The Long Term View of Web3 and Why You Can Still Launch A High Utility Web3 Company Today
Good morning all you Frontier Airline frequent fliers...
Fred Wilson is out with a post today titled 'Taking A Long Term View of Web3'. Have a read here.
I will admit that one of the only reasons I have given any thought to Web3 is Fred. As Fred describes it:
The most important software innovation of the last decade, which started with the Bitcoin white paper fourteen years ago, is the emergence of open-source software and decentralized protocols that are the foundation of web3. These protocols have survived recent market volatility. It is the promise of software that is not controlled by a company, but instead by an open-source community with built-in safeguards and increased transparency relative to today’s tech and financial systems, that gives us so much confidence in the future of web3.
I am down the NFT rabbithole because I am building/launching my next company shortly using this open source software and decentralized protocols.
The most important part of launching my new company will be hiding the complexities of web3 so that my users see only the benefits.
I am positive that Web3 is a feature that will increase the utility and the long term value of my product, company, community especially as key features that Fred says are missing, get developed and launched.
Crypto/Web3 is still an asset class for me. It has been too exciting and too volatile for my liking, and Fred explains why:
Web3 is a software-driven innovation that has a built-in financial system. This has been both a strength and a weakness.
That 'built-in financial system' has been used mostly as a weapon. So much so that my confidence (and almost everyone's) in the sector have been shaken.
The weaponizing is likely here to stay, which will make it harder for the founders and business builders that see the utility get their businesses launched.
But, I and thousands of others will keep pushing to build the right businesses using the features of the software and that is how bull markets are born.