It isn’t often you’d hear tech companies described as dinosaurs, but they are indeed now just that and need to evolve or risk being relegated to an era past.
The largest tech giants, including Amazon, Google and Meta Platforms, have become too accustomed to the outdated business models of ad monetization, an industry that is growing 15.7% annually.
Ad tech is still an appealing opportunity, but blockchain has a much higher growth potential.
Dusan Kovacic is the Chief Investment Officer of Rockaway Blockchain Fund, a VC investing into digital assets and infrastructure.
Traction metrics in Web 3 are growing through the roof. For example, daily active addresses on Ethereum grew from 200,000 in January 2020 to 550,000 today, increasing about 65% per year..
Revenue of Ethereum skyrocketed from $200,000 per week in January 2020 to $31 million per week today. And the rise of new layer 1 protocols shows even more impressive growth. Solana daily active addresses grew from zero in January 2020 to 550,000 now, the same level as Ethereum.
Continuing to master the 20-year-old online advertising business model is not interesting enough for top talent any more. These people – some of the smartest and most educated among us – are looking for new opportunities that Web 3 happily provides.
This trend may have started with the “creator economy” as more independent-minded people sought their own opportunities and has bled into Web 3’s “ownership economy.”