a16z Partner: Still adheres to a long-term approach in crypto investment, believing that other types of apps will emerge after blockchain finance becomes more widespread.

Chris Dixon, a partner at a16z and leader of a16z crypto, published an article on social media titled "The Long-Term Game of Cryptocurrency," stating that there's a popular notion that non-financial applications of cryptocurrency are dead. Some even claim the "read-write-own" model has failed. These conclusions misunderstand the core concept and misjudge our current stage of development. We are currently in the financial era of blockchain. But the core concept has never been that all crypto applications will emerge simultaneously, nor that finance won't come first. The core idea has always been that blockchain introduces a new primitive—the ability to coordinate human and capital at an internet-scale and embed ownership directly into the system. Finance is the area where this primitive most naturally proves its value, which is why we often cite finance as a primary example of productive use cases for tokens. Finance is not separate from the larger vision, but rather a part of it. It is the foundation and testing ground for all other applications. At a16z and a16z crypto, we look to the long term: our fund structure is designed with a cycle of over 10 years because building new industries takes time—the order of operations is crucial. Infrastructure and distribution networks often precede new application categories. The internet didn't begin with social media, streaming, or online communities; it began with packet switching, TCP/IP, and basic connectivity. Completely new cultural and economic categories only emerged after hundreds of millions of people were online. Cryptocurrency is likely to follow a similar path. A reasonable assumption is that we need to get hundreds of millions of people on-chain through financial applications like payments, stablecoins, savings, and DeFi before we see meaningful adoption in media, gaming, AI, or perhaps even further afield. Many applications rely on existing wallets, identities, liquidity, and trust mechanisms. This is why a16z has spent over five years pushing for a clear regulatory framework for tokens. Great undertakings take time. The breakthroughs we see in AI today are the result of decades of hard work by exceptional talent. Building new technological systems is a marathon, and this is what marathons look like in practice: a long period of preparation followed by dramatic turning points. It is precisely those chaotic years that make the future clearer.