The web as we know it ceases to exist
Techies are watching a new internet take shape before their eyes. Known as Web3, this version of the web runs on crypto tokens, and it aims to unbundle existing internet services.
“Every once in a while, a new technology comes around that unlocks new possibilities in consumer experiences,” said Sarah Tavel, a general partner at Benchmark, where she invests in consumer and crypto. “For years, crypto has been in its infrastructure-building phase, and it’s just now getting to the point where new consumer experiences can be built on top.”
Investors are hyped for Web3 to go mainstream in 2022. Mike Jones, a cofounder and managing partner at Science, said more companies would leverage crypto principles even without users noticing. Talia Goldberg, a partner at Bessemer, agreed: “‘Web3’ will just be ‘the web’ as the complexities of the blockchain are abstracted away and consumer adoption grows.”
Soon enough, a new crop of startup unicorns may emerge within the space.
“With the flood of talent into this space, it’s a race to find the Uber, Twitter, Stripe of the Web3 economy,” said Ann Bordetsky, an NEA partner who previously worked at Uber and Twitter.