- Elon Musk dismissed Web 3.0 after Sam Altman said it could perform well over the next decade.
- The responses from crypto enthusiasts in the same thread were predictably critical.
- Revenues from Web 3.0 have increased in recent months as adoption has increased.
Elon Musk criticized Web 3.0 on Twitter in response to a thread from OpenAI CEO Sam Altman. Musk called the space “BS.”
Elon Musk has stirred the pot once again, saying that “Web 3.0 sounds like bs” on Twitter on December 2nd. Musk was responding to a thread from OpenAI CEO and former Y Combinator president Sam Altman, who was talking about venture capital investing.
Altman was making a prediction on the returns on venture capital investments, predicting that the next decade will see far worse performance than the 2010s, which have been very lucrative .
Also, let me just simp for a second and suggest that web3 might still have 2010s-like returns.
(But most VCs will miss it.)
— Sam Altman (@sama) December 1, 2021
But he ends his thread by saying that Web 3.0 could still be a field that gets the same kind of returns that was common in the last decade. Musk obviously doesn’t think so, although he is somewhat accepting of the crypto market as a whole, given the statements above.
Musk’s comments are sure to irritate the crypto community, some of which have already dismissed him as just another inflammatory comment on Twitter. The crypto community is in favor of the decentralization of the internet, which is what Web 3.0 is trying to facilitate.
This is not the first time that Musk has made a controversial comment about something related to cryptocurrencies . At least compared to your Dogecoin comments in the past, this is a somewhat mild statement. However, it is difficult to label Musk’s position as something that is not unique; He even said that the United States government should not regulate the cryptocurrency industry.
Web 3.0 is considered critical by many
Web 3.0 is touted as one of the most promising ideas to emerge from the crypto space. There are several viable solutions on the market, such as decentralized domain name services such as “Unstoppable Domains ”.
This avoids censorship of websites and, generally speaking, prevention of censorship is at the heart of the spirit of Web3. Increasing privacy, security, and identity control is also an important part of the overall Web 3.0 agenda . Many projects are working on these types of solutions and have made progress.
The Web 3.0 field has also moved on with adoption . Revenue from the Web3 protocol in recent months has been on the rise, as noted by Web3Index. It is still very early in the development of the overall architecture of Web 3.0, but recent technological developments have helped drive performance and usability.