Tech entrepreneur and Netscape creator says Web3 could run the entire global economy in decades

Billionaire tech entrepreneur Marc Andreessen recently said that the rapid rise of Web3 looked like what was happening in the internet in the nineties. Although, he has always been in support of blockchain the technology behind crypto and Web3, Andreessen talks about the future of technology from a vantage point as he developed the first widely used web browser called Mosaic. He later developed Netscape Navigator that was the predominant browser in the nineties.

Andreessen is now better known as a co-founder of Andreessen Horowitz (a16z) a venture firm that focuses on blockchain technology. The firm has raised billions in capital for crypto and its newest $4.5 billion dollar fund will invest in Web3 startups and seed deals.

Both Andreessen and investment partner Chris Dixon appeared on the Bankless podcast. Andreessen said that the flurry of development in Web3 appeared to be similar to the activity he saw when he was an early tech entrepreneur.


He said that this was the “only time he has compared Web3 to the internet. He also said that he had “never made the comparison before.”

The Netscape developer also said that the smartest people in the world were veering towards Web3 and it was like a movement. He brushed aside the criticism and said that the opportunities should be looked at instead of focusing on the problems of blockchain.

Andreessen also called Web3 the “missing” link that would bring “trust”, “permission” and many other positive financial aspects of transactions that the world wanted to have.

When Andreessen was asked why his firm was investing so much money into Web3 he said that a16z “could actually imagine the entire global economy running on the blockchain like 30 or 50 years from now.”

Earlier, partner Chris Dixon who leads the latest Andreessen Horowitz fund for Web3 had said that a16z had invested billions in blockchain the technology behind Web3 through its latest fund to capitalize on what

he called “the golden era” of Web3 development.

Photo Illustration Contributor JLStock

 

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