After breaking headlines for sudden resignation from the post of CEO, Jack Dorsey recently came into the news once again for his comments on web 3 and metaverse. He took to Twitter to express his disapproval of the present state of web 3 and the direction it is taking. According to him, the web 3 movement is nothing but a marketing buzzword for big tech companies to establish a monopoly over a section of services. Many people have supported Dorsey in his views, Elon Musk is the most notable of them. After the web 3 fiasco on Twitter, Jack Dorsey took it a step ahead with a streak of unfollowing people on Twitter. The notable people to be cut off from Dorsey’s followers’ list are Marc Andreessen, Brian Armstrong, and Tyler Winklevoss.
Dorsey called out the hypocrisy of venture capitalists working in web 3 and said that users do not have any control over the space. According to him, the present model of web 3 violates the fundamental principles of decentralization. It would be the same web 2 models with a different name and will have no true decentralized properties.
Dorsey is a long-time proponent of Bitcoin and does not believe in the existence of numerous tokens. Maximalists like Dorsey have been skeptical of web 3 and what it promises, primarily because of the immense hold that venture capitalists have on it. His recent series of Twitter activities suggest that he is serious about his disapproval of web 3 and it might have ramifications in the future.
