There's a handful of serious builders in crypto that are experimenting with tokenizing as a replacement for seed rounds. I think this is a trend that is likely to grow. Here's why: 1. Regulation has come around to pro-innovation and pro-experimentation 2. Culturally, it's becoming more acceptable to have tokens tied to projects. Most builders think they'll get "death threats" if their projects don't go well. I don't see this very much at all and perhaps the opposite - tokenholders want to become ambassadors and help make you successful. 3. It's never been easy to launch a token and get capital. Tech has made it easy enough to form capital from just a tweet (while I don't recommend doing it this way to control parameters more closely). Early innings of this but the signs are clear. More builders opting for tokenization of their apps instead of choosing to raise VC.