Plus, why his VC firm Andreessen Horowitz has spent $3 billion on web3 startups.
. What both of those websites do is they let musicians basically create NFTs and other new sorts of digital objects musicians can use. Think of the NFT as scarce digital album art that also gives you other perks, like behind-the-scenes access in the Discord and other kinds of membership features. Sound.xyz has been live for three months and every day does two drops.
I understand your criticism of Facebook. But I want to get back to NFTs as a technology and blockchain as a technology. I am saying that if I am a musician that mints an NFT and puts it on Royal, what guarantees me that I am going to sell anything there? The technology does not guarantee it. I just want to dive into the technology of NFTs specifically to interrogate that claim. It can contain some code and contain a pointer to something else. I have many criticisms of Web3, and somewhere at the top of the list, under climate — which we should talk about — is that the actual relationship between you buying an NFT and you acquiring a copy of a song or photo is divorced in the law.Well, sure. Think of it this way: If you buy a painting, you are not buying the copyright.
Why do we think the NFT blockchain scenario here is going to be more successful and lucrative than a music service that connects people directly to artists at high levels for MP3s? I view the internet today as millions of subcommunities. I think NFTs are a way for subcommunities to have cultural artifacts and create little economies within them. It is a big world, so some of the popular existing ones will go awry, but my bet is that there will be many positive communities.
First of all, I have been doing this a long time. I probably invested in that at one point; I have invested in a lot of different things. I was very involved in crowdfunding, and was a seed investor in Kickstarter. I was a true believer in that mission and still own all my Kickstarter stock. I spent years working on crowdfunding to find new ways to monetize creative activities.
They are in the very final stages of what is called the merge, the upgrade — which I think will happen in the next three months — where it will transition to proof of stake. There is already a proof-of-stake network running, it is just a question of flipping a switch. It has been in the works for five years, but because it is such a big network with a lot of value they have been very careful. When that finally happens, there will not be a single Web3 protocol that is proof-of-work based.
I am not being cynical, I am being realistic. Your prediction is three months, so you think it will be done around July 6.Some of the cynicism is rooted in the fact that I have heard that a lot for the past several years.My criticism is not, “I don’t think it is ever going to happen,” but we have been hearing it is going to happen for a long time. Once you get to that point, I think some cynicism is warranted. Your prediction is a year, hopefully three months.
I asked Steve Aoki, “Why did you launch your thing on Ethereum and not Solana?” His answer was, “Ethereum is ready and Solana is not.” There are a lot of UX challenges. Some of these are specific issues, like Gary’s thing yesterday. In my view, it was just the software bugs essentially could have been mitigated, but it does happen. I think you will have a different experience if you use Phantom and Solana. Their transaction costs are a penny, and Phantom is a super-slick modern software. Ethereum right now, as you said, is a leader. I think that the wallets still need to be improved and will get much better.
To me, I cannot think of a more important issue. I understand these critics who say that the energy use is not worth it. I think it is worth it to not have the internet turn out like broadcast TV, and have CBS, NBC, and ABC. I don’t think that is a good outcome. People talk about things like the metaverse.
I am just telling you that I have no connection to them. I have no love lost between our team and that company. We are going to do everything we can to replace them with a new set of companies. The point I am making is that I agree with you. We could talk separately about VR, but I am just a hobbyist at this point. I think it is scary right now that there is no real independent VR, and that this may turn out even worse than phones, where there are just two megacorps that build credible VR. You have talked about the money in venture capital. I am really happy we do not have to do that again. We are never going to sell a company to Facebook, Google, or anybody else.
The web is open data, but Google is dominant because it provides the best user experience. Microsoft is not a small company, they cannot make Bing compete with Google. We are investors in OpenSea. Obviously we think we will make money, but notice that it is a 2.5% take rate. There is nothing else in Web2 that is even close to that. They have to be 2.5%. Why? You can switch. If they raise it, they are limited in their power. Things that have offline goods like StockX and eBay, and OpenSea which has NFTs, have a much lower take rate, because they have to and you can switch. You can just go sell your sneakers somewhere else.
“The idea that a hardware provider can charge 30% to every single software provider on their platform just seems like a crazy and unhealthy situation to me.”. Forget about Web3 for a minute. The idea that a hardware provider can charge 30% to every single software provider on their platform just seems like a crazy and unhealthy situation to me, that you cannot have alternative app stores, or other choices for app developers and consumers.
Maybe an Apple exec comes home and sees their kid doing some cool thing in Web3, and that is how it spreads. One of the things that is really encouraging is that up until recently, Web3 was dominated by super hardcore tech enthusiasts, but we have seen a dramatic change in the kind of entrepreneurs entering the space. I liken it to mobile. The iPhone came out in 2007, then the App Store in 2008.
There are a bunch of really special things about that community. I think what they have done is sort of a cultural phenomenon. The community, the buzz, they have has all sorts of offshoot companies. One really cool one is called Jenkins the Valet, which is a group of people who bought an NFT, a Bored Ape, and now they are going out and creating a whole story with books, movies, and all sorts of other things around that community.
I do not think the architecture is going to be 100 people all equally doing stuff. I think there could still be hierarchy, but it can be bottoms-up emerging hierarchy. Do you think the current system of, “You have to move to LA, wait tables for eight years, and have the right connections to get your screenplay read” is optimal?
I have never created a TV show. I do have friends who have, and they tell me they have significant groups of writer’s rooms and that it is a very collaborative process with a group of people. I do not think that in those writers’ rooms everyone has equal say, but I think that they appreciate having a diversity of inputs. Then maybe you have a few key decision-makers.
I think the fortunate thing is that securities laws and the ethos of Web3 happen to align, and that they both want highly decentralized networks. We try to encourage people when they are in this space to build it in the right way — similar to Bitcoin and Ethereum — where it is truly owned and operated by the community, and not by the original creators of the system. Ideally, everybody is 100% aligned by owning tokens.
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