Block (formerly Square) CEO Jack Dorsey and Tesla CEO Elon Musk took to Twitter on Tuesday to discuss venture capital firms participating in the development of web3.
“You don’t own ‘web3,’” Dorsey tweeted. “The VCs and their LPs do.”
You don’t own “web3.”
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…
— jack⚡️ (@jack) December 21, 2021
Twitter user Balaji Srinivasan replied to Dorsey’s tweet, saying that he disagreed and cited Twitter as an example of a web innovation that ultimately gave in to “corporate and political incentives.”
Dorsey responded that Twitter had “started as a corporation” and maintained its corporate incentives from its inception, whereas web3 is being controlled by corporate incentives “but hides under ‘decentralization.’”
All false. Twitter started as a corporation. It’s had corporate incentives from day 1. It’s trying to offset those, and it will, through @bluesky.
“web3” has the same corporate incentives, but hides it under “decentralization.” It’s literally a different cap table structure.
— jack⚡️ (@jack) December 21, 2021
Musk chimed in to the discussion, tweeting: “Has anyone seen web3? I can’t find it.”
Has anyone seen web3? I can’t find it.
— Elon Musk (@elonmusk) December 21, 2021
Web3 is a term often used to describe the next era of the internet, pegged to blockchain technology and the creation of the metaverse. Several major companies and brands have recently announced an expansion into web3, including Facebook (now Meta), adidas, and Balenciaga.
In other news, the latest installment of HYPETALKS discussed fashion and the metaverse.
wazup.