Jack Dorsey's epiphany on Web3, Elon Musk's backing sends netizens into frenzy [details]

Metaverse, NFT and Web3 are a few tech buzzwords of 2021 that has got everyone from billionaires to VCs and people sort of excited and divided. The conversation on Web3 got heavier as former Twitter CEO and Bitcoin enthusiast Jack Dorsey decided to weigh in on the topic and soon after Tesla chief Elon Musk gave his two cents by taking a dig at the tech.

Web3 is labeled as the next phase of the internet that will be enabled by blockchain. The decentralised model would enable users to have ownership stakes in platforms and apps, in contrast with today's internet as we know it is controlled by a few giants like Facebook and Google. Web3 has garnered a lot of attention and even funding from VCs including, Andreessen Horowitz.

Jack starts fire

The Web3 debate gained traction on Tuesday with Dorsey sharing his two cents on the topic on Twitter, the platform he co-founded. In his tweet, he objected to the popular belief about Web3 that it is owned by people. According to him, Web3 is still owned by VCs, their investors and Limited Partners (LPs), through which he means it is not a lot different from the internet we see today. In fact, Dorsey even shared his prediction that Web3 will never be able to get rid of the influence of VCs and LPs.

"You don't own web3" he tweeted, adding that "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..."

Dorsey's tweet triggered backlash as many criticised former Twitter chief for killing "hopes and dreams of many brave people."

But Dorsey stood a firm ground and even responded to one of his critics, saying "we have bigger issues if a tweet stifles hopes and dreams. Currently it's not wrong. Critique can help fix, or divert energy to something more important."

Elon Musk adds fuel

The fire that Dorsey started was gaining traction by the minute, and just then the outspoken Elon Musk joined the conversation. He took a dig at the concept of Web3. He replied to Dorsey's tweet with "Has anyone seen web3? I can't find it."

To this, Dorsey responded with a tongue-in-the-cheek comment. He wrote: "It's somewhere between a and z," subtly hinting that Web3 is under the control of a16z, a VC firm founded by Marc Andreessen and Ben Horowitz.

Netizens divided on Web3 converse

The conversation started a virtual fire on Twitter, with many lashing out at Dorsey. Check out the conversation thread below: