Web3 has an attitude problem
Web3's biggest proponents might be its biggest problem.
Illustration: Nadia Méndez/ WIRED Middle East
Editor’s note: This is the first story of our series The Future of the Internet.
The past year has seen an uptick in the number of events with “Web3” in their title. At every single one that I attended in 2023, the phrase “Web2 people” was uttered with some disdain and more than a hint of condescension. On one side, you have the proudly self-proclaimed “Web3 people” who believe that Web3 will change the world, drawing a parallel between themselves and the pioneers at Silicon Valley.
On the other side, the skeptical “Web2 people” call their Web3 counterparts scammers who are marketing an overrated technology. Yet the most vocal members of both sides function in the same way – agreeing to disagree is not an option. Another complication, some Web3 influencers are turning the space into an exclusive club, with highly technical jargon that could put off any curious minds.
One influencer with 72,500 followers on X (formerly Twitter) mocked the comedian and podcaster Joe Rogan fiercely when he asked the question that millions of “Web2 people” are asking: why would anybody want to buy an NFT? “I can take a screenshot, and I have it,” says the comedian. “Do I own your car if I take a picture of it, Joe?” The endless thread of scornful comments under the tweet offers a peek into the current Web3 space —many thought leaders in this space look down on innocent questions, like the one Rogan asked, rather than educating and informing.
But Web3, its components, and everything it aims to achieve are not straightforward topics. I have asked the simple question— “What is Web3?” —to prominent thought leaders in the space, and no two answers have been the same. From abstract responses like “it’s the next generation of the internet” to the somewhat intimidating “the only way to be truly free and have no limits,” Web3 appears to be an amorphous, somewhat inscrutable place.
The true believers of Web3 at the center of this rather dystopian term want to decentralize everything digital. And that’s what Web3 is about.
Our digital lives in 2023, no matter which stand you take, are controlled by a few big companies: Microsoft, Meta, Google, Amazon… to name a few. But in the Web3 era, none of the big tech companies would get to lay their hands on users’ data, be it chat histories, transactions, portfolios, or locations. All information would be encrypted through blockchain. All digital assets, from your posts and photos to the videos you make, or articles you write online would only belong to you unless you transfer that ownership to someone else.
While the idea is appealing, Web3 is often associated with an almost anarchist state because it aims to remove centralized governance of the internet. But it’s unfair to say that all Web3 natives are uninterested in regulations. The discussion on establishing regulations has started since Web3’s inception. In the meantime, a widespread opinion within the Web3 community exclaims, “let’s actually build something before talking about regulating it.”
Meanwhile, despite getting on the cryptocurrency bandwagon, some of the most famous tech elites are nonchalant about the idea of Web3. Elon Musk called it “a marketing buzzword” in a tweet. Jack Dorsey, the Twitter co-founder and Bitcoin advocate, has openly stated that he is not a fan of Web3. “I have nothing to do with Web3,” he tweets. “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…” Many people on X guessed he was talking about venture capital firm Andreessen Horowitz (also known as A16z), which has been heavily pushing Web3. Perhaps it’s unsurprising that the tech giants profiting off of Web2 are not so keen on a decentralized internet.
Web3 might still be a mirage, but the underlying technology, blockchain, is solid. Cryptocurrency and NFTs have also found their real-world use cases. It’s just not clear if all of these components will come together to create a utopic internet.
Read this article in Arabic.
