Praxis wants to build the city of crypto

The Future. The secretive startup Praxis has wild ambitions to build a city in Silicon Valley’s image somewhere along the Mediterranean Sea, raising millions of dollars (and eyebrows) in its pursuit. While Praxis is likely little more than a whole lot of hype and runaway ego, the even more secretive “California Forever” project and the new infrastructure-focused a16z fund show that there’s an appetite for futuristic cities.

Technopolis
Having almost zero experience, few connections, and seemingly fewer skills, 27-year-old Dryden Brown has somehow raised over $19 million from the likes of Pronomos Capital, Apollo Ventures, and FTX (big LOL) to build Praxis.

But… what is it?

• Concept art shows a glass city on the Mediterranean coastline (exact location TBD) that’s powered by green energy, uses crypto as currency, and has airships for transport.
• It’s reportedly built on a techno-libertarian ethos (almost no taxes, few laws, and lots of innovation) and 20th century neo-fascism (hyper-specific resident requirements).
• And it has developed a community — 12,000 members (including disgraced investor Martin Shkreli and Soylent founder Rob Rhinehart) and a 50,000 member waiting list.

So, has any of this actually led anywhere? Not really — other than some Eyes Wide Shut-lite parties and a company that has 431 employees where “nobody seems to have a definable skillset,” per NYT.

For a guy who decided to build a city because he felt trapped in his NYC apartment during COVID, Brown has sure constructed himself an impressive house of cards.