Web 3.0 will not suffer the pitfalls of web 2.0, according to most people. However, the threat always looms around us, and the probabilities of big tech monopolizing Web 3.0 cannot be overruled completely. Web 2.0 is a domain of big tech monopoly; everyone realizes and accepts this. Four companies have more than 90% of control over Web 2.0 – Apple. Google, Facebook (now Meta), and Microsoft. Once we add in other giants like Twitter, Reddit, and Amazon, the percentage of control becomes even more obscene. For all its claim of bringing the world together, Web 2.0 had to pay a huge price. Sebastian Borget, the co-founder of NFT marketplace Sandbox, wants to ensure that Web 3.0 does not commit the same mistakes.
According to Borget, the entry of big techs like Meta to the decentralized web 3.0 is not a positive development. The major reason behind this is the fact that big techs automatically hinder decentralization. Power will continue to be in the hands of few while the majority get no chance to play a key role in the development of technology.
Web 3.0 has a vision of decentralization that will run off-track by the presence of big techs. Even if big techs enter the space, they must be respectful of the vision of web 3.0. However, history shows that humans fall for greed again and again. If the same thing happens with web 3.0, it might never realize its initial vision.
