The newest buzzword in today’s tech world, Web3, vaguely refers to a utopian and decentralized version of the internet, anchored in the blockchain of digital recording technology that also runs cryptocurrencies like bitcoin and ether.<\/p>\n\n\n\n
Web3 recently joined the ranks of non-fungible tokens (NFTs) and Metaverse to become a tech buzzword that generated significant attention and funding this year.<\/p>\n\n\n\n
Billionaires and top tech CEOs Elon Musk and Jack Dorsey, however, rejected the so-called Web3, issuing scathing criticism of the involvement of venture capital firms like Andreessen Horowitz in the creation of the so-called next phase of the internet.<\/p>\n\n\n\n
“Has anyone seen web3? I can’t find it,” Tesla CEO Musk tweeted last Tuesday.<\/p>\n\n\n\n
That tweet generated a response from Dorsey, the former CEO of Twitter Inc, who responded, “It’s somewhere between a and z.”<\/p>\n\n\n\n
Venture capital firms like a16z, founded by Marc Andreessen and Ben Horowitz, have warmly welcomed blockchain, crypto, and Web3.<\/p>\n\n\n\n
According to its supporters, Web3 aims to give users stakes in platforms and applications, while Web2, the current iteration of the internet, is dominated by a very limited number of major technology giants such as Meta Platforms Inc and Alphabet’s Google.<\/p>\n\n\n\n
Dorsey warned the optimists of Web3 in a recent tweet, saying, “You don’t own “web3, The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”<\/p>\n\n\n\n
Dorsey’s tweet garnered thousands of likes and retweets, but many also voiced their disapproval.<\/p>\n\n\n