How prosperous will Web3 be?

We created and destroyed $5 trillion in market value from 1992 to 2002. NASDAQ’s market cap then soared back to almost $20 trillion by 2021. One indicator says the future from here is still up, up, up.

What happened after the Internet Bubble busted

As a quick reminder, on October 9, 2002, when the market had finally hit rock bottom after the popping of the Internet stock bubble — stocks had lost $5 trillion in market capitalization since the peak on March 10, 2000. At its trough, the NASDAQ-100 had dropped to 1,114, down 78 percent from its peak of 5,048 two and a half years earlier.

Out of the 1,483 unique companies that made the AO 250 list from 2003 to 2015, 572 companies were successfully acquired, and 192 companies went public, representing a 52 percent exit rate to date.
YouTube CoFounder Chad Hurley is trying to answer our question on how he expected YouTube to make money at the AlwaysOn Summit at Stanford on July 26, 2006, just seven months after he and John Chen had founded the company. After pondering for a while, Chad eventually said he didn’t know and was quite satisfied with his answer.
When Google bought YouTube in 2006 for $1.7 billion after only a little more than a year in business, many thought it marked the top of the Web 2.0 bubble. Instead, it turned out to be just the beginning of the boom.

Tokenization of all tradable assets

As the growth of blockchain-based, Web3 dApps inevitably overwhelms and replaces the cloud-computing paradigm, multi-trillions of wealth creation is on the horizon. The new boom has basically already begun. Public blockchain-based currencies have reached over $2.6 trillion in market cap. Bitcoin alone has outperformed every other global asset class in the last decade, including real estate, gold, and the S&P 500. New generation companies Coinbase ($75 billion) and Robinhood ($25 billion) have been two of the fastest-growing companies in history. Even the initially reluctant VC herds will have plowed $15 billion into hundreds of blockchain startups by year-end, and that number is certain to fly higher.

Introducing the Cryptonite 250

With our AlwaysOn Top 250 editorial results and success as our testimonial, we would be idiots not to suit up and start creating the ‘Cryptonite 250’ and picking some combination of equity stakes in companies and altcoin bets that offer the greatest upside. There is nothing more valuable in the global Silicon Valley than being one of the first to know about a hot new private company on its way to creating billions in new wealth and thousands of new jobs.

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Anthony Perkins

Silicon Valley OG. Founder and Editor of Cryptonite. Previously Founder of Red Herring, AlwaysOn, Churchill Club, SVB Tech Group