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January 2022

The Web3 World

Canvas set out to create an explainer doc synthesizing learnings gathered from friends, classes, entrepreneurs, operators, and fellow investors. That 1-page explainer doc turned into a nearly 50-page slide deck which we're sharing today.

We have seen the need for better UI/UX in DeFi in the ecosystem at large as well as the need for better NFT and DAO tooling. Particularly compelling is the emerging opportunity in crypto B2B payments, and the picks and shovels of the next-gen “crypto stack”—from on-ramps to identity and compliance—as every app, institution and merchant begins to add crypto (Square Cash, Venmo and Paypal serve as early examples of bringing crypto in-app for consumer payments.)

This deck shares the Canvas perspective on why Web3 matters, how to place the major terms you hear about in the landscape, and provide insight into areas of opportunity from an institutional venture capital perspective—all in one easily digestible place.

The Web3 landscape changes very quickly, so while this is by no means a comprehensive map of the entire Web3 ecosystem, our hope is that it is a helpful resource for those looking to step a notch deeper into the rabbit hole.

A few notes: 

  • This deck focuses on the topmost layers of DeFi, NFT infrastructure, DAO infrastructure and guild education, as these are the most accessible starting points for institutional investors/non-crypto native folks who are learning about the systems underpinning Web3. There is also a lot of opportunity deeper in the DeFi stack across protocols, Layer2 and scaling infrastructure, new tokens and platforms and within the greater metaverse, gaming, and consumer landscape which aren;t covered in-depth here.
  • Most of the stats included are as of Q3 2021. As Q4 2021 data comes in, we will update.
  • This deck would not have been possible without the feedback and input from others. Special thanks to Anand Iyer & Kedric Van de Carr of DeFi Masterclass who have crafted a helpful chart framing the space, friends Arjun Soin, Michael Fischer, Will Nuelle and so many others who took the time to teach, read, and provide feedback. 

Happy reading! We welcome thoughts, feedback, and collaboration, which you can share with us via Twitter @CanvasVC. This is a living doc that will develop as the ecosystem evolves.


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