It was a difficult week for the crypto community as the best tokens went through huge sales, pushing some into space to double while leaving others to take stock of how the industry has come to this point and which widely accepted truths need to be reassessed while crypto the internet is maturing.
There weren’t many technology executives who repeatedly criticized the idea of what the crypto internet “web3” is, but Box CEO Aaron Levy is certainly more vocal than most. Earlier this week we had a chance to catch up with Levy in the crypto podcast on TechCrunch Chain reactionforcing him to get involved in some of the promises around web3 that he was most skeptical about.
You can listen to the full episode below:
“I think the philosophy behind much of web3 is compelling. “I think it would be very difficult to argue with the idea that more decentralized innovation would not be a good thing,” Levy told us. “I think the realization I’ve seen has a lot of challenges to get to that philosophy.”
Levy is not the CEO of a crypto startup and doesn’t seem to be researching the web3’s foothold for Box, but he tells us that he tweets about web3 as much as he does, because “by virtue of being a startup founder, you’re” somehow You have to find out where the world is going – and then you have to choose whether you believe the world is really going in the direction that other people are saying or not. ”
Some view the high-profile failures of highly centralized players in the decentralized world of the blockchain in recent weeks as evidence that more organizations need to be managed collectively. However, it seems that Levy does not expect DAO or collective ownership to replace the traditional structures of the startup world soon.
“We rely on the people of Cupertino to make decisions about the iPhone, and then we have to decide whether we want to buy it or not. This is the only decision we can make on the iPhone, we can’t vote for anything, and if we vote for something, it will drastically slow down the system and you just won’t be able to innovate very quickly, “Levy said. [DAOs] are super exciting, no doubt, but to replace the organizational structure of a fast-growing start-up or company – I just don’t think it will work. “
As crypto VC urges entrepreneurs to consider replacing traditional ad-based business models with tokens and NFT, which encourage consumers to own parts of the services they use, Levy wonders how widespread some of these mechanisms actually are.
We may overestimate consumer demand for “property” and the reason I can say this is because you get real trade-offs in products when you decide it’s going to be a product where you can own items for networking, but in fact, you don’t have much, “Levy said. “I happen to be optimistic about the power of advertising because it makes products cheaper and makes it easier for businesses to go and find consumers. There are some who take the other side – that’s absolutely great. I think the question is, what is the size of the market that is willing to accept this compromise, and is the size of the market large enough to speak of a revolution in the way the internet works?
You can hear more from Levie’s interview by listening to our latest episode. Subscribe to Chain Reaction Apple, Spotify or your alternative podcast platform of your choice to keep up with us every week.