Web3 Is Dead. Long Live Web5.
With its image tarnished by monkey jpegs and shitcoins, it seems we’re already moving on from Web3
Web3 was heralded as “the future of the internet.”
Well, less heralded and more shouted about really loudly by ‘crypto bros.’
But, as quickly as it arrived to champion itself as the next iteration of the internet, it looks like it’s dead in the water. It has been hit by scandals, turbulence and crashes galore:
- The cryptocurrencies that help form the backbone of Web 3.0 have crashed badly. Bitcoin is down 66% from its all-time high of $66,935. Ethereum has plummeted from $2130 to $1117 this past month alone. The overall cryptocurrency market dropped below $900 billion, from a peak of roughly $3 trillion six months ago. The worst is likely still to come.
- Ridiculous gas fees have made even the most basic of transactions on the blockchains used by Web3 completely unsustainable.
- Terra, Luna and other dollar pegs have collapsed, hurting the overall crypto markets. Meanwhile, Celsius, a crypto lender with backing from serious VC players and Canada’s second-largest pension fund, and Binance, a crypto marketplace, have been withholding people’s money and coins. (i.e., they’re on the verge of collapsing.)
- NFT sales have continued to fall and are fading from public interest at record speed.
Like everything involved in the crypto/blockchain space, real use cases for Web3 few and far between. Instead of captivating examples of the future, Web3’s image has become tarnished as the home for monkey profile pictures and shitcoins while failing to become decentralized (the whole concept is controlled by VCs).
In sum, it hasn’t lived up to its promise, and it seems that the damage is irreparable, leaving the entire Web3 iteration in the gutter.
Step forward our new saviour — Web5
Fear not though, as hero awaits to drag us out of the Web3 hellscape. Wasting no time in moving on, Jack Dorsey revealed his plan to save the future of the internet.
In fairness, Dorsey has long been a critic of Web3, believing that the influx of VC…