I often get asked why I pick or look at specific "utility" plays over others.

What I’ve found and what’s consistently held true in this space especially as of late is that the best plays, for me and for many others, aren’t just about the tech.

I’m looking for belief systems with liquidity.

The best-performing "utility" plays in crypto aren’t the ones with the best code. They’re the ones that build cults fast.

Tech is secondary. The real product is the story.

Humans think in narrative. We want to belong, signal status, and feel early.

Crypto just wraps that up in a token and gives it a price.

Every top utility play follows the same structure:

- A sticky story that midwits can repeat

- A visible leader either a loud founder or "trustworthy" KOLs (ones with past experience)

- A status game around being early and being right

KTA worked because the voices behind it made it feel inevitable.

ai16z and Kled worked (at least early on) because the founders understood crypto attention - they were outspoken, constantly online, and knew how to shape narrative.

And when these types of plays fail, it’s rarely the tech that breaks. It’s the belief that breaks.

So when scanning for plays a good set of things to ask:

1) Does this have a narrative people want to believe?

2) Is there someone loud enough to anchor the story?

3) Is there social payoff for being early and loud?

If the answers are yes, that’s where flows go.

People don’t buy "tech". They buy narrative, plus faith that the tech eventually lands.

And they hold because selling means quitting the tribe.

Utility matters but only as long as there’s a story, a preacher, and a crowd convinced the code will get there.