In this episode of Flirting with Models, Corey Hofstein interviews Thao Tran, co-founding partner at Vamiant Capital, about market making in illiquid, non-fungible assets like NFTs. Thao discusses the evolution of the NFT marketplace from CryptoKitties to sophisticated platforms like Blur, detailing her experience in sniping NFTs, managing inventory risk, and quoting strategies. She shares insights on how idiosyncratic features of NFTs, such as rarity, impact market making and how the introduction of points systems and order books on exchanges like Blur have changed the landscape. The conversation shifts to the broader cryptocurrency markets, where Thao discusses the impact of FTX, emerging opportunities in decentralized exchanges, and the changing dynamics of alpha opportunities, including the shift in the lead-lag relationship between centralized and decentralized exchanges.