Popular billionaire CEO of Tesla, Elon Musk, has made some controversial statements about the new Web 3.0 technology. Web3 has been touted as the next phase of internet interaction that will enhance usability beyond previous standards. The popular opinion is that Web3 will change a lot of things and is projected to impact businesses positively.
But Musk does not seem to agree with the hype about Web3’s impact. He expressed his sentiments that Web3 technology might not have the same impact as some technology made in 2010. He said this in response to a tweet by Sam Altman, the former president of Y-Combinator; a startup accelerator.
Altman had taken to Twitter to express his belief that Web3 investors could gain revenue similar to the revenue gained by investors in 2010. But he also noted that the average ROI in the last decade could be lesser than that of its preceding decade. Several tweeps engaged the tweet, but it was Musk’s reply that drew attention the most.
Elon Musk is known for being vocal about his opinions when he wants to. He is also unafraid of holding unpopular opinions. Musk is known for taking on experts and analysts on Twitter in addition to being controversial.
Web 3.0 is the next phase of internet technology that will feature greater decentralization, open-source projects, and adequate compensation for creators. The technology has been praised as the much-needed upgrade that Web 2.0 needs to support the next phase of development. Musk’s criticism of the technology thus has some implications.
As a known supporter of crypto, Musk has been a big voice in the calls for governments to consider adopting cryptocurrencies. His company, Tesla, has set records of being the first vehicle manufacturing company to accept crypto payments. Web3 and crypto are now linked in the next phases of development that experts say will be synergistic.
His suggestions that Web2 might not achieve such a level of revolutionary impact as industry players are hyping might betray his stance about the technology.
Web3 to Power the Metaverse
As a technology on which decentralized projects can be built and launched, Web3 will be one of the anchors of the metaverse in the future. The metaverse will become the future of entertainment and gaming. Investors are taking advantage of the early opportunities to get ahead while positioning for massive profits.
The main appeal of Web3 to metaverse developers is the feature that makes it possible for creators to earn revenue even before the projects are completed and launched. Creators in different industries have had to put up with an “unfair” system of sharing revenue in the past but with Web3, that will be a problem of the past.
The excitement in crypto communities indicates the readiness with which the future will be received. And with celebrities across various industries partnering with crypto firms, one can only imagine what great things will be done next year. For now, not even Musk’s comments can dampen the expectations.