not zero, update index #6500 to store it.
- numAvailableTokens is decreased by 1.
- Repeat 3–6 for the next token id.
So there you go! The array stays the same size, but we can choose an available id reliably. The Solidity code is as follows:
Unfortunately, this algorithm uses more gas than the leading sequential mint solution, ERC721A.
This is most noticeable when minting multiple tokens in one transaction—a 10 token mint on ERC721R costs 5x more than on ERC721A. That said, ERC721A has been optimized much further than ERC721R so there is probably room for improvement.
Conclusion
Listed below are your options:
- ERC721A: Minters pay lower gas but must spend time and energy devising and executing a competitive minting strategy or be comfortable with worse minting results.
- ERC721R: Higher gas, but the easy minting strategy of just clicking the button is optimal in all but the most extreme cases. If miners game ERC721R it’s the worst of both worlds: higher gas and a ton of work to compete.
- ERC721A + standard reveal: Low gas, but not verifiably fair. Please do not do this!
- ERC721A + trustless reveal: The best solution if done correctly, highly-challenging for dev, potential for difficult-to-correct errors.
Did I miss something? Comment or tweet me @dumbnamenumbers.
Check out the code on GitHub to learn more! Pull requests are welcome—I'm sure I've missed many gas-saving opportunities.
Thanks!
Read the original post here
Steffan Morris Hernandez
2 years ago
10 types of cognitive bias to watch out for in UX research & design
10 biases in 10 visuals
Cognitive biases are crucial for UX research, design, and daily life. Our biases distort reality.
After learning about biases at my UX Research bootcamp, I studied Erika Hall's Just Enough Research and used the Nielsen Norman Group's wealth of information. 10 images show my findings.
1. Bias in sampling
Misselection of target population members causes sampling bias. For example, you are building an app to help people with food intolerances log their meals and are targeting adult males (years 20-30), adult females (ages 20-30), and teenage males and females (ages 15-19) with food intolerances. However, a sample of only adult males and teenage females is biased and unrepresentative.
2. Sponsor Disparity
Sponsor bias occurs when a study's findings favor an organization's goals. Beware if X organization promises to drive you to their HQ, compensate you for your time, provide food, beverages, discounts, and warmth. Participants may endeavor to be neutral, but incentives and prizes may bias their evaluations and responses in favor of X organization.
In Just Enough Research, Erika Hall suggests describing the company's aims without naming it.
Third, False-Consensus Bias
False-consensus bias is when a person thinks others think and act the same way. For instance, if a start-up designs an app without researching end users' needs, it could fail since end users may have different wants. https://www.nngroup.com/videos/false-consensus-effect/
Working directly with the end user and employing many research methodologies to improve validity helps lessen this prejudice. When analyzing data, triangulation can boost believability.
Bias of the interviewer
I struggled with this bias during my UX research bootcamp interviews. Interviewing neutrally takes practice and patience. Avoid leading questions that structure the story since the interviewee must interpret them. Nodding or smiling throughout the interview may subconsciously influence the interviewee's responses.
The Curse of Knowledge
The curse of knowledge occurs when someone expects others understand a subject as well as they do. UX research interviews and surveys should reduce this bias because technical language might confuse participants and harm the research. Interviewing participants as though you are new to the topic may help them expand on their replies without being influenced by the researcher's knowledge.
Confirmation Bias
Most prevalent bias. People highlight evidence that supports their ideas and ignore data that doesn't. The echo chamber of social media creates polarization by promoting similar perspectives.
A researcher with confirmation bias may dismiss data that contradicts their research goals. Thus, the research or product may not serve end users.
Design biases
UX Research design bias pertains to study construction and execution. Design bias occurs when data is excluded or magnified based on human aims, assumptions, and preferences.
The Hawthorne Impact
Remember when you behaved differently while the teacher wasn't looking? When you behaved differently without your parents watching? A UX research study's Hawthorne Effect occurs when people modify their behavior because you're watching. To escape judgment, participants may act and speak differently.
To avoid this, researchers should blend into the background and urge subjects to act alone.
The bias against social desire
People want to belong to escape rejection and hatred. Research interviewees may mislead or slant their answers to avoid embarrassment. Researchers should encourage honesty and confidentiality in studies to address this. Observational research may reduce bias better than interviews because participants behave more organically.
Relative Time Bias
Humans tend to appreciate recent experiences more. Consider school. Say you failed a recent exam but did well in the previous 7 exams. Instead, you may vividly recall the last terrible exam outcome.
If a UX researcher relies their conclusions on the most recent findings instead of all the data and results, recency bias might occur.
I hope you liked learning about UX design, research, and real-world biases.
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Benjamin Lin
3 years ago
I sold my side project for $20,000: 6 lessons I learned
How I monetized and sold an abandoned side project for $20,000
The Origin Story
I've always wanted to be an entrepreneur but never succeeded. I often had business ideas, made a landing page, and told my buddies. Never got customers.
In April 2021, I decided to try again with a new strategy. I noticed that I had trouble acquiring an initial set of customers, so I wanted to start by acquiring a product that had a small user base that I could grow.
I found a SaaS marketplace called MicroAcquire.com where you could buy and sell SaaS products. I liked Shareit.video, an online Loom-like screen recorder.
Shareit.video didn't generate revenue, but 50 people visited daily to record screencasts.
Purchasing a Failed Side Project
I eventually bought Shareit.video for $12,000 from its owner.
$12,000 was probably too much for a website without revenue or registered users.
I thought time was most important. I could have recreated the website, but it would take months. $12,000 would give me an organized code base and a working product with a few users to monetize.
I considered buying a screen recording website and trying to grow it versus buying a new car or investing in crypto with the $12K.
Buying the website would make me a real entrepreneur, which I wanted more than anything.
Putting down so much money would force me to commit to the project and prevent me from quitting too soon.
A Year of Development
I rebranded the website to be called RecordJoy and worked on it with my cousin for about a year. Within a year, we made $5000 and had 3000 users.
We spent $3500 on ads, hosting, and software to run the business.
AppSumo promoted our $120 Life Time Deal in exchange for 30% of the revenue.
We put RecordJoy on maintenance mode after 6 months because we couldn't find a scalable user acquisition channel.
We improved SEO and redesigned our landing page, but nothing worked.
Despite not being able to grow RecordJoy any further, I had already learned so much from working on the project so I was fine with putting it on maintenance mode. RecordJoy still made $500 a month, which was great lunch money.
Getting Taken Over
One of our customers emailed me asking for some feature requests and I replied that we weren’t going to add any more features in the near future. They asked if we'd sell.
We got on a call with the customer and I asked if he would be interested in buying RecordJoy for 15k. The customer wanted around $8k but would consider it.
Since we were negotiating with one buyer, we put RecordJoy on MicroAcquire to see if there were other offers.
We quickly received 10+ offers. We got 18.5k. There was also about $1000 in AppSumo that we could not withdraw, so we agreed to transfer that over for $600 since about 40% of our sales on AppSumo usually end up being refunded.
Lessons Learned
First, create an acquisition channel
We couldn't discover a scalable acquisition route for RecordJoy. If I had to start another project, I'd develop a robust acquisition channel first. It might be LinkedIn, Medium, or YouTube.
Purchase Power of the Buyer Affects Acquisition Price
Some of the buyers we spoke to were individuals looking to buy side projects, as well as companies looking to launch a new product category. Individual buyers had less budgets than organizations.
Customers of AppSumo vary.
AppSumo customers value lifetime deals and low prices, which may not be a good way to build a business with recurring revenue. Designed for AppSumo users, your product may not connect with other users.
Try to increase acquisition trust
Acquisition often fails. The buyer can go cold feet, cease communicating, or run away with your stuff. Trusting the buyer ensures a smooth asset exchange. First acquisition meeting was unpleasant and price negotiation was tight. In later meetings, we spent the first few minutes trying to get to know the buyer’s motivations and background before jumping into the negotiation, which helped build trust.
Operating expenses can reduce your earnings.
Monitor operating costs. We were really happy when we withdrew the $5000 we made from AppSumo and Stripe until we realized that we had spent $3500 in operating fees. Spend money on software and consultants to help you understand what to build.
Don't overspend on advertising
We invested $1500 on Google Ads but made little money. For a side project, it’s better to focus on organic traffic from SEO rather than paid ads unless you know your ads are going to have a positive ROI.
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Nathan Reiff
3 years ago
Howey Test and Cryptocurrencies: 'Every ICO Is a Security'
What Is the Howey Test?
To determine whether a transaction qualifies as a "investment contract" and thus qualifies as a security, the Howey Test refers to the U.S. Supreme Court cass: the Securities Act of 1933 and the Securities Exchange Act of 1934. According to the Howey Test, an investment contract exists when "money is invested in a common enterprise with a reasonable expectation of profits from others' efforts."
The test applies to any contract, scheme, or transaction. The Howey Test helps investors and project backers understand blockchain and digital currency projects. ICOs and certain cryptocurrencies may be found to be "investment contracts" under the test.
Understanding the Howey Test
The Howey Test comes from the 1946 Supreme Court case SEC v. W.J. Howey Co. The Howey Company sold citrus groves to Florida buyers who leased them back to Howey. The company would maintain the groves and sell the fruit for the owners. Both parties benefited. Most buyers had no farming experience and were not required to farm the land.
The SEC intervened because Howey failed to register the transactions. The court ruled that the leaseback agreements were investment contracts.
This established four criteria for determining an investment contract. Investing contract:
- An investment of money
- n a common enterprise
- With the expectation of profit
- To be derived from the efforts of others
In the case of Howey, the buyers saw the transactions as valuable because others provided the labor and expertise. An income stream was obtained by only investing capital. As a result of the Howey Test, the transaction had to be registered with the SEC.
Howey Test and Cryptocurrencies
Bitcoin is notoriously difficult to categorize. Decentralized, they evade regulation in many ways. Regardless, the SEC is looking into digital assets and determining when their sale qualifies as an investment contract.
The SEC claims that selling digital assets meets the "investment of money" test because fiat money or other digital assets are being exchanged. Like the "common enterprise" test.
Whether a digital asset qualifies as an investment contract depends on whether there is a "expectation of profit from others' efforts."
For example, buyers of digital assets may be relying on others' efforts if they expect the project's backers to build and maintain the digital network, rather than a dispersed community of unaffiliated users. Also, if the project's backers create scarcity by burning tokens, the test is met. Another way the "efforts of others" test is met is if the project's backers continue to act in a managerial role.
These are just a few examples given by the SEC. If a project's success is dependent on ongoing support from backers, the buyer of the digital asset is likely relying on "others' efforts."
Special Considerations
If the SEC determines a cryptocurrency token is a security, many issues arise. It means the SEC can decide whether a token can be sold to US investors and forces the project to register.
In 2017, the SEC ruled that selling DAO tokens for Ether violated federal securities laws. Instead of enforcing securities laws, the SEC issued a warning to the cryptocurrency industry.
Due to the Howey Test, most ICOs today are likely inaccessible to US investors. After a year of ICOs, then-SEC Chair Jay Clayton declared them all securities.
SEC Chairman Gensler Agrees With Predecessor: 'Every ICO Is a Security'
Howey Test FAQs
How Do You Determine If Something Is a Security?
The Howey Test determines whether certain transactions are "investment contracts." Securities are transactions that qualify as "investment contracts" under the Securities Act of 1933 and the Securities Exchange Act of 1934.
The Howey Test looks for a "investment of money in a common enterprise with a reasonable expectation of profits from others' efforts." If so, the Securities Act of 1933 and the Securities Exchange Act of 1934 require disclosure and registration.
Why Is Bitcoin Not a Security?
Former SEC Chair Jay Clayton clarified in June 2018 that bitcoin is not a security: "Cryptocurrencies: Replace the dollar, euro, and yen with bitcoin. That type of currency is not a security," said Clayton.
Bitcoin, which has never sought public funding to develop its technology, fails the SEC's Howey Test. However, according to Clayton, ICO tokens are securities.
A Security Defined by the SEC
In the public and private markets, securities are fungible and tradeable financial instruments. The SEC regulates public securities sales.
The Supreme Court defined a security offering in SEC v. W.J. Howey Co. In its judgment, the court defines a security using four criteria:
- An investment contract's existence
- The formation of a common enterprise
- The issuer's profit promise
- Third-party promotion of the offering
Read original post.
Esteban
3 years ago
The Berkus Startup Valuation Method: What Is It?
What Is That?
Berkus is a pre-revenue valuation method based exclusively on qualitative criteria, like Scorecard.
Few firms match their financial estimates, especially in the early stages, so valuation methodologies like the Berkus method are a good way to establish a valuation when the economic measures are not reliable.
How does it work?
This technique evaluates five key success factors.
Fundamental principle
Technology
Execution
Strategic alliances in its primary market
Production, followed by sales
The Berkus technique values the business idea and four success factors. As seen in the matrix below, each of these dimensions poses a danger to the startup's success.
It assigns $0-$500,000 to each of these beginning regions. This approach enables a maximum $2.5M pre-money valuation.
This approach relies significantly on geography and uses the US as a baseline, as it differs in every country in Europe.
A set of standards for analyzing each dimension individually
Fundamental principle (or strength of the idea)
Ideas are worthless; execution matters. Most of us can relate to seeing a new business open in our area or a startup get funded and thinking, "I had this concept years ago!" Someone did it.
The concept remains. To assess the idea's viability, we must consider several criteria.
The concept's exclusivity It is necessary to protect a product or service's concept using patents and copyrights. Additionally, it must be capable of generating large profits.
Planned growth and growth that goes in a specific direction have a lot of potential, therefore incorporating them into a business is really advantageous.
The ability of a concept to grow A venture's ability to generate scalable revenue is a key factor in its emergence and continuation. A startup needs a scalable idea in order to compete successfully in the market.
The attraction of a business idea to a broad spectrum of people is significantly influenced by the current socio-political climate. Thus, the requirement for the assumption of conformity.
Concept Validation Ideas must go through rigorous testing with a variety of audiences in order to lower risk during the implementation phase.
Technology (Prototype)
This aspect reduces startup's technological risk. How good is the startup prototype when facing cyber threats, GDPR compliance (in Europe), tech stack replication difficulty, etc.?
Execution
Check the management team's efficacy. A potential angel investor must verify the founders' experience and track record with previous ventures. Good leadership is needed to chart a ship's course.
Strategic alliances in its primary market
Existing and new relationships will play a vital role in the development of both B2B and B2C startups. What are the startup's synergies? potential ones?
Production, followed by sales (product rollout)
Startup success depends on its manufacturing and product rollout. It depends on the overall addressable market, the startup's ability to market and sell their product, and their capacity to provide consistent, high-quality support.
Example
We're now founders of EyeCaramba, a machine vision-assisted streaming platform. My imagination always goes to poor puns when naming a startup.
Since we're first-time founders and the Berkus technique depends exclusively on qualitative methods and the evaluator's skill, we ask our angel-investor acquaintance for a pre-money appraisal of EyeCaramba.
Our friend offers us the following table:
Because we're first-time founders, our pal lowered our Execution score. He knows the idea's value and that the gaming industry is red-hot, with worse startup ideas getting funded, therefore he gave the Basic value the highest value (idea).
EyeCaramba's pre-money valuation is $400,000 + $250,000 + $75,000 + $275,000 + $164,000 (1.16M). Good.
References
https://medium.com/humble-ventures/how-angel-investors-value-pre-revenue-startups-part-iii-8271405f0774#:~:text=pre%2Drevenue%20startups.-,Berkus%20Method,potential%20of%20the%20idea%20itself.%E2%80%9D
https://eqvista.com/berkus-valuation-method-for-startups/
https://www.venionaire.com/early-stage-startup-valuation-part-2-the-berkus-method/