Billionaire tech entrepreneur turned venture capitalist Marc Andreessen says that Web3 and its underlying blockchain technology remind him of the rise of the early internet.
Andreessen, best known today as the co-founder of blockchain-focused venture capital firm Andreessen Horowitz (a16z), originally found success developing the first widely used web browser called Mosaic, and went on to found Netscape Navigator, which dominated the Internet market. browsers for a long time. from the 1990s.
Appearing in the Bankless podcast Along with investment partner and colleague Chris Dixon, Andreessen said the growing adoption and flurry of development in Web3 seem remarkably similar to the flurry of activity that marked his early years in the technology.
Andreessen he emphasized that he would not make this kind of radical comparison without doing anything and that it was the first time he had made such a claim.
“This is the only time I’ve said this [Web3] It’s like the internet. If you go through all my historical statements, one would imagine that in my experience I could have said this like 48 times. I’ve never made the comparison before.”
“I never said it about any other kind of technology, because I just wanted people to know that I don’t take the comparison lightly.”
While the parallels between the path of adoption Blockchain technology and the early internet have often been made of by crypto enthusiasts (much to the chagrin of crypto critics), Andreessen’s front-line experience gives him unique authority to make such claims.
He added that the current Web3 landscape is attracting the world’s smartest people.
“The easiest way to think about it is, when you get something like this that has a movement, that has this kind of collective effect and has a movement behind it, and it’s attracting a lot of the smartest people in the world to work on it. , basically the reviews play out differently than the critics think.”
Rolling back the “long list” of criticism directed at cryptocurrencies and digital assetsAndreessen said Web3 entrepreneurs see these “problems” as opportunities.
“The critics make this long list of all the problems, but they are getting these genius engineers and entrepreneurs [who] flood the space What happens is that they look at that list of problems as a list of opportunities”
“It would be as if you had a home project [that] I was going sideways and you get all these complaints, and then all the best architects and master builders in the world show up the next day to fix your house,” he said. “Suddenly you have the best house in the world. This can really happen.”
Andreessen said that Web3 is the Internet’s “missing” link, bringing trust, sovereignty and financial utility to the ecosystem.
“We were…lacking trust, authority, permission. We lacked the ability to transact with people for trusted relationships, transact, send money, store money, and then have all the other economic arrangements that the world wants to have. [such as] loans and contracts and insurance and all these all these other things.”
Previously known for his early investments in Instagram and Slack, a16z first entered the cryptocurrency industry with an investment in Coinbase in 2013 and has since backed major cryptocurrency-related businesses, including polychain capital, Open seasolana (SUN)Avalanche (AVAX) Y yuga labs.
a week ago announced the launch of its fourth cryptocurrency fund to $4.5 billion, bringing the total amount of capital invested by Andreessen Horowitz in crypto businesses to just over $7.6 billion.
according to a letter Written by managing partner Chris Dixon, a16z launched the latest fund to capitalize on what Dixon calls the “golden age” of Web3 development.
Andressen concluded the podcast with a brief explanation of why a16z is putting so much money into the industry.
“Actually, we could imagine the entire global economy running on blockchain in 30 to 50 years.”