Startups have long offered stock options to their employees because, as part owners of the company, the employees have an extra incentive for it to succeed. In the emerging era of Web 3—a term that describes a decentralized internet economy built around cryptocurrencies—it’s become possible to create those same ownership incentives in many more situations.
That’s the thesis of Jesse Waldman and Li Jin, two veterans of the crypto-focused venture capital firm Andreessen Horowitz, who are announcing a new $110 million fund dedicated to investing in what they call the „ownership economy.” The fund, called Variant Fund II, is looking to back teams that use token distribution as a way to incentivize creative projects from gaming to music to art.
The token model is hardly new, of course. The most famous Web 3 project of them all—Ethereum—used tokens to encourage developers to build out its software network.
The difference today is that blockchain infrastructure has evolved to the poin
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