Elon Musk and Jack Dorsey Are Two of Cryptocurrency’s Most Well-known Mascots — but They Are Not Fans of Web3, the Metaverse, or Non-fungible Tokens (Nfts)
Elon Musk and Jack Dorsey aren’t afraid to shout their cryptocurrency enthusiasm from the rooftops.
Virtual currencies have gained traction in recent years, particularly during the epidemic, and Tesla and former Twitter executives have been two of its strongest online proponents (and multitudes of their peers).
However, just because proponents of it are for it doesn’t mean they’re for all decentralized technology, or technology that doesn’t have a central authority. The duo has been outspoken about their reservations regarding nonfungible tokens (NFTs), Web3, and the so-called metaverse.
NFTs are digital tokens based on the blockchain that represent a person’s ownership of something, and Web 3 is the next version of the digital world, which will also be built on the blockchain, according to some. All of this stands in stark contrast to today’s websites, which are administered by big “Web2” tech corporations such as Google or Amazon. People will supposedly have more control over their internet presence as a result of this.
Then there’s the metaverse, which is the newest buzzword characterizing what many engineers believe will eventually be the updated internet, in which everyone plays, lives, and works in a virtual place employing VR and AR technology.
It’s not going to happen, according to Dorsey and Musk.
Musk may have sold an NFT of one of his tweets in May 2021, but in December, he derided NFTs for effectively “jpeging the dollar” and stated Twitter’s NFT profile pic function was “annoying.”
“Web3 sounds like bs,” he remarked, adding that it’s “more marketing jargon than reality right now,” though who knows what the future holds. He also told The Babylon Bee that he’s not sure if he believes in “this metaverse nonsense” and doesn’t see why someone would want to wear “a friggin’ screen on their face all day.”
Then there’s Dorsey, who recently got into a significant spat with renowned Silicon Valley investor Marc Andreesen and others over one of his main concerns about Web3: its potential corporatization and centralization rather than the people in charge.
In December, he tweeted, “You don’t own ‘web3,'” “It’s the VCs and their LPs who do it.”
After Dorsey made an apparent direct shot at a16z, Andreesen Horowitz, whose firm has delved right into the field of decentralized tech, investing in the metaverse and Web3, blocked him.
“Is anyone familiar with Web3? I can’t seem to locate it “Musk sent out a tweet on December 20. “It’s someplace between a and z,” Dorsey said.
Dorsey has also mocked Meta’s metaverse concept, agreeing with a tweet that described it as “dystopian.”
With the development of crypto and talk of NFTs, Web3, and the metaverse came to the hype, but Musk and Dorsey’s aversion to the latter three highlights a crucial point: the latter three generate more noise.
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