This is Why Elon Musk is Talking About Web3

The word “Web3” or Web 3.0, is gaining more popularity as big names like Elon Musk and Jack Dorsey talk about it.

But what is this concept that is still very fresh to the scene? Web3 is being hailed by its proponents as a decentralized version of the internet which is based on blockchain.

Musk has referred to Web3 as a “marketing buzzword” while Jack Dorsey has said it will ultimately end up being owned by venture capitalists.

Many entrepreneurs around the world are trying to design and build the technologies and protocols that would support Web3.

Those in support of Web 3.0 believe that current online platforms are too centralized and controlled by a handful of large internet companies, like Amazon and Apple.

It was this past weekend that Musk tweeted a TikTok of an interview about the internet between Bill Gates and David Letterman in 1995, asking: “Given the almost unimaginable nature of the present, what will the future be?”

Musk added, “I’m not suggesting web3 is real — seems more like a marketing buzzword than reality right now — just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!”

The next day Musk asked on Twitter: “Has anyone seen web3? I can’t find it.”

Twitter founder Dorsey has indicated that Web 3.0 is already under the control of venture capital firm Andreessen Horowitz, an early Facebook backer and a Web3 advocate.

“It’s somewhere between a and z,” said Dorsey, the current CEO of Block, formerly Square.

Dorsey believes that VCs and their limited partners will be the ones who ultimately end up owning Web3. “It will never escape their incentives,” he tweeted. Adding that, “It’s ultimately a centralized entity with a different label.”

His tweet received over 26,500 likes and 5,900 retweets in just hours with many saying he was wrong.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.