Crypto Social Networking – Sriram Krishnan of Andresen Horowitz at TechCrunch

Crypto Social Networking – Sriram Krishnan of Andresen Horowitz at TechCrunch

There’s been a lot of money spent on Web3 – well, a little less than a few months ago – but it’s still hard to argue that mainstream customers are queuing up to receive Web3 Internet services. There have been some flash-in-the-pan hits so far, but investors are still searching for consumer uses that make blockchains, tokens and NFTs more than just trading.

Andreessen Horowitz (a16z) GP Sriram Krishnan believes web3’s motivational structure makes the space a natural fit for social networking, he told us in the latest episode of TechCrunch’s crypto podcast Chain response. Krishnan has extensive experience in Web 2.0 social networking companies; He worked as an executive on Twitter, Facebook and Snap before joining a16z, which has just recently launched its latest $ 4.5 billion crypto fund.

“People ask me, ‘What are you spending so much time on, are you really interested?'” Krishnan says. “I think the intersection of social media and Web 3 is really interesting.”

Although Web3 has yet to see a platform equivalent to Twitter or Facebook, Krishnan believes that the structure of blockchain-based platforms provides creators with some interesting incentives to bring to their network, which can bring them with their audience. He noted that some popular existing social media services have indexed the sale of providing a platform with access to content creators, but one that does not necessarily give a financial boost to their network – something he thinks could be NFTs and tokens.

“With web3, those who make valuable contributions to the platform now have a part of the economy happening on the platform,” Krishnan said. “On some Web3 social media you may actually have the spiritual equivalent of a place at the cap table.”

Outside of tokens and other crypto resources, Kirshan points to processes such as decentralized autonomous organizations (DAOs) that allow stakeholders in a platform or protocol to decide how the project matures, which is how he interacts with big tech companies abroad. Mentioned. With their most popular content creators.

“[With web3], You now have a statement managing the mentioned platform, which is really really interesting. It opens up a whole new toolbox and opens up new energy dynamics between creators and social media platforms, “said Krishnan.

Krishnan says the open nature of the protocols working on Web3 means that clients will be more attentive to the interests of their users, as users can more easily move their resources and content to a new platform if they feel their interests are not being represented. Something that somehow refrains the idea of ​​exporting data from social media services.

“That ‘right to exit’, the right to create alternative clients, is one of the Web3 social things that I find really exciting,” he notes.

Web3 Social is fairly theoretical at the moment, and while a few startups have tried to make a splash, the issues of getting users wallets, buying tokens, and joining a platform are still much more challenging than the experience of a more accessible site like Twitter. Investors are hoping that some of these problems will add to the pain that developers will create in the past, VCs like Krishnan are hoping they can bankroll.

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