For Elon Musk, Web3 is a ‘marketing buzzword, far away from reality’

Electric car maker Tesla CEO Elon Musk in his latest tweet, reiterates that Web3 is not exactly real, and seems “more marketing buzzword than reality right now.” However, the billionaire tech evangelist believes that the concept could become a reality, and the full potential of Web3 might be unlocked in the near future by 2051.

Musk on Twitter posted  a clip by angel investor Jason Calacanis that shows Bill Gates’ old interview with David Letterman. In the interview, Gates explains the concept of the internet (referring to Web1) by saying it allows users to access content at any point in time. Calacanis agrees with Gates as the internet allows anyone to publish anything with almost no gatekeeping.

For the uninitiated, Web 3.0 or Web3 refers to the next generation of the worldwide web, supposed to take over from Web2.0, which is more centralised and focused on user-created content.

Web3 is supposed to be a more decentralised web that challenges the dominance of the tech giants by concentrating the power and data in the hands of the users, instead of the big tech corporations. This means that data is distributed across networks and no single entity owns the information, though the idea is much harder to execute.

This development comes as Musk announced earlier last week, that Tesla will accept Dogecoin for merchandise on a test basis.“Tesla will make some merch buyable with Doge and see how it goes,” he said in a tweet.

Tesla sells merchandise such as apparel, belt buckle, mini models of its vehicles, quad bike ‘Cyberquad’ for kids and ‘Cyberwhistle’ modeled after its much-awaited Cybertruck.

Replying to a Twitter thread few weeks ago, Musk said Web3 “sounds like BS”. Musk disclosed his views while commenting on a Twitter thread by American entrepreneur and investor Sam Altman, who suggested that Web3 “might still have 2010s-like returns” and cautioned against over expectation from it. His stance was that the returns on investment in Web3 would not be very different from those made in the 2010s.

It should be noted that a lot of work has to be done to lay the foundation for Web3 —meaning that users, developers, tech companies, and others would have to come in on agreements around how the Web3 protocols would work. Only when this work gets going, and when financial incentives align behind it, will Web3 start to get real.

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