Silicon Valley has a new obsession. After years of investing time, talent, and a lot of money into the social and interactive internet, today's talk is often focused on Web3.
In some cases, insightful entrepreneurs are bringing novel ideas to market, harnessing the expanding market and mindshare of cryptocurrencies, blockchain technologies, and decentralized operational structures. Often, these ideas make headlines for their ambition. Famously, a decentralized autonomous organization (DAO) named ConstitutionDAO made a $47 million bid to acquire one of the remaining first edition copies of the U.S. Constitution.
Whatever an organization's goals or ambitions, Web3 is increasingly at the forefront. As one developer recently shared on Twitter, "[a] friend in consulting told me an air conditioning company is paying his firm $3M to create a 'meta verse strategy.'" Similarly, talent and capital are flowing to Web3 initiatives. Venture Capital firms poured more than $30 billion into crypto startups last year, reflecting the assumption shared by prominent tech journalist Kara Swisher that "there's not one business that's not going to be affected by it."
There is just one problem: Most people don't know what "it" is.
According to a poll by the Harvard Business Review, 70% of respondents said they didn't know what the term meant. As the publication glibly notes, "Welcome to the confusing, contested, exciting, utopian, scam-ridden, disastrous, democratizing (maybe) decentralized world of Web3."
Continue reading: https://www.newsweek.com/what-makes-company-web3-1718220
In some cases, insightful entrepreneurs are bringing novel ideas to market, harnessing the expanding market and mindshare of cryptocurrencies, blockchain technologies, and decentralized operational structures. Often, these ideas make headlines for their ambition. Famously, a decentralized autonomous organization (DAO) named ConstitutionDAO made a $47 million bid to acquire one of the remaining first edition copies of the U.S. Constitution.
Whatever an organization's goals or ambitions, Web3 is increasingly at the forefront. As one developer recently shared on Twitter, "[a] friend in consulting told me an air conditioning company is paying his firm $3M to create a 'meta verse strategy.'" Similarly, talent and capital are flowing to Web3 initiatives. Venture Capital firms poured more than $30 billion into crypto startups last year, reflecting the assumption shared by prominent tech journalist Kara Swisher that "there's not one business that's not going to be affected by it."
There is just one problem: Most people don't know what "it" is.
According to a poll by the Harvard Business Review, 70% of respondents said they didn't know what the term meant. As the publication glibly notes, "Welcome to the confusing, contested, exciting, utopian, scam-ridden, disastrous, democratizing (maybe) decentralized world of Web3."
Continue reading: https://www.newsweek.com/what-makes-company-web3-1718220
