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Marc Andressen, a tech entrepreneur and co-founder of venture capital firm Andreessen Horowitz, explained how he sees the nascent Web3 industry and why it reminds him of the early Internet.
In the Bankless podcast, Marc Andreessen said that the growing adoption and rapid development of Web3 is very similar to the surge in activity characteristic of the first years of his work in the field of technology.
“This is the only time I say that Web3 is like the Internet. If you go back to all my statements that have ever been made publicly, you might think that I have said something like this many times. However, this is not the case, I have never compared Web3 to the Internet before. I’ve never done that when talking about other technologies because I want people not to take comparisons lightly,” he said.
Andressen said that the current Web3 space attracts the smartest people in the world. When there is such a dynamic industry that has its own philosophy and movement, it will inevitably attract talent. In his opinion, critics of the new industry simply do not understand how it works, so many of their forecasts do not come true.
“Critics make huge lists of problems that seem overwhelming. But when you start working in the industry, you find that the space is flooded with brilliant engineers and entrepreneurs who see opportunities in these lists, not problems,” he said.
According to Andressen, Web3 is rather the missing link of the Internet, which provides trust, sovereignty and financial utility to the ecosystem. Those economic mechanisms that to a greater extent still exist in traditional finance, it became possible to execute on the Web, he explained.
Earlier, Andreessen Horowitz raised $ 4.5 billion for its new cryptocurrency fund aimed at supporting promising Web3 startups.
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