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Dorsey and Musk Pour Cold Water on Web 3.0 Hype

'Has anyone seen web3? I can’t find it,' Elon Musk tweets. Web 3.0 is a vague term including decentralization of the internet.
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Not everybody is on board with Web 3.0, a vague term encompassing decentralization of the internet based on blockchain.

The skeptics include Square  (SQ) - Get Square, Inc. Class A Report Chief Executive Jack Dorsey and Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk.

“You don’t own ‘web3,’” Dorsey tweeted. “The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into…”

Apparently, he believes venture-capital firms like Andreessen Horowitz have too much power over Web 3.0.

As for Musk, he tweeted, “Has anyone seen web3? I can’t find it.”

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Some technologists say Web 3.0 is the wave of the future, with the internet shifting from control by a few gatekeepers to the empowerment of individual users.

Meanwhile, Goldman Sachs thinks Web 3.0 and metaverse hype is for real and sees Meta Platforms  (FB) - Get Meta Platforms Inc. Class A Report, Snap  (SNAP) - Get Snap, Inc. Class A Report and videogame platform Roblox  (RBLX) - Get Roblox Corp. Class A Report as beneficiaries.

It rates all three stocks as buys.

“The global Internet is in the middle to late innings of the innovation curve of Web 2.0 (the shift from desktop to mobile computing and from local to cloud storage),” wrote Goldman analysts led by Eric Sheridan.

“The leaders of this wave of the Internet are now firmly established. In framing the next wave of computing (Web 3.0), we see the potential for dramatic shifts in industry structure (decentralized, more local/niche/targeted).”

As for the metaverse, “the gaming/media landscape has already shown some key elements as to how [it] might evolve and how themes such as decentralized web activity and virtual experiences could become hallmarks of many of the next wave of computing in Web 3.0,” the analysts said.