Bankless · Monday, September 7, 2026
A significant assumption in Austin Barack's valuation model for Venice (VVV) is the projected revenue from its upcoming 'Minds' product, an app store for AI products. He estimates $29 million of the projected 2027 burns will come from this new venture, while acknowledging the inherent uncertainty of a product not yet launched.
“So I think of that 70 million, I have 29 million in burns coming from the mines product. So that's a significant assumption. That's 40% of 2027 burns coming from a new product.”
“Yeah. However, you know, I don't make that assumption blindly. They, Venice didn't have a credit purchase product that existed in 2026. They rolled out in the very beginning of this year. And prior to that, you could, you know, use the frontier models and credits as, you know, to the extent that you had available.”
“And then the other piece is, what are subsequent burns that can be rolled out? Because, you know, they started first just with a discretionary burn, then they did it for new subs, then they did it for credits. And what are new ones that can be added? And how does that all roll up?”