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How web3 can have a 2024 comeback
To survive, web3 startups must expand their buyer base to brand-new markets that showcase a greater willingness to spend, invest and innovate.
A key component of this evolution simply involves returning to language that buyers understand — for example, transitioning “wallets, blockchains and tokens” to “accounts, databases and credits.” Some investors have been turned off by the apparent complexity of web3, feeding into the notion that its use cases aren’t clear. Encrypting preferences on the public blockchain, and enabling publishers to selectively unlock them with user consent, replicates cookie functionality in a way that satisfies international regulation. When I founded Theory, which invests up to $25 million in early-stage software companies that leverage technology discontinuities into GTM advantages, we aimed to focus in part on the power of web3’s decentralized databases.
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