Millionaire tech entrepreneur switched venture capitalist Marc Andreessen states that Web3 and it is underlying blockchain technology reminds him from the rise from the early internet.
Andreessen, also known today because the co-founding father of the blockchain-focused investment capital firm Andreessen Horowitz (a16z), initially found success by developing the very first broadly used internet browser known as Mosaic after which founded Netscape Navigator, which dominated the browser market throughout a lot of the 1990s.
Appearing around the Bankless podcast alongside investment partner and friend Chris Dixon, Andreessen stated that growing adoption along with a flurry of rise in Web3 seems remarkably like the hurry of activity that marked his early years in tech.
Andreessen stressed he wouldn’t make this type of sweeping comparison idly which was the very first time he’d available this type of claim:
“This may be the only time I’ve ever stated this [Web3] is much like the web. Should you return through my historic statements, you could suppose with my experience I possibly could have stated this like 48 occasions. I’ve never made the comparison before.”
“I’ve never stated it about every other type of technology, since i wanted individuals to know like I do not go ahead and take comparison gently.”
As the parallels between your adoption path of blockchain tech and also the early internet have frequently occurred by crypto enthusiasts (towards the chagrin of crypto critics), Andreessen’s front-line experience lends him unique authority to create such statements.
He added the current Web3 landscape is attracting the world’s smartest people:
“The simplest way to consider it’s, when you are getting something similar to this which has a movement, which has this type of collective effect and it has a movement behind it, and it is attracting most of the world’s smartest individuals to focus on it, essentially the criticisms engage in differently than the critics think.”
Pushing back from the “long list” of criticisms leveled at crypto and digital assets, Andreessen stated that Web3 entrepreneurs see these “problems” as possibilities.
“The critics get this to lengthy list of all the problems, but you’re getting these genius engineers and entrepreneurs [who] ton in to the space. Ultimately, they see that listing of problems as a summary of possibilities.”
“It’d end up like should you have had a home project [that] was going sideways and also you get each one of these complaints, after which all the world’s best architects and master builders demonstrated up the following day to repair your home,” he stated. “All of the sudden you have the very best house on the planet. This could really happen.”
Andreessen stated that Web3 may be the “missing” link for the net, getting trust, sovereignty and financial utility towards the ecosystem:
“We were […] missing trust, authority, permission. I was missing the opportunity to transact with individuals for reliable relationships, transact, send money, store money, after which have the rest of the economic plans the world is fine with having [for example] loans and contracts and insurance and all sorts of all of these other things.”
Formerly noted for its early investments in Instagram and Slack, a16z first joined the crypto industry by having an purchase of Coinbase in 2013 and it has since backed major cryptocurrency-related companies, including Polychain Capital, OpenSea, Solana, Avalanche and Yuga Labs.
The other day, it announced the launch of their 4th cryptocurrency fund at $4.5 billion, getting the quantity of capital invested by Andreessen Horowitz into crypto companies to simply over $7.6 billion.
Based on instructions penned by managing partner Chris Dixon, a16z launched the most recent fund to take advantage of what Dixon calls the “golden era” of Web3 development.
Andressen concluded the podcast having a succinct reason why a16z is tipping a lot money in to the industry:
“We could really think of the entire global economy running around the blockchain like 30 or half a century from now.”