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Web3 Gets Criticisms From Elon Musk, Says It ‘Sounds Like BS’

Elon Musk recently says that “Web3 sounds like bs” on Twitter on Dec 2, while Musk responds to a thread by OpenAI CEO and former Y Combinator president Sam Altman.

Furthermore, Altman only makes predictions about the returns for venture capital investments. Then, predicts the coming decade will see far worse performance.

However, he still notes that Web3 could still be a field for the same kind of returns as in the past decade.

Musk’s comments are sure to rile the crypto community, some of who have already dismissed it as just another incendiary comment on the Twitter space. The crypto community is all for the decentralization of the internet, which is what Web-3 is trying to facilitate.

More so, Web3 is popular to become one of the most promising ideas to come out of the crypto space. Meanwhile, there are still many viable solutions on the market, such as decentralize domain name services like Unstoppable Domains.

Furthermore, This will help to prevent censorship of websites, and censorship at the heart of Web3. Then, a good privacy rating, security, and control of identities is also an important part of Web3 vision.

Lastly, The space is recording good progress with adoption. Notably, Web3 protocol revenue over the past few months is growing, according to Web3Index.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.