About this ebook
Dot-com firms occupied roughly 12 of the 61 prime-time ad spots during the Superbowl in January 2000. Many companies went public before turning a profit. The Nasdaq Composite Index's price to earnings ratio surpassed 200.
It was the height of the internet boom. Venture capitalists were pouring money into anything that had the internet attached to it, hoping to own a piece of the future.
The boom broke in 2001. On public markets, internet firms were savaged, corporations fell into insolvency, and expensive dot-com office chairs were sold in droves. The stock price of Amazon plummeted, while Cisco Systems alone lost 86 percent of its worth. In the aftermath, investors were hesitant to invest in software businesses, and many believed that even Amazon was going to fail. However, the internet more than lived up to the dot-com hype; it just took a few cycles.
Many parallels exist between crypto in the 2020s and the dot-com period, including firms going 'public' (initial coin offering) before turning a profit, stadium renaming, and even greater price-to- profits ratios.
Web3 may be reaching the end of its hype cycle, and while no one can foretell the future, additional corrections are sure to follow. However, at Web3 Vision Fund, we think that the underlying blockchain technology has the potential to alter the world by ushering in the next generation of the internet (Web3)...
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Reviews for Exploring Web3
3 ratings1 review
- Rating: 5 out of 5 stars5/5
Jun 1, 2022
I liked the simple and easy explanation of web3 and how it is revolutionizing our current world.
Book preview
Exploring Web3 - Ayush Gupta
Exploring Web3
My learnings from working & investing in Web3
Ayush Gupta
(Co-Founder & CEO of Web3 Vision Fund and Eka Network)
Copyright © 2022 Ayush Gupta
All rights reserved.
CONTENTS
1 Introduction
Dot-com firms occupied roughly 12 of the 61 prime-time ad spots during the Superbowl in January 2000. Many companies went public before turning a profit. The Nasdaq Composite Index’s price to earnings ratio surpassed 200.
It was the height of the internet boom. Venture capitalists were pouring money into anything that had the internet attached to it, hoping to own a piece of the future.
The boom broke in 2001. On public markets, internet firms were savaged, corporations fell into insolvency, and expensive dot-com office chairs were sold in droves. The stock price of Amazon plummeted, while Cisco Systems alone lost 86 percent of its worth.
In the aftermath, investors were hesitant to invest in software businesses, and many believed that even Amazon was going to fail.
However, the internet more than lived up to the dot-com hype; it just took a few cycles.
Many parallels exist between crypto in the 2020s and the dot-com period, including firms going ‘public’ (initial coin offering) before turning a profit, stadium renaming, and even greater price-to-profits ratios.
Web3 may be reaching the end of its hype cycle, and while no one can foretell the future, additional corrections are sure to follow. However, at Web3 Vision Fund, we think that the underlying blockchain technology has the potential to alter the world by ushering in the next generation of the internet (Web3).
As a result, we believe that the infrastructure needed to construct Web3 should be enhanced to lay a solid platform for consumer crypto firms in the coming decade.
Much of the backend infrastructure needed to achieve one billion people have yet to be constructed.
Only 106 million individuals around the globe have used cryptocurrencies so far.
Surprisingly, Ethereum decentralized applications have just 176 thousand daily average users (Dapps).
Compare that to the 4 billion internet users who use Web 2.0 daily.
Web3 apps currently have significant issues. To deposit $50 into a DeFi app, might cost up to $20 in gas fee. There are also too complicated user journeys that need extensive technical expertise to utilize crypto goods.
Consumer crypto startups have a long way to go. Better tools will be required for the next Steve Jobs of the Web3 age to create more imaginative and helpful products that please users.
The infrastructural layer needs improvement.
2 What is Web3?
How has the internet changed over time, and more importantly, where is it headed next? What's more, why does any of this matter?
If history has taught us anything, these shifts will have a