Billionaire tech entrepreneur-turned-venture capitalist Marc Andreessen says Web3 and its underlying blockchain technology remind him of the rise of the early internet.
Andreessen, better known as the co-founder of blockchain-focused venture capital firm Andreessen Horowitz (a16z), found success initially by developing Mosaic, the first widely used web browser, before founding Netscape Navigator, which dominated the browser market for most of the 1990s.
Appearing on the Bankless podcast with his investment partner and colleague Chris Dixon, Andreessen said that Web3's growing adoption and set of developments seem remarkably similar to the boom he experienced in his early years in the tech industry.
Andreessen emphasized that he would not make such general comparisons casually, and this is the first time he has said so.
"This is the only time I've said that Web3 is like the Internet. If you look back at all the things I've said, you can imagine that in my experience, I've said that maybe 48 times. I've never made a comparison like this before."
"I've never said that about any other type of technology because I just want people to know that I don't make that comparison lightly."
While crypto enthusiasts often draw analogies to blockchain technology’s adoption path to the early internet (much to the chagrin of cryptocurrency critics), Andreessen’s front-line experience gives him unique authority to make such statements.
He added that the current Web3 landscape is attracting the brightest minds in the world.
"The easiest way to think about it is when you get something like this that has a collective effect and has a movement behind it, and it attracts a lot of the brightest minds in the world to do it, basically the results of the criticism are the same as what the critics said. Think differently."
Andreessen hit back at the "long list" of criticisms against cryptocurrencies and digital assets, saying Web3 entrepreneurs see these "problems" as opportunities.
"The critics have a long list of problems, but these talented engineers and entrepreneurs are pouring into the field. The truth is, they see this set of problems as a set of opportunities."
He said: "It's like if you have a housing project that goes wrong and you get all these complaints and then all the best architects in the world come and fix your house the next day. All of a sudden, you have the best house in the world. It could really happen."
Andreessen said Web3 is the "missing" link for the internet, bringing trust, sovereignty and financial utility to the ecosystem.
"We... lack trust, authority and permission. We lack the ability to have trusting relationships with people, we lack the ability to transact with people, send money, store money, and all the other economic structures that the world wants, like loans, contracts , insurance, etc.”
Previously known for his early investments in Instagram and Slack, a16z first entered the cryptocurrency industry by investing in Coinbase in 2013, and has since supported major cryptocurrency-related businesses, including Polychain Capital, OpenSea, Solana, Avalanche, and Yuga Labs.
A week ago, the firm announced the launch of its fourth cryptocurrency fund at $4.5 billion, bringing a16z's total investments in crypto businesses to more than $7.6 billion.
According to a post from managing partner Chris Dixon, a16z launched its latest fund to capitalize on what Dixon called the "golden age" of Web3 development.
At the end of the podcast, Andressen simply explains why a16z is pouring so much money into the industry.
“In fact, we can imagine that 30 or 50 years from now, the entire global economy is running on the blockchain.”
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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