Dismissing web3 now is like dismissing the internet in 1999

Whenever something new and innovative comes around, polarizing opinions quickly form.

Early adopters and believers group on one end of the spectrum, skeptics gather on the other end, and most future users are largely still unaware.

Over the past 12 months, interest and focus on emerging technologies like non-fungible tokens (NFTs), blockchain, cryptocurrencies, digital assets and the Metaverse have increased significantly.

This collective concept of emerging technologies is referred to as “web3”.

I’m very excited for a web3-driven future. I’m writing this to the skeptics:

To you that might already have dismissed web3, crypto and NFTs as a scam, a Ponzi or a fad.

Why am I writing to you? Because this happened before.

Would you say the internet is a fad or an innovation that has greatly impacted our world?

I don’t want you to miss opportunities to create or invest in something new and significant because you closed your eyes and crossed your arms too early.

Many people called the internet a fad in 1999. They had all the answers already. Or did they?

So, web3 — what’s the deal?

First, a quick side note: The reason it’s called web3 is that many see it as the third iteration (or the third layer) of the internet:

• Web1: read websites (newspapers)
• Web2: interactive, collaborative, user-generated content (social media, mobile)
• Web3: decentralized, open, user-owned (powered by blockchain technology)

It’s still emerging. In that what we see of it now, and what it might become in 5 years are two very different things.

Predicting the future from todays perspective yields inaccurate results.

Are there a lot of scams and hype-driven funny-business? Yes.

Are there also exciting innovations that will bring about novel products and business models across tech, entertainment, finance, and more? Yes.

Is it too early to categorically dismiss it? Yes!

Genuine innovations require patience, exploration, and some stupid shit in the early days. While some of today’s projects will persist, a lot of is should be thought of as proof of concepts for novel technology. As the tech matures, more and broader use-cases will emerge.

I am almost 100% certain of this: whether you “like” or “believe” in “blockchain” technology. You’ll be using it within the next five years — probably without knowing.

Just like you didn’t really know — or care — that your favorite websites moved out of an on-premise server and into the cloud. It just got faster and more reliable.

Venture capital investor Chris Dixon wrote the following in a blog post back in 2010. It still holds as true, if not more true today:

“The next big thing will start out looking like a toy.”

Skepticism is healthy when approaching new technology, but mostly when it’s paired with curiosity and openness, too.

While nobody can predict the future accurately, I think it’s way too early to dismiss “web3”. That’s like joining the “internet is a fad”-crowd of 1999. And it’s just not a good look.

Don’t write off emerging technologies in their early days, but do question them; challenge them; learn something about them.

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