Web3

“What you really want to do is not be web two or web three. You just want to build for the web if you're an entrepreneur.”

“Web three, the average web three fund has done better than the average venture funds.”

“The thing that lost me was when everybody was arguing that, that what we should do is decentralize all of the infrastructure of the internet. That's just literally, it just costs more to then run every internet service. And it's actually not a very good databa…”

“I just don't think you can build a social network where, where financial You know, where monetization or incentives is at the core of the network. I think people have to join these things because they want the utility of whatever the network is.”

“But we noticed that creators have a huge distrust In Web Three, and we were losing out on a lot of creators. Like, they weren't willing to join passes because we were Web Three, and ultimately, at the end of the day, like, creator acquisition is, like, a numbe…”

“The thing that lost me was when everybody was arguing that, that what we should do is decentralize all of the infrastructure of the internet. That's just literally, it just costs more to then run every internet service. And it's actually not a very good databa…”

“It's not web three where I don't believe in it at all. I'm just a gimmick to some extent, which is what I thought in fund one, which is why there's no web three companies in there. And that's why I've never invested in a web three companies.”

“When an asset class is dot domain. So like, remember when web three was using dot X, Y, Z and dot X, Y, Z domains went through the roof. They were like, 10,000 dollars per domain. So like, when that happens, you know you should go short.”

“My sense is Bitcoin is more of a political movement than Web three. Web three is more of a tech movement. So to me, it's more like, I think of the Web three kind of crypto blockchain as more like open source.”

“I think the reputational Aspect of it, you know, I think they should be embarrassed by this, and I think people should view them negatively for this pretty blatant tuxterism that they were involved in, because, you know, they, this evangelism that they were do…”

“I think decentralized kind of a web three marketplace is a more effective way to do this.”

“So I think a lot of between web three and AI, a lot of SaaS will actually start being replaced because right now what SaaS is, is like one database. With a specific UI for a specific problem.”

“So, for example, in 2021, in the hip to crypto mania, we had an offer, I don't think I've publicly said this, but we had an offer for, we had a hundred, someone willing to give us one hundred million dollars To go build a studio incubator around web three star…”

“Yeah, like it is a perfect application. There's a real question of, is this game still a viable game that people want to play in 2023? That's maybe a different question, but it is the perfect vehicle for Web three.”

“And so, when you're, when we're looking at web three related deals, like solving that problem, like incentivizing you so that you don't feel like an idiot for utilizing the token is a key, key factor in these games.”

“In my experience, there were very few web three or crypto companies that were selling a solution to enterprises to solve a specific problem.”

“Honestly, the hardest problem is, is getting people to understand like what cryptography is and why you have these kind of like, you know, these seed words, which are effectively you, let's say your password for your keys. Getting them to really understand why…”

“Today, when I tap into my friends in Valley, San Francisco, I'll tell you, Bangalore is at least, 50 times to 75 times ahead in the race, in terms of understanding the spec, the framework, the other things are happening around the protocols and other things, r…”

“Fundamentals are right that you cannot build a business just on investor's money. You cannot even build a business on token money.”

“So I think if, you know, better solutions are going to come where they make these languages lot more relatable, such as collectibles or make rather than mint, I would see that this is going to slowly chip into the existing framework without sounding that there…”

“And in like an internet native world, hiring everybody as a contractor or W two employee that wants to contribute to the network is just not possible. Like it's literally not possible. So the friction that you can remove by tokenizing some of that process is i…”

“My opinion on the web three is basically, it's a bunch of like, it's just this kind of circular economy of a bunch of people making, making products to serve an industry that has yet to like truly figure out, or I don't know what you call an industry, a moveme…”

“That's not how technology gets built. And it is sort of, and there's two problems with this. The first of them is like, you're not engaging with the complexity of why there are gatekeepers and, you know, why this stuff works like this. And all the reasons why …”

“It's this top-down, centralized, inorganic, deterministic, predetermined, sort of ideal, republic, utopian vision of this is how the internet will work. And it's got all these kind of other ideas attached to it, like I was describing this as like Katamari Dama…”

“See right now basically most of our users are web three users and they pay using their own tokens.”

“I mean, BIP stands for built in public. We are not, we did not build this for web three. It's just that actually we built it as a workspace for people who are building in public because people are building in public.”

“I genuinely believe web three is in the strongest position that it's ever been in.”

“This is the gateway to web three and smart contracts have done a very good job, but the problem with them is the fact that they haven't changed much since. More or less when they were invented. And this technology has a lot of benefits, but the problem is that…”

“First of all, they found the solution and we managed to create an undo button that basically allows you to cancel transaction sent in error. A fully decentralized backup that allows you to back up not only your funds, but also your identity, because now in the…”

“Mark Zuckerberg is not stupid. He completely understands what is going on in web three and why they have to change as a business. You know, knowing many people at Meta, they get it because they won't exist otherwise.”

“Crypto was this new way for people to earn an income online and not only could they earn an income, they were actually earning ownership in the projects that they were participating in which I thought was so interesting and something that had never been possib…”

“I'm not one of the revisionists that believes that we're going to strip out TCP IP and replace it with web three. But I do believe and am quite optimistic that parts of our future are going to be supplemented by these technologies. But I do think it's still a …”

“And so it became more and more clear to me that all of the growth problems of web three are More and more important as like a lot of these kind of hard technical scalability problems got solved and very few investors really seem to have this capacity to help t…”

“So every growth assumption that web two businesses have used to grow is breaks in web three.”

“The goal of web three is to get the best of both worlds, to get the democratized open protocols of web one and the advanced functionality that we've come to love, mobile apps, fast user experience, everything else from web two and combine those.”

“In blockchain web three, there's been very, very few cases of people spending significant money on customer acquisition. One of the exciting things of web three is that the users, because they have tokens, because they have ownership, they become evangelists f…”

“Generally what we own, contrary to Jack Dorsey and others saying that we own web three, we generally own sub five percent of most of these networks.”

“I believe we'll see in the next couple of years, web three payouts past web two payouts.”

“People at Google and Facebook, in my experience, just don't get this stuff. Web two entrepreneurs just scratching their heads and they say it's all scams and fraud. They just don't get it. People in Hollywood get it. It's not weird to them. They've been sellin…”

“In our world, a lot of people may not have formal educations. They may not have the same pedigree, brand name resumes. We've hired a lot of people who have not gone to college. What we want to see is they've demonstrated excellence. That excellence can be thro…”

“This is in no way to diminish other categories, but I just don't think people feel mission-driven with respect to SaaS software, as an example, or databases. I think those are important categories, just so you know, and our firm invests in them. They provide r…”

“So people can come for a financial incentive, but if they're staying for a financial incentive I think that's a problem. People should be staying, especially if it's a game, they should be staying for the love of the game.”

“These really low switching costs in web three and all of these open protocols end up resulting in a lot of pressure on companies to build products that just like point blank serve consumers better. I think like from a venture perspective too, like I think the …”

“If there's an area of web three, that's quite flawed. It's your online identity and the way that you kind of credential identities online. It's today. It's very much about what you have, like what's in your wallet, how much capital is there How expensive is yo…”

“The big difference with the way most people in crypto think about the metaverse is that the digital environments we interact in today are wholly owned by corporations and by particular platforms. Whereas the metaverse that we envision in the future is more lik…”

“So if I say, how do we go from three hundred million to five billion? I think it's going to be more through these use cases that revolve around access and usage more than it's going to be trading.”

“And if you believe that, then the end state likely of this trend that's been happening for more than two decades is likely going to lead to some sort of model and system that will be powered by web three endowed technologies behind them. And that is the bet th…”

“And my main takeaway from that book and all of my work over the last two decades is that it's because incumbents Fail to realize that a technological innovation often comes with a business model innovation behind it, and they get, they dismiss the technologica…”

“We're, you know, we're gonna see potential, you know, hundred billion, trillion dollar outcomes in the next 10 years.”

“It used to be that you basically, the thing was to understand what was happening in web two, and then the thing is to understand what was happening in smartphones. And now there's a fintech thing. So how do we think about the intersection of Square, which is n…”

“It takes a lot of people to understand. It's an education problem as much as it is a technological problem. People have to, like, get their heads around what this is. Like, a lot of Web Two could have been built on the technologies that we had five or 10 years…”

“I suspect that the Bitcoin people that are not super keen on the web three people are probably just on the web three movement. Maybe Think of it a little too much in terms of the you know, the NFT hype stuff, rather than the underlying let's say social and tec…”

“I suspect that modulo a few A few of the sort of let's say less less in it for the movement, more in it for the money people on both sides. I think there is a lot of shared desire to use this technology to really you know, help get society onto a better footin…”

“And so I think that, you know, there's sort of a grounding point, you know, if in five to 10 years, we are all using consumer services or business services or, you know, infrastructure or something that's all running on blockchains, which is basically what we …”

“You can take some on lower level components back and forth, or high level components, but you're never going to have all of them completely interoperable, because then they wouldn't, well, then they wouldn't be different things.”

“What Web three is doing or could do for Twitter is give, give the people who give value to Twitter two things. One is economics, and the second is governance.”

“And so this idea, which is also a web three idea, which is that you could sort of have a decentralized social network and have lots of different clients all plugging onto the same database is kind of an illusion because what's going into the database is what t…”

“I think web three will be Waterloo for wokeness.”

“Lots of kids are able to make money at home. Okay. So the quote child labor issue where somebody is in a factory and they're being oppressed by a boss and the parent can't see them and they're like, their little fingers are being worked off. All that goes away…”

“I think you're going to see a whole parallel set of services arise that are the peers of the American tech companies, but in web three in India over the next 10 years, I think it's going to be one of the least anticipated things that's going to happen”