Both plausible.

I sympathize with running a VC fund. There is a 100% certainty some portfolio company is going to go left when you want them to go right. And the fund doesn't benefit, nor is itconstructive, to call out those decisions (mostly).

Would it be more accurate to call such a product as nostr "app" instead of a client?

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Yeah thats fair

Although when i think of nostr apps i think of something embedded within a nostr client, like web apps

something like telegram web apps. seems funny. but i can't see serious use-case for it.

Time for a Carvalho style NIP haha