Mark Andressen: "Web3 is the missing link of the Internet"

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Tech Entrepreneur andCo-founder of venture capital firm Andreessen Horowitz Marc Andreessen explained how he sees the nascent Web3 industry and why it reminds him of the early Internet.

On the Bankless podcast, Marc AndreessenAndreessen said that the growing adoption and rapid development of Web3 is very similar to the flurry of activity that characterized his early years in technology.

"This is the only time I say thatWeb3 is like the Internet. If you look back at all the statements I have ever made publicly, you would think that I have said something similar many times. However, this is not true, I have never compared Web3 to the Internet before. I've never done that when talking about other technologies because I want people not to take comparisons lightly,” he said.

Andreessen stated that the current spaceWeb3 attracts the smartest people in the world. When you have such a dynamic industry that has its own philosophy and movement, it is bound to attract talent. In his opinion, critics of the new industry simply do not understand how it works, so many of their predictions do not come true.

“Critics make huge lists of problems,which seem overwhelming. But when you start working in the industry, you find that the space is flooded with brilliant engineers and entrepreneurs who see these lists not as problems, but as opportunities,” he said.

According to Andreessen, Web3 is morethe missing link of the Internet that provides trust, sovereignty and financial utility to the ecosystem. Those economic mechanisms that still exist to a greater extent in traditional finance have become possible to execute on the Internet, he explained.

Let us recall that Andreessen Horowitz previously raised $4.5 billion for its new cryptocurrency fund aimed at supporting promising Web3 startups.