Kickstarter's bizarre "pivot to blockchain" spurred by secret $100 million Andreessen Horowitz investment

Web3: a technology so promising you can't even pay a company $100 million to use it.

Crowdfunding website Kickstarter surprised and dismayed many of its users in December 2021 when they announced they would be moving the product to the blockchain in December 2021 for... reasons. That blockchain would just so happen to be the relatively unknown Andreessen Horowitz-backed Celo blockchain. "How this will actually work, beyond Kickstarter being able to yell 'blockchain' like a spell to summon investors ... is unclear," wrote Tom McKay at Gizmodo.

He probably didn't realize how right he was, but now it's been revealed that KickStarter was able to land a $100 million investment from Andreessen Horowitz with handwavy proclamations about the blockchain that its own COO didn't seem to quite understand.

The company seems to have since given up on its blockchain ambitions — in no small part thanks to user revolt. It seems that $100 million windfall didn't include any terms actually requiring Kickstarter to follow through.