Web3

{{Update|date=May 2025}}

{{Short description|Concept of a World Wide Web based on public blockchains}}

{{About|the concept of a World Wide Web based on public blockchains|the concept based around machine-readability also called Web 3.0|Semantic Web}}

{{Not to be confused|Web3D}}

{{Use American English|date=February 2022}}

{{Use mdy dates|date=January 2022}}

Web3 (also known as Web 3.0){{Cite web |last=Alford |first=Harry |date=September 16, 2021 |title=Crypto's networked collaboration will drive Web 3.0 |url=https://techcrunch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/ |url-status=live |archive-url=https://web.archive.org/web/20211110034411/https://social.techcrunch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/ |archive-date=November 10, 2021 |access-date=November 9, 2021 |website=TechCrunch |language=en-US}}{{Cite web |last=Khoshafian |first=Setrag |date=March 12, 2021 |title=Can the Real Web 3.0 Please Stand Up? |url=https://www.rtinsights.com/can-the-real-web-3-0-please-stand-up/ |url-status=live |archive-url=https://web.archive.org/web/20210312133316/https://www.rtinsights.com/can-the-real-web-3-0-please-stand-up/ |archive-date=March 12, 2021 |access-date=November 9, 2021 |website=RTInsights |language=en-US}} is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.{{Cite journal |last1=Fenwick |first1=Mark |last2=Jurcys |first2=Paulius |date=2022 |title=The Contested Meaning of Web3 and Why it Matters for (IP) Lawyers |journal=SSRN Electronic Journal |doi=10.2139/ssrn.4017790 |issn=1556-5068 |ssrn=4017790}} This is distinct from Tim Berners-Lee's concept of the Semantic Web. Some technologists and journalists have contrasted it with Web 2.0, in which they say user-generated content is controlled by a small group of companies referred to as Big Tech.{{Cite web |last=Mak |first=Aaron |date=November 9, 2021 |title=What Is Web3 and Why Are All the Crypto People Suddenly Talking About It? |url=https://slate.com/technology/2021/11/web3-explained-crypto-nfts-bored-apes.html |url-status=live |archive-url=https://web.archive.org/web/20211109110921/https://slate.com/technology/2021/11/web3-explained-crypto-nfts-bored-apes.html |archive-date=November 9, 2021 |access-date=November 9, 2021 |website=Slate |language=en}} The term "web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. The concepts of web3 were first represented in 2013.{{Cite web |last=Bodrenko |first=Andrei I. |date=December 6, 2013 |title=METHOD OF ORGANIZING E-MAIL |url=https://patents.google.com/patent/RU2013154454A/en |url-status=live |archive-url=https://web.archive.org/web/20230610154913/https://patents.google.com/patent/RU2013154454A/en |archive-date=June 10, 2023 |access-date=2023-06-10 |language=en}}{{Cite web |last=Bodrenko |first=Andrei I. |date=October 24, 2013 |title=Video Calling System and Browser for I2P network |url=https://2013.secrus.org/submitted-presentations/video-calling-system-and-browser-for-i2p-network |url-status=live |archive-url=https://web.archive.org/web/20230610154916/https://2013.secrus.org/submitted-presentations/video-calling-system-and-browser-for-i2p-network |archive-date=June 10, 2023 |access-date=2023-06-10 |language=en}}

Critics have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Billionaires like Elon Musk and Jack Dorsey have argued that web3 only serves as a buzzword or marketing term.{{Cite news |date=2021-12-21 |title=Jack Dorsey Stirs Uproar by Dismissing Web3 as a Venture Capitalists' Plaything |url=https://www.bloomberg.com/news/articles/2021-12-21/jack-dorsey-stirs-uproar-by-dismissing-web3-as-a-vc-plaything |access-date=2022-07-05 |work=Bloomberg.com |language=en}}{{Cite web |last=Macaulay |first=Thomas |date=2021-12-21 |title=Elon Musk and Jack Dorsey are right to raise concerns about Web3 |url=https://thenextweb.com/news/why-elon-musk-and-jack-dorsey-criticize-web3 |url-status=live |archive-url=https://web.archive.org/web/20220418132436/https://thenextweb.com/news/why-elon-musk-and-jack-dorsey-criticize-web3 |archive-date=April 18, 2022 |access-date=2022-04-18 |website=TNW {{!}} Hardfork |language=en}}

Background

{{Main|History of the World Wide Web|Web 2.0}}

Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers, not producers of content.{{Cite journal |last1=Cormode |first1=Graham |last2=Krishnamurthy |first2=Balachander |date=June 2, 2008 |title=Key differences between Web 1.0 and Web 2.0 |url=https://firstmonday.org/ojs/index.php/fm/article/view/2125/1972 |url-status=live |journal=First Monday |volume=13 |issue=6 |archive-url=https://web.archive.org/web/20121025113431/http://firstmonday.org/htbin/cgiwrap/bin/ojs/index.php/fm/article/view/2125/1972 |archive-date=October 25, 2012 |access-date=November 9, 2021}}{{Cite web |last=Carter |first=Jamie |date=April 18, 2015 |title=Back to basics: is Web 1.0 making a comeback? |url=https://www.techradar.com/news/internet/web/is-web-1-0-making-a-big-comeback-1291121 |url-status=live |archive-url=https://web.archive.org/web/20211212185137/https://www.techradar.com/news/internet/web/is-web-1-0-making-a-big-comeback-1291121 |archive-date=December 12, 2021 |access-date=December 12, 2021 |website=TechRadar |language=en}} Web 2.0 is based around the idea of "the web as platform"{{Cite encyclopedia |title=Web 2.0 |encyclopedia=Encyclopedia Britannica |url=https://www.britannica.com/topic/Web-20 |access-date=November 9, 2021 |last=Hosch |first=William L. |date=September 7, 2017 |url-status=live |archive-url=https://web.archive.org/web/20220120110407/https://www.britannica.com/topic/Web-20 |archive-date=January 20, 2022}} and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services.{{Cite web |last=Hosch |first=William L. |date=September 7, 2017 |title=Web 2.0 |url=https://www.britannica.com/topic/Web-20 |url-status=live |archive-url=https://web.archive.org/web/20220120110407/https://www.britannica.com/topic/Web-20 |archive-date=January 20, 2022 |access-date=December 12, 2021 |website=Encyclopedia Britannica |language=en}} Web 2.0 is generally considered to have begun around 2004 and continues to the current day.{{Cite web |last=O'Reilly |first=Tim |author-link=Tim O'Reilly |date=November 30, 2005 |title=What Is Web 2.0 |url=http://www.oreillynet.com/pub/a/oreilly/tim/news/2005/09/30/what-is-web-20.html |url-status=live |archive-url=https://web.archive.org/web/20130424204457/http://oreilly.com/web2/archive/what-is-web-20.html |archive-date=April 24, 2013 |access-date=November 9, 2021 |website=O'Reilly}}

Terminology

Web3 is distinct from Tim Berners-Lee's 1999 concept of a Semantic Web, which was also sometimes referred to as Web 3.0.{{Cite web |last=Shannon |first=Victoria |date=2006-05-23 |title=A 'more revolutionary' Web |url=http://www.nytimes.com/2006/05/23/technology/23iht-web.html |url-status=dead |archive-url=https://web.archive.org/web/20111126061920/http://www.nytimes.com/2006/05/23/technology/23iht-web.html |archive-date=2011-11-26 |website=The New York Times}} While the Semantic Web envisioned a web of linked data, web3 in the blockchain context refers to a decentralized internet built upon distributed ledger technologies. Some writers referring to the decentralized concept usually known as "web3" have used the term "Web 3.0", leading to some confusion between the two concepts.{{Cite web |last=Alford |first=Harry |date=September 16, 2021 |title=Crypto's networked collaboration will drive Web 3.0 |url=https://social.techcrunch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/ |access-date=November 9, 2021 |website=TechCrunch |language=en-US}}{{Cite web |last=Khoshafian |first=Setrag |date=March 12, 2021 |title=Can the Real Web 3.0 Please Stand Up? |url=https://www.rtinsights.com/can-the-real-web-3-0-please-stand-up/ |access-date=November 9, 2021 |website=RTInsights |language=en-US}} Furthermore, some visions of web3 also incorporate ideas relating to the semantic web.{{Cite web |last1=Harbinja |first1=Edina |last2=Karagiannopoulos |first2=Vasileios |date=March 11, 2019 |title=Web 3.0: the decentralised web promises to make the internet free again |url=http://theconversation.com/web-3-0-the-decentralised-web-promises-to-make-the-internet-free-again-113139 |access-date=November 9, 2021 |website=The Conversation |language=en}}{{Cite journal |last1=Zarrin |first1=Javad |last2=Wen Phang |first2=Hao |last3=Babu Saheer |first3=Lakshmi |last4=Zarrin |first4=Bahram |date=May 15, 2021 |title=Blockchain for decentralization of internet: prospects, trends, and challenges |url=https://doi.org/10.1007/s10586-021-03301-8 |journal=Cluster Computing |language=en |volume=24 |issue=4 |pages=2841–2866 |doi=10.1007/s10586-021-03301-8 |issn=1573-7543 |pmc=8122205 |pmid=34025209}}

The term "web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain."{{Cite magazine |last=Edelman |first=Gilad |title=What Is Web3, Anyway? |url=https://www.wired.com/story/web3-gavin-wood-interview/ |url-status=live |archive-url=https://web.archive.org/web/20220210233332/https://www.wired.com/story/web3-gavin-wood-interview/ |archive-date=February 10, 2022 |access-date=December 3, 2021 |magazine=Wired |language=en-US |issn=1059-1028}} In 2021, the idea of web3 gained popularity.{{Cite web |last=Nield |first=David |date=December 14, 2021 |title=What Is Web3 and Why Should You Care? |url=https://gizmodo.com/what-is-web-3-and-why-should-you-care-1848204799 |url-status=live |archive-url=https://web.archive.org/web/20220209174815/https://gizmodo.com/what-is-web-3-and-why-should-you-care-1848204799 |archive-date=February 9, 2022 |access-date=December 19, 2021 |website=Gizmodo |language=en-us}} Particular interest spiked toward the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.{{Cite web |last=Read |first=Max |date=October 24, 2021 |title=Why Your Group Chat Could Be Worth Millions |url=https://nymag.com/intelligencer/2021/10/whats-a-dao-why-your-group-chat-could-be-worth-millions.html |url-status=live |archive-url=https://web.archive.org/web/20211024132258/https://nymag.com/intelligencer/2021/10/whats-a-dao-why-your-group-chat-could-be-worth-millions.html |archive-date=October 24, 2021 |access-date=November 9, 2021 |website=Intelligencer |language=en-us}} Executives from venture capital firm Andreessen Horowitz traveled to Washington, DC, in October 2021 to lobby for the idea as a potential solution to questions about regulation of the web, with which policymakers have been grappling.{{Cite web |last=Feiner |first=Lauren |date=October 13, 2021 |title=Prominent Silicon Valley VC firm Andreessen Horowitz embarks on major crypto policy push in Washington |url=https://www.cnbc.com/2021/10/13/vc-firm-andreessen-horowitz-to-make-crypto-policy-push-in-washington.html |url-status=live |archive-url=https://web.archive.org/web/20211013101315/https://www.cnbc.com/2021/10/13/vc-firm-andreessen-horowitz-to-make-crypto-policy-push-in-washington.html |archive-date=October 13, 2021 |access-date=November 9, 2021 |website=CNBC |language=en}}

Concept

Specific visions for web3 differ, and the term has been described by Olga Kharif as "hazy", but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs). Kharif has described web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online".{{Cite web |last=Kharif |first=Olga |date=December 10, 2021 |title=What You Need to Know About Web3, Crypto's Attempt to Reinvent the Internet |url=https://www.bloomberg.com/news/articles/2021-12-10/web3-is-crypto-s-attempt-to-reinvent-the-internet-here-s-what-you-should-know |url-status=live |archive-url=https://web.archive.org/web/20220208152235/https://www.bloomberg.com/news/articles/2021-12-10/web3-is-crypto-s-attempt-to-reinvent-the-internet-here-s-what-you-should-know |archive-date=February 8, 2022 |access-date=December 12, 2021 |website=Bloomberg}} A policy brief published by the Bennett Institute for Public Policy at the University of Cambridge defined web3 as "the putative next generation of the web's technical, legal, and payments infrastructure—including blockchain, smart contracts and cryptocurrencies."{{Cite web |title=Crypto, Web3 and the Metaverse |url=https://www.bennettinstitute.cam.ac.uk/wp-content/uploads/2022/03/Policy-brief-Crypto-web3-and-the-metaverse.pdf |url-status=live |archive-url=https://web.archive.org/web/20220815091026/http://www.bennettinstitute.cam.ac.uk/wp-content/uploads/2022/03/Policy-brief-Crypto-web3-and-the-metaverse.pdf |archive-date=August 15, 2022 |access-date=2022-06-26 |website=Bennett Institute for Public Policy |language=en-GB}}

Some visions are based around the concept of decentralized autonomous organizations (DAOs).{{Cite news |last=Roose |first=Kevin |date=November 5, 2021 |title=Crypto Is Cool. Now Get on the Yacht. |url=https://www.nytimes.com/2021/11/05/technology/nft-nyc-metaverse.html |url-access=limited |archive-url=https://web.archive.org/web/20211105142033/https://www.nytimes.com/2021/11/05/technology/nft-nyc-metaverse.html |archive-date=November 5, 2021 |access-date=November 9, 2021 |work=The New York Times |language=en-US |issn=0362-4331}} Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement. Self-sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity.{{Cite web |last1=Meunier |first1=Thibault |last2=Jo |first2=In-Young |date=October 1, 2021 |title=Web3 — A vision for a decentralized web |url=https://blog.cloudflare.com/what-is-web3/ |url-status=live |archive-url=https://web.archive.org/web/20211001132401/https://blog.cloudflare.com/what-is-web3/ |archive-date=October 1, 2021 |access-date=November 9, 2021 |website=The Cloudflare Blog |publisher=Cloudflare |language=en}}

Reception

Academic researchers, such as Tomer J. Chaffer and Justin Goldston in 2022, have described web3 as a possible solution to concerns about the over-centralization of the web in a few "Big Tech" companies.{{Cite web |last1=Chaffer |first1=Tomer Jordi |last2=Goldston |first2=Justin |date=November 2022 |title=On the Existential Basis of Self-Sovereign Identity and Soulbound Tokens: An Examination of the "Self" in the Age of Web3 |url=https://www.researchgate.net/publication/366165823 |access-date=July 19, 2023 |website=Journal of Strategic Innovation and Sustainability }} Some have expressed the notion that web3 could improve data security, scalability, and privacy beyond what is currently possible with Web 2.0 platforms.{{Cite journal |last1=Zarrin |first1=Javad |last2=Wen Phang |first2=Hao |last3=Babu Saheer |first3=Lakshmi |last4=Zarrin |first4=Bahram |date=May 15, 2021 |title=Blockchain for decentralization of internet: prospects, trends, and challenges |url=https://doi.org/10.1007/s10586-021-03301-8 |url-status=live |journal=Cluster Computing |language=en |volume=24 |issue=4 |pages=2841–2866 |doi=10.1007/s10586-021-03301-8 |issn=1573-7543 |pmc=8122205 |pmid=34025209 |archive-url=https://web.archive.org/web/20220924191349/https://link.springer.com/article/10.1007/s10586-021-03301-8 |archive-date=September 24, 2022 |access-date=November 10, 2021}} Bloomberg states that skeptics say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto traders". The New York Times reported that several investors are betting $27{{Nbsp}}billion that web3 "is the future of the internet".{{Cite web |date=December 5, 2021 |title=Welcome to 'Web3.' What's That? |url=https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html |url-access=limited |archive-url=https://ghostarchive.org/archive/20211228/https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html |archive-date=December 28, 2021 |access-date=December 16, 2021 |website=The New York Times}}{{cbignore}}{{Cite web |last=Goodkind |first=Nicole |date=December 6, 2021 |title=What is Web3? |url=https://fortune.com/2021/12/06/what-is-web3-investment/ |url-status=live |archive-url=https://web.archive.org/web/20211216204548/https://fortune.com/2021/12/06/what-is-web3-investment/ |archive-date=December 16, 2021 |access-date=December 16, 2021 |website=Fortune}}

Some Web 2.0 companies, including Reddit and Discord, have explored incorporating web3 technologies into their platforms.{{Cite web |last=Hatmaker |first=Taylor |date=November 9, 2021 |title=NFTs and crypto wallets could be in Discord's future |url=https://techcrunch.com/2021/11/09/discord-nfts-metamask-crypto/ |url-status=live |archive-url=https://web.archive.org/web/20211110021057/https://social.techcrunch.com/2021/11/09/discord-nfts-metamask-crypto/ |archive-date=November 10, 2021 |access-date=November 9, 2021 |website=TechCrunch |language=en-US}} On November 8, 2021, CEO Jason Citron tweeted a screenshot suggesting Discord might be exploring integrating cryptocurrency wallets into their platform. Two days later, and after heavy user backlash,{{Cite web |last=Hatmaker |first=Taylor |date=November 10, 2021 |title=Discord pushes pause on exploring crypto and NFTs amidst user backlash |url=https://techcrunch.com/2021/11/10/discord-nfts-crypto-jason-citron/ |url-status=live |archive-url=https://web.archive.org/web/20211111211424/https://social.techcrunch.com/2021/11/10/discord-nfts-crypto-jason-citron/ |archive-date=November 11, 2021 |access-date=November 12, 2021 |website=TechCrunch |language=en-US}} Discord announced they had no plans to integrate such technologies and that it was an internal-only concept that had been developed in a company-wide hackathon.

Some legal scholars quoted by The Conversation have expressed concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate speech, and the dissemination of child pornography.{{Cite web |last1=Harbinja |first1=Edina |last2=Karagiannopoulos |first2=Vasileios |date=March 11, 2019 |title=Web 3.0: the decentralised web promises to make the internet free again |url=http://theconversation.com/web-3-0-the-decentralised-web-promises-to-make-the-internet-free-again-113139 |url-status=live |archive-url=https://web.archive.org/web/20190314032739/http://theconversation.com/web-3-0-the-decentralised-web-promises-to-make-the-internet-free-again-113139 |archive-date=March 14, 2019 |access-date=November 9, 2021 |website=The Conversation |language=en}} But, the news website also states that, "[decentralized web] represents the cyber-libertarian views and hopes of the past that the internet can empower ordinary people by breaking down existing power structures". Some other critics of web3 see the concept as a part of a cryptocurrency bubble, or as an extension of blockchain-based trends that they see as overhyped or harmful, particularly NFTs. Some critics have raised concerns about the environmental impact of cryptocurrencies and NFTs. Cryptocurrencies vary in efficiency, with proof of stake having been designed to be less energy intensive than the more widely used proof of work, although there is disagreement about how secure and decentralized this is in practice.{{Cite web |date=June 2021 |title=Cryptocurrency goes green: Could 'proof of stake' offer a solution to energy concerns? |url=https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030 |url-status=live |archive-url=https://web.archive.org/web/20210926100546/https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030 |archive-date=September 26, 2021 |access-date=2022-01-29 |website=NBC News |language=en}}{{Cite news |last=London |first=Eva Szalay in |date=2022-01-19 |title=EU should ban energy-intensive mode of crypto mining, regulator says |url=https://financialpost.com/fp-finance/cryptocurrency/eu-should-ban-energy-intensive-mode-of-crypto-mining-regulator-says |url-status=live |archive-url=https://web.archive.org/web/20220129033915/https://financialpost.com/fp-finance/cryptocurrency/eu-should-ban-energy-intensive-mode-of-crypto-mining-regulator-says |archive-date=January 29, 2022 |access-date=2022-01-29 |work=Financial Post |language=en}}{{Cite web |last=Lin |first=Connie |date=2022-01-21 |title=How to clean up crypto mining—and what's at stake if we don't |url=https://www.fastcompany.com/90715099/bitcoin-crypto-mining-proof-of-work-explained |url-status=live |archive-url=https://web.archive.org/web/20220126124413/https://www.fastcompany.com/90715099/bitcoin-crypto-mining-proof-of-work-explained |archive-date=January 26, 2022 |access-date=2022-01-29 |website=Fast Company |language=en-US |quote=Contrary to the spirit of DeFi, [proof-of-stake] tends toward centralization in that, theoretically, one entity—or person—flush with cryptocurrency, could single-handedly shape the blockchain.}}{{Cite web |last1=Kharif |first1=Olga |last2=Mathis |first2=Will |last3=Saul |first3=Josh |date=November 8, 2021 |title=Crypto's Energy Guzzling Sparks an Alternative That Merely Sips |url=https://www.bloomberg.com/news/articles/2021-11-17/crypto-s-power-consumption-sparks-an-energy-efficient-alternative |url-status=live |archive-url=https://web.archive.org/web/20220129043239/https://www.bloomberg.com/news/articles/2021-11-17/crypto-s-power-consumption-sparks-an-energy-efficient-alternative |archive-date=January 29, 2022 |access-date=January 29, 2022 |website=www.bloomberg.com |quote=Critics say these alternatives may be less secure than proof of work.}} Others have expressed beliefs that web3 and the associated technologies are a pyramid scheme.

Jack Dorsey, co-founder and former CEO of Twitter, dismissed web3 as a "venture capitalists' plaything".{{Cite web |last=Vlad Savov |date=December 21, 2021 |title=Jack Dorsey Stirs Uproar by Dismissing Web3 as a Venture Capitalists' Plaything |url=https://www.bloomberg.com/news/articles/2021-12-21/jack-dorsey-stirs-uproar-by-dismissing-web3-as-a-vc-plaything |access-date=December 21, 2021 |website=Bloomberg}} Dorsey opined that web3 will not democratize the internet, but it will shift power from players like Facebook to venture capital funds like Andreessen Horowitz.{{Cite web |last=Kastrenakes |first=Jacob |date=December 21, 2021 |title=Jack Dorsey says VCs really own Web3 (and Web3 boosters are pretty mad about it) |url=https://www.theverge.com/2021/12/21/22848162/jack-dorsey-web3-criticism-a16z-ownership-venture-capital-twitter |url-status=live |archive-url=https://web.archive.org/web/20211224164513/https://www.theverge.com/2021/12/21/22848162/jack-dorsey-web3-criticism-a16z-ownership-venture-capital-twitter |archive-date=December 24, 2021 |access-date=December 22, 2021 |website=The Verge}}

=Buzzword=

Liam Proven, writing for The Register, concludes that web3 is "a myth, a fairy story. It's what parents tell their kids about at night if they want them to grow up to become economists".{{Cite web |last=Proven |first=Liam |date=December 15, 2021 |title=Web3: The next generation of the web is here… apparently |url=https://www.theregister.com/2021/12/15/web3_apparently_the_next_generation/ |url-status=live |archive-url=https://web.archive.org/web/20211215181723/https://www.theregister.com/2021/12/15/web3_apparently_the_next_generation/ |archive-date=December 15, 2021 |access-date=December 16, 2021 |website=The Register}}

In 2021, SpaceX and Tesla CEO Elon Musk expressed skepticism about web3 in a tweet, saying that web3 "seems more marketing buzzword than reality right now."{{Cite web |last=Locke |first=Taylor |date=December 20, 2021 |title=To Elon Musk, Web3 seems more like a 'marketing buzzword' than a reality |url=https://www.cnbc.com/2021/12/20/elon-musk-web3-seems-more-marketing-buzzword-than-reality-right-now.html |url-status=live |archive-url=https://web.archive.org/web/20211224190646/https://www.cnbc.com/2021/12/20/elon-musk-web3-seems-more-marketing-buzzword-than-reality-right-now.html |archive-date=December 24, 2021 |access-date=December 24, 2021 |website=CNBC |language=en}}

In November 2021, James Grimmelmann of Cornell University referred to web3 as vaporware, calling it "a promised future internet that fixes all the things people don't like about the current internet, even when it's contradictory." Grimmelmann also argued that moving the internet toward a blockchain-focused infrastructure would centralize and cause more data collection compared to the current internet.{{Cite news |last=Allyn |first=Bobby |date=November 21, 2021 |title=People are talking about Web3. Is it the Internet of the future or just a buzzword? |url=https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision |url-status=live |archive-url=https://web.archive.org/web/20211121110540/https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision |archive-date=November 21, 2021 |access-date=2022-01-21 |work=All Things Considered |publisher=NPR |language=en}}

Software engineer Stephen Diehl described web3 in a blog post as a "vapid marketing campaign that attempts to reframe the public's negative associations of crypto assets into a false narrative about disruption of legacy tech company hegemony."{{Cite web |title=The irrational exuberance of web3 |url=https://techcrunch.com/2021/12/14/the-irrational-exuberance-of-web3/ |url-status=live |archive-url=https://web.archive.org/web/20220924191342/https://techcrunch.com/2021/12/14/the-irrational-exuberance-of-web3/ |archive-date=September 24, 2022 |access-date=2022-01-30 |website=TechCrunch |date=December 14, 2021 |language=en-US}}

=Decentralization concerns=

Kevin Werbach, author of The Blockchain and the New Architecture of Trust,{{Cite book |last=Werbach |first=Kevin |title=The blockchain and the new architecture of trust |publisher=The MIT Press |year=2018 |isbn=978-0-262-03893-5 |publication-place=Cambridge, Massachusetts |oclc=1029064460}} has said that "many so-called 'Web 3.0' solutions are not as decentralized as they seem, while others have yet to show they are scalable, secure and accessible enough for the mass market", adding that this "may change, but it's not a given that all these limitations will be overcome".{{Cite web |last=Miller |first=Ron |date=December 14, 2021 |title=The irrational exuberance of web3 - TechCrunch |url=https://techcrunch.com/2021/12/14/the-irrational-exuberance-of-web3/ |url-status=live |archive-url=https://web.archive.org/web/20220924191342/https://techcrunch.com/2021/12/14/the-irrational-exuberance-of-web3/ |archive-date=September 24, 2022 |access-date=December 16, 2021 |website=TechCrunch}}

In early 2022, Moxie Marlinspike, creator of Signal, articulated how web3 is not as decentralized as it appears to be, mainly due to consolidation in the cryptocurrency field, including in blockchain application programming interfaces which are currently mainly controlled by the companies Alchemy and Infura; cryptocurrency exchanges which are mainly dominated by Binance, Coinbase, MetaMask, and OpenSea; and the stablecoin market which is currently dominated by Tether. Marlinspike also remarked that the new web resembles the old web.{{Cite magazine |last=Barrett |first=Brian |date=January 8, 2022 |title=Security News This Week: Norton Put a Cryptominer in Its Antivirus Software |url=https://www.wired.com/story/norton-antivirus-cryptominer-nft-thefts-security-roundup/ |url-status=live |archive-url=https://web.archive.org/web/20220108164228/https://www.wired.com/story/norton-antivirus-cryptominer-nft-thefts-security-roundup/ |archive-date=January 8, 2022 |access-date=January 8, 2021 |magazine=Wired}}{{Cite web |last=Marlinspike |first=Moxie |author-link=Moxie Marlinspike |date=January 7, 2022 |title=My first impressions of web3 |url=https://moxie.org/2022/01/07/web3-first-impressions.html |access-date=January 8, 2022}}{{Cite web |last=Nover |first=Scott |date=January 19, 2022 |title=Web3 is not the decentralized utopia you've been promised |url=https://qz.com/2112965/web3-is-not-decentralized/ |url-status=live |archive-url=https://web.archive.org/web/20220121153751/https://qz.com/2112965/web3-is-not-decentralized/ |archive-date=January 21, 2022 |access-date=2022-01-21 |website=Quartz |language=en}}

See also

References