- The influence of venture funding on Web3 is being criticised by Jack Dorsey and Elon Musk.
- Venture investors, not crypto consumers, own the next iteration of the internet, according to Dorsey.
- When Musk inquired if anyone had seen Web3, Dorsey said, “it’s somewhere between a and z,” possibly referring to Andreessen Horowitz, a venture capital firm
Twitter cofounder Jack Dorsey is sceptical of the notion that Web3 — the internet’s third generation — will “democratise everything.”
Elon Musk, the CEO of Tesla, doesn’t appear to believe it exists. Crypto enthusiasts see Web3 as a first step toward giving individuals more control over their online activities.
They argue that because it’s built on the blockchain and is decentralised, it won’t be controlled by Web2’s tech behemoths like Google.
In a tweet, Dorsey knocked down that notion, pointing to how venture capitalists and their limited partners, or VCs and LPs, are gaining clout in the industry.
In a tweet late Monday, Dorsey added, “You don’t own ‘web3’. The VCs and their LPs do.” “Their motivations will never let them down. It’s a centralised entity with a different label at the end of the day. You should be aware of what you’re putting yourself into…”
People Disagreed On Dorsey’s Views On Web3
In the comments, people said things like “very disagree” and “dead incorrect,” among other things. One person retorted that Dorsey, the former CEO of Twitter, has “accepted a lot of VC money” himself. Despite the fact that he claims he has nothing to do with Web3. “And this is why I know exactly what I mean,” Dorsey replied.
Despite the fact that Dorsey is no longer the CEO of Twitter, he is still the CEO of Block. The digital financial services company, which changed its name from Square this month, is gradually shifting its focus to cryptocurrencies and blockchain technology.
Elon Musk, the CEO of Tesla, joined in on Dorsey’s Twitter conversation, asking: “Is anyone familiar with Web3? I can’t seem to locate it”. “It’s somewhere between a and z,” Dorsey said, possibly referring to the Silicon Valley venture capital firm Andreessen Horowitz, sometimes known as a16z.
According to PitchBook, VC firms invested more than $27 billion in crypto-related ventures in 2021, more than in the previous ten years. Following Dorsey’s tweet, a16z general partner Chris Dixon expressed his gratitude by stating that he is a “big fan” of Dorsey and hopes that “we can eventually bring him around to ETH and other blockchains.”
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