The crowdfunding site's extremely unpopular attempt to get in on 'web3' was secretly funded by $100 million from Andreessen Horowitz.
Several years back, Kickstarter tried to revive its ailing brand by pivoting to the blockchain. At the time, “web3" was still a relatively new and exciting concept, and company leaders seemed to hope that a new direction might rejuvenate its business. In December of 2021, the company announced that it would be migrating its entire platform onto a blockchain protocol and pursuing new ways to make web3 a core part of its operations. This idea was, for lack of a better term, a disaster.
The idea to swap the money for a web3 orientation was pitched by Chen and other Kickstarter board members to Dixon in the summer of 2021, Fortune reports. The financial infusion from a16z was actually a “tender offer,” whereby a16z would essentially buy up shares in Kickstarter from staff in exchange for a generous stock buyout.
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