Theoretically, now freed from centralized control, users can directly collaborate to build digital ecosystems, earn crypto tokens, and maybe even reap some of the rewards of building a successful online world.
There is a catch, though. Someone still needs to design the applications, write the code, and organize the community efforts. In other words, someone has to manage the project and sometimes pay salaries. Where is that money going to come from?
Who is building Web3?
Web3 applications can be built by any person or any organization. Some Web3 project volunteers even contribute time and effort without pay. However, money to fund large Web3 efforts is often raised through a public or private Initial Coin Offering (ICO) , which is a sale of project crypto tokens that can be worth a lot more in the future if the initiative is successful.
Venture capital (VC) firms have been eager to provide funding for Web3 projects. They are a natural fit as investors since many of them already understand how to evaluate and build software and how to identify successful project roadmaps.
Additionally, Gavin Wood established the Switzerland-based Web3 Foundation, which supports funding and education related to Web3 projects. So far, the foundation has funded grants for more than 300 projects in more than 50 countries.
