After Jack Dorsey Tweeted his fears and speculations about web 3, Elon Musk was among the first people to support his opinion. Musk is well-known for his pro-crypto attitude and has spoken about cryptocurrencies and decentralized finance on various public and social media platforms. He joined Dorsey in criticizing the increasing centralization of web 3 and called into question the future of Metaverse. Coming from a proclaimed web 3 and decentralization enthusiast, it is a cause of concern for all developers and programmers working with web 3 to make it an inclusive space for all.
Musk joined Dorsey in exposing the reality behind the projected image of web 3. According to him, the web 3 movement is nothing but a marketing buzzword that companies are using to leverage profits. While that should not be a bad thing in isolation, it goes against the very ethos of web 3 and decentralization movements. With the involvement of big tech in the space, it has the potential to turn out to be an advanced version of the web 2. He also raised questions about the future of the Metaverse, citing reasons for monopolies and exploitative tech companies.
While Elon Musk is openly suspicious about web 3, he did acknowledge that things might be different in the future. He referred to an old David Letterman video where the host makes fun of the early internet, highlighting the fact that things can indeed be very different in the future.
