IP

Everyone asks why our other games haven't matched Pokemon Go. The answer is Pokemon. It's the most valuable media franchise in human history. You can't replicate that with any other IP.

Pfizer used BioNTech's technology. We built ours from scratch. Our own lipid nanoparticles, our own manufacturing, our own everything. That's why we own it all. That's why the margins are 90%.

We own CryptoPunks, Meebits, and Bored Apes. That's the three most important NFT collections in history under one roof.

Licensed IP is expensive and restrictive. But Marvel on your phone is worth more than an original character.

The most important thing in any deal is to own the rights. If you do not own it, you are just renting.