Due to his firm’s involvement in the Web3 domain, billionaire co-founder of crypto venture capital firm a16z Marc Andreessen may be departing the board of directors of Meta.
A close source told Business Insider on Friday that Andreessen leaving the board in the next few months “would not surprise me even remotely.”
Andreessen might step down as soon as the board’s next re-election in May.
Andreessen hasn’t said anything publicly about his future with the Meta board.
Meta has begun to construct or buy various Web3 projects connected to the Metaverse, nonfungible tokens (NFTs), social networking, banking, and entertainment.
It has raising the possibility of a16z’s crypto empire creating a conflict of interest.
Meta filed a patent application on March 18 for user identification software that is commonly used in hardware and e-wallets like MetaMask and Ledger.
Meanwhile, A16z is the most well-known bitcoin venture capital business.
It participated in a recent investment round in Yuga Labs, the inventor of the Bored Ape Yacht Club (BAYC), and on March 11 announced a $30 million fund to assist NFT creative initiatives.
Yuga Labs’ $450 million investment round is one of the largest NFT project seed investments in history.
Andreessen has been a member of the former Facebook board of directors since 2008, which is more than any other non-Meta team member.
Peter Thiel, an early Facebook investor, will leave the company in May for a variety of reasons.
Including his crypto investments in Block.one, the blockchain solutions company behind the EOS blockchain and the crypto trading platform BitPanda.