It has been a rough week for the crypto community as top tokens have seen massive sell-offs, pushing some in the space to double down while driving others away like How the industry has come to this point and generally accepted facts need to be reevaluated as the crypto internet matures.
There haven’t been many tech executives who have consistently criticized the idea of what a “web3” crypto internet stands for, but Box CEO Aaron Levie has certainly been more vocal than most. Earlier this week, we got a chance to catch up with Levie on TechCrunch’s crypto podcast Chain reactionpush him to make some of the promises around web3 that he doubts the most.
You can listen to the entire episode below:
“I think the philosophy behind much of web3 is compelling. I think it would be difficult to argue with the idea that more decentralized innovation would not be a good thing,” Levie told us. “I think the implementation that I have seen presents a lot of challenges to really making that philosophy a reality.”
Levie is not the CEO of a crypto startup and he doesn’t seem to be exploring the web3 path for Box, but he told us he tweets about web3 as much as he does because “As a startup founder, you kind of have to understand where the world is going – and then you have to make a choice as to whether you believe the world is really going in the direction people are headed. other is saying or not. “
Some have looked at the famous failures of recent weeks by highly centralized players in the decentralized world of blockchain as proof that more institutions should be jointly run. Levie does not seem to predict DAOs or collective ownership will soon replace the traditional structures of the startup world.
“We rely on the people at Cupertino to make the decision to build an iPhone, and then we decide if we want to buy it or not. It’s our only decision we have to make on iPhone, we can’t vote on anything and if we vote on anything, it slows down the system considerably. and you won’t be able to innovate quickly.” Levi said. “For collective movements, [DAOs] is super exciting, no doubt but to replace the organizational structure of a fast-growing company or startup – I just don’t think it will work. ”
As crypto VCs push entrepreneurs to consider the idea of replacing traditional ad-based business models with tokens and NFTs to drive consumers to own portions of the services they use. used, Levie questioned the prevalence of some of those mechanisms.
“We may be overestimating consumer demand for ‘ownership’ and the reason why I might say that is because you get the real trade-off in products when you decide It’s going to be a product where you can own those items versus joining a network but not really owning much,” Levie notes. “I am really optimistic about the power of advertising because it makes products cheaper and it makes it easier for businesses to find consumers. There’s some other side – that’s totally awesome. I think the question is, is the size of the market willing to trade off and is the size of the market large enough to warrant talking about a revolution in the way the internet works? ”
You can hear more about Levie’s interview by listening to our latest episode. Subscribe to Chain Reaction on Apple, Spotify or alternative podcast platform of your choice to keep us updated on a weekly basis.