Web3’s Battle Cry
Web3, a term coined by Ethereum co-founder Gavin Wood in 2014, was once the battle cry of idealistic tech innovators seeking to create a decentralized and democratic internet. However, leaders in the Web3 community are now questioning if the revolution has lost its way.
Survival Over Ethos
The survival of Web3 startups has led to compromises in their founding principles. Many companies have prioritized staying afloat over the revolutionary ethos that once defined Web3. The shift in focus can be attributed to the challenging fundraising landscape and the pressure from investors for immediate profitability.
Embracing Web3 or Exploiting It?
While major corporations have embraced Web3 with blockchain-backed projects, they have not meaningfully redistributed wealth or influence. Instead, they have created new customer loyalty programs and exclusive merchandise drops. Some Web3-native startups have softened their rhetoric towards established companies like Apple, signaling a departure from their initial revolutionary stance.
The VC Dependency
The dependence on venture capital is seen as a significant obstacle for Web3’s revolutionary potential. Startups have had to sell services to established brands and compromise their principles to survive. This reliance on VC funding hampers the goal of making VC obsolete before Web3 can fully realize its potential.
A Path Forward
Despite the challenges, some creators still believe in the transformative power of Web3. By leveraging the technology to address real problems and fill gaps in existing systems, they hope to forge a path towards a better and more equitable future.
Hot Take: Web3’s Evolutionary Journey
Web3 has evolved from a revolutionary battle cry to a more nuanced approach. While compromises have been made along the way, there are still creators who believe in the potential of Web3 to bring about positive change. The journey towards a decentralized and democratic internet may be challenging, but it is a path worth pursuing.
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