Andreessen Horowitz’s Chris Dixon sees huge potential in Web3 but others beg to differ

Andreessen Horowitz’s General Partner Chris Dixon has a lot of positive things to say on web3 as he sees billions of dollars at stake in what is touted as the blockchain-based “future of the internet.” According to the exec, the first version of the internet is ‘read-only,’ and the second version allowed us to upload our everyday lives to MySpace and Facebook.

But the latest version of web3, according to Dixon, is ‘read, write and own‘ where one gets to own those outcomes and take them with us. Unlike the tech giants who are making money from users’ data, proponents like Dixon believe in decentralizing their power via blockchain networks. Reading along with the same, Dixon stated,

“Everyone gets a share of the prize, everyone gets a say in how it’s run, and it’s all written down publicly so nobody can quibble.”

That said, not everyone seems to be on board with regards to this digital utopian and has faced criticism for not achieving its goal.

Andreessen Horowitz and Co. owns most web3- Jack Dorsey

Major crypto players like Coinbase Global Inc. and OpenSea have already managed to capture massive market share and are poised to become the next Meta Platforms Inc. and Alphabet Inc.

In the meantime, Twitter Inc. co-founder and one of Bitcoin’s biggest advocates Jack Dorsey has questioned the credibility of the decentralized aspect of web3, noting that a small number of venture capital firms own most of the web3 market, and has pointed out Andreessen Horowitz, a.k.a a16z, to be at the top of the list.

In response to the above contradiction, Dixon tweeted that web3 isn’t actually trying to decentralize everything. Its main aim is to give back control of the “network effects” of web2 to the people: a phrase here meant the value one gains from diligently using a product over time, for instance, building a friends list on Facebook or meticulously curated music library on Spotify, etc.

Andreessen Horowitz’s GP went on to add, “right now these effects are locked to their platforms and incentivize you to stay with those providers”, claiming it as a key strategy devised by most companies in the tech sector.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.