Image: ElonMusk/Twitter

Elon Musk thinks Web3 is a ‘marketing buzzword’ rather than reality, Jack Dorsey replies

Image: ElonMusk/Twitter

Elon Musk questioned, “Given the almost unimaginable nature of the present, what will the future be?” in a TikTok of a 1995 discussion between Bill Gates and David Letterman on Sunday.

Gates introduces the internet to Letterman in the video, which was new and odd to most people at the time. After watching the clip, the TikTok user who submitted the interview connects Gates’ and Letterman’s conversation to  “what’s happening now with Web3.”

Web3 is a decentralised version of the internet based on blockchain technology, which is used to power nonfungible tokens (NFTs) and cryptocurrencies such as bitcoin. Supporters of Web3 believe that today’s internet is dominated by a few giant corporations, such as Amazon, Apple, Alphabet, and Facebook (now Meta). Instead, Web3 allows consumers to govern their own data.

Web3, on the other hand, “seems more marketing buzzword than reality right now,” according to Musk.

Because Web3 is still in its early stages, many people agree with Musk that it is little more than a buzzword. Some believe it isn’t yet sufficiently filled out enough to be regarded fully real.

Supporters, on the other hand, have a different perspective. Decentralized financial, or DeFi, applications, decentralised autonomous organisations, or DAOs, and the NFT space all show signs of Web3. Despite customer reaction, companies like Kickstarter and Discord have attempted to start building in Web3.

The concept of a totally decentralised, seamless version of the internet, on the other hand, is still a long way off, with many unknowns to sift through.

It goes on…

The world’s richest person took to Twitter to write: “Has anyone seen web3? I can’t find it.”

Former Twitter CEO Jack Dorsey responded to Musk’s tweet by saying, “It’s somewhere between a and z,” a dig at Marc Andreessen and Ben Horowitz’s venture capital firm A16z.

Earlier in the day, Dorsey used the social media platform he cofounded to express his discontent with Web3 technology and venture capital firms like Andreesen Horowitz, whom he accused of attempting to “own” Web3.

“You don’t own ‘web3’,” Dorsey tweeted. “The VCs and their LPs do. It will never escape their incentives,” he wrote.