Netscape creator says Web3 really resembles the advent of the early internet

Billionaire tech entrepreneur turned venture capitalist Marc Andreessen says Web3 and its underlying blockchain technology remind him of the early rise of the internet.

Andreessen, best known today as co-founder of blockchain-focused venture capital firm Andreessen Horowitz (a16z), originally found success by developing the first widely used web browser called Mosaic and then founding Netscape Navigator, which dominated the browser market across the globe. the nineties.

appear On the Bankless podcast alongside investment partner and colleague Chris Dixon, Andreessen said the growing adoption and rush of development in Web3 look remarkably similar to the rush of activity that characterized his early years in technology.

Andreessen emphasized that he would not let this kind of exhaustive comparison idly hold and that this was the first time he had made such a claim:

“This is the only time I’ve said that [Web3] Like the Internet. If I go back through all my historical data, one can imagine that in my experience I could have said this like 48 times. I’ve never done 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 it lightly by comparison.”

while the Similarities Between Adoption Path Blockchain technology and the early internet were often made by crypto enthusiasts (to the chagrin of crypto critics), and Andreessen’s experience on the front lines gives him a unique authority to make such statements.

He added that the current landscape of Web3 attracts the smartest people in the world:

“The easiest way to think about it is, when you get something like this that has movement, it has this kind of collective impact and it has movement behind it, and it attracts many of the smartest people in the world to work on it, basically the criticism plays differently than the critics think.”

The “long list” opposition to Criticisms of crypto and digital assetsAndreessen said that entrepreneurs at Web3 see these “problems” as opportunities.

Critics put this long list of all the problems, but you get these genius engineers and entrepreneurs [who] flowing in space. What happens is that they look at this list of problems as a list of opportunities.”

“It would be like you had a home project [that] It was going sideways and you’d have all these complaints, and then all of the best architects and builders in the world showed up the next day to fix your house,” “suddenly you’ve got the best house in the world. This could actually happen.”

Andreessen said that Web3 is the “missing” link to the Internet, bringing trust, sovereignty and financial benefit to the ecosystem:

“We were […] Lost trust, authority, permission. We were missing the ability to deal with people for trusted relationships, transactions, send money, store money, and then have all the other economic arrangements the world wants to have [such as] Loans, contracts, insurance, and all that other stuff.”

Previously known for its early investments in Instagram and Slack, a16z first entered the crypto industry with an investment in Coinbase in 2013 and has since supported major crypto-related companies, including Polychain CapitalOpenSea, Solana, Avalanche, Yoga Labs.

A week ago, it announced its launch 4th Fund for Cryptocurrency $4.5 billion, bringing the total amount of capital invested by Andreessen Horowitz in the crypto business to just over $7.6 billion.

According to the letter coined Through managing partner Chris Dixon, a16z has launched the latest fund to take advantage of what Dixon calls the “golden age” of Web3 development.

Related: Binance Labs $500 Million Fund to Spur adoption of Crypto, Web3, and Blockchain

Andersen concluded the podcast with a brief explanation of why a16z is pumping so much money into the industry:

“We can actually imagine the entire global economy running on the blockchain like 30 or 50 years from now.”