With the rapid evolution of technology, there's a new term, a new concept emerging every now and then. One of those is “Web 3.0” or just “Web3”. Some see it as the future of the internet, for others, it's just another buzzword that has come into prominence without due diligence. Billionaire tech tycoon Elon Musk appears to be siding with the second group of people. Replying to a Twitter thread recently, he said Web3 “sounds like BS”. Web3 includes the Metaverse and the blockchain technology where computer programmes run on networks of millions of computers.
Alongside this “BS” statement, Musk also said that he thought “nothing could be nuttier than ‘99”. His reference was to the dot-com boom of the late 1990s and the explosion of blockchain technology happening now. As is often the case with Musk, it's not clear why he is decided to steer away from the technological advancements in the world wide web or prefers the internet the way it is today.
Musk disclosed his views while commenting on a Twitter thread by fellow 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.
Also, let me just simp for a second and suggest that web3 might still have 2010s-like returns.— Sam Altman (@sama) December 1, 2021
(But most VCs will miss it.)
However, Musk was not amused.
Web3 sounds like bs— Elon Musk (@elonmusk) December 2, 2021
The Tesla and SpaceX CEO doubled down on his cynicism in another tweet.
I thought nothing could be nuttier than ‘99— Elon Musk (@elonmusk) December 2, 2021
When the internet's first phase was launched in the 1990s, it was not interactive, and users had few options. The Web1 era saw the birth of corporations like Yahoo, eBay, and Amazon, as well as the advent of websites and blogs.
The third phase is being hailed as a quantum leap forward from the second when developing technologies were expected to integrate and democratise the internet. Virtual reality, artificial intelligence, and blockchain are examples of some of these advances, while others are still in their infancy but increasing rapidly.