Elon Musk takes aim at the Web3 technology, which was lauded by former Y-Combinator president Sam Altman in a recent Twitter thread.
In the first thread, the OpenAI CEO stated that he expects the average return on investments made in the 2020s to be much lower than in the 2010s. At the same time, Altman stated that Web3 technology has the potential to provide investors with the returns that markets experienced in 2010.
Also, let me just simp for a second and suggest that web3 might still have 2010s-like returns.(But most VCs will miss it.)— Sam Altman (@sama) December 1, 2021
Elon Musk rushed to criticize Altman’s position by mentioning Web3, implying that it will not be as revolutionary as investors and the general public expect.
The creation and development of decentralized online ecosystems that operate on a decentralized blockchain is commonly referred to as “Web3 technology.” The technology enables the development of applications on top of it that are not owned by anyone in particular.
Web3-based applications enable users to profit from developing or maintaining those applications, services, or solutions. After the decentralized finance industry began to grow exponentially, the technology gained a lot of traction.