Web Three

“We do not invest in crypto. It's kind of, or web three, NFTs. It's been kind of one of the areas that we'd like to avoid”

“I think web three in the way that it was meant to be done. Is going to make a comeback because fundamental principles of that makes sense.”

“I think the NFT and web three stuff is just complete nonsense. I think it's inferior entrepreneurs slapping their web three name on crap that no one wants and hoping that it's going to work.”

“I think that 90% of the rest of the stuff is a complete scam. I think NFTs are, for the most part, total bullshit. I think Web Three, for the most part, is total bullshit. And I think that the people who entered into that space oftentimes are horrible entrepre…”

“So I expect that some of the innovations that came from there like wallets, like identity, like verified credentials will just make its way into normal databases and already are.”

“So, you know, if VR and AR work, VR and AR might or might not work, that has nothing to do with whether Generative Machine Learning works, and very little, a little bit, and very little to do with whether Web three works.”

“We've got some managers that are really leaning into human computer interaction that really starts to look like web three. And yes, crypto becomes kind of the secure and identity driven data layer of that. And that's what I'm excited about. But I think that's …”

“And then on top of that, we plugged in blockchain and web three because it will give us a hundred percent traceability and transparency over the complete journey of the waste.”

“And, you know, the macro promise of Web three, in my opinion, is kind of slowly divest ownership of this thing and allow the people that have contributed to it for all of these years benefit from the network effect.”

“And in fact, web three doesn't exist yet. And it would not be possible to build Instagram on a blockchain today.”

“I would suggest Polygon, Salon, or Moonpay. I know it's three, but I want to give some breath in the Web three space that might be exciting to people.”

“The other thing I'll say is, and I think to your point, you know, there's a lot of talk about how web three, Will enable creators to increase their take rate because the platforms are, you know, the platforms are taking too much. I will be honest. I think this…”

“I do think that it's likely that the new wave of technology innovation is happening on blockchains. The applications that we're using every day, the most powerful ones, 20 years from now may well come out of this web three ecosystem. But I think that's a decad…”

“I mean, I think everything in our time that we've thought of as that, as mobile, cloud, web three, you know, VR, all like, It's all still just the internet. Those are aftershocks. That's not the event.”

“And so I sort of just, I mean, I just kind of think like with all of the attention and all the buzz and hype around like metaverse and web three and crypto and DeFi and VR, we kind of stopped paying attention to AI.”

“All of the smart engineers are working on like, you know, million dollar NFTs to sell, which I, and I love web three and NFTs, and I think it's the coolest technology in opportunity in the world. It's just the early applications are a little bit underwhelming.”

“When I talk to friends who aren't even into crypto and web three technology investors, they'll tell me something on the order of 50% or more of the entrepreneurs that come to them are doing web three.”

“In the case of Web three, the network is owned by the community yet. I think you'll have big services. We'll hopefully invest in some of them, but they won't have the dominant network effects that lock you in and users will have a choice. Users can exit.”

“The actual challenge is A very limited supply of high quality carbon credits or carbon removals and a huge supply of really low quality, really bad carbon credits or offsets. That is the actual problem, and Web three is not really a solution to that.”

“You should build for web three natives first. And then when the mainstream comes into web three, you're going to have the product there as opposed to trying to build for these outside consumers who are already very kind of like risk off.”

“We think something similar will happen in Web three. Where something like Axler is an overlay network on top of all of these sub-ecosystems, from the user's perspective, it's totally transparent.”

“VC funds that don't build those capabilities, whether they are dedicated crypto funds or not, are going to not be able to maintain an edge and keep up with the pace of innovation and the, I guess, innovations that are coming out of web three.”

“The people who originally talked about Web Three were people like Kyle Simani of Multicoin and also Chris Dixon at A-sixteen Z, probably around like, 2017, 20 18, and that was, I mean, that was way ahead of its time, but for people that were kind of following …”

“So in the same way, like, you know, taking social media as an example, I think web three has that same potential, and you're, and you we've been seeing that, right, for the last decade since it's been around, which is that web three, like any technology, has t…”

“The web three space in general, I think has skewed too far to the cell and not enough to the build. So I think it's like a good call to arms in general to like throw a shot across the bow to the general industry of like, You know, there's so many of these comp…”

“And, you know, if one looks at, you know web three, it's sort of realistic to say, you know, what point are we going to see hundreds of millions of people using a consumer, mass market consumer app that's built on a blockchain? Well, not next year. And sort of…”

“What I mean by that is like a lot of the time, what we're doing in web three is we're writing custom contracts, custom software or grabbing multiple things and sort of putting it together. And because of that, and also because there's a shortage of talent and …”

“If you look at these games that'll actually create a material inflection in web three, and blockchain in general will be these, like, high polish, triple-a type games that are gonna take three or four years to bake, right?”

“In a web three model, you as a, you know, you would own both who subscribed to you, and you would also, in a sense, own what you subscribed to, because it would, It's sort of transparent and composable. You know, any bit of it is addressable. You can point it …”

“You know, I think what we're also going to see is investment time horizons. I'm going to leave crypto and web three aside because that occupies its own unique space, but just Kind of like non-crypto, non-web three venture. I think you're going to see deploymen…”

“You know, and we were talking about this earlier, like Aaron Aaron Levy and Brian Chesky were, are kind of talking about how web three is, you know, basically a sham. That's basically what they're saying.”

“And that transition to Web three is probably going to play out over the course of the rest of my career, if not my lifetime. Crypto will be an important part of that, and you just can't ignore it.”

“In many ways, I think Reddit will be looked at as a kind of proof of concept for a lot of the stuff that Web Three is just gonna run away with in the next few years.”

“I think that, you know, there's gonna be a burnout. I predict a burnout and I'm already starting to see some individuals that are just, they're taking it too far.”

“If you like use the word Dow and web three in your memo or your deck, like you're going to raise money, right?”

“Go forward 10 years and the two of them sort of merge. In that, you know, if everyone is doing, if they could both work, and everything that you do in the metaverse will be web three, will be running on web three.”

“Web three comes along, which is basically just a new stock market, right? And which is why the argument about whether the securities or not is silly. They're just stock, like they're securities for sure. People are buying and selling them, and everybody's argu…”