Solana co-founder and FTX CEO offer advice on Web3 ecosystems
Like everything else, blockchain technology is constantly changing and one sector dominates at a specific point. For instance, 2021 saw DeFi projects receive a lot of VC funding. It was easily the sector to receive the most investments. And second on the funding recipient list in 2021 was the NFT sector.
Web3 which was third on the list in 2021, is now at the top of the list to receive investments. This information has been confirmed by data gathered by analytics firms. Web3 got 42% of investment during the 2nd quarter of 2022 and DeFi is second with 16%. Rising interest in Web3 has become obvious as VC giants like Andreessen Horowitz put in around a billion dollars into this sector.
Web3 is also garnering interest from investment firms based in Silicon Valley. Wing Venture Capital is one such company whose focus is on tech companies in the early stages of development. The company recently put together a virtual summit for Web3 builders. Sam Fried, FTX CEO and Solana’s co-founder Anatoly Yakovenko were part of this meeting. They offered ideas on best practices for setting up a good ecosystem in Web3.
There is still some confusion with the concept of Web3 and many companies in this early stage are not sure how they should build and scale up. The Web3 summit was set up to help get ideas on these issues and make the ecosystem a strong one. There is a lot of potential for different uses with Web3. Web3 apps should also be created so that they can operate on mobile devices. It is time to transition from using desktops to conduct crypto transactions.