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News Report

Elon Musk Criticizes Web3, Says It ‘Sounds Like BS’

2 mins
Updated by Kyle Baird

In Brief

  • Elon Musk dismissed Web3 after Sam Altman said that it could see good returns over the next decade.
  • The responses from crypto enthusiasts on the same thread were predictably critical.
  • Revenue for Web3 has actually been growing over the past few months as adoption increases.
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Elon Musk criticized Web3 on Twitter in response to a thread by OpenAI CEO Sam Altman. Musk called the space “BS.”

Elon Musk has stirred the pot once again, saying that “Web3 sounds like bs” on Twitter on Dec 2. Musk was responding to a thread by OpenAI CEO and former Y Combinator president Sam Altman, who was talking about venture capital investments.

Altman was making a prediction about the returns for venture capital investments. He predicts that the coming decade will see far worse performance than compared to the 2010s, which has been very lucrative

But he ends his thread by saying that Web3 could still be a field that sees the same kind of returns as was common in the past decade. Musk obviously does not think so, though he seems somewhat accepting of the crypto market as a whole, given past statements.

Musk’s comments are sure to rile the crypto community, some of who have already dismissed it as just another incendiary comment on the Twitter space. The crypto community is all for the decentralization of the internet, which is what Web3 is trying to facilitate.

This isn’t the first time that Musk has made a controversial comment on something crypto-related. At least compared to his Dogecoin comments in the past, this is a somewhat mild statement by his standards. However, it’s hard to really label Musk’s stance as anything but unique — he even said that the U.S. government should not regulate the cryptocurrency industry.

Web3 considered critical by many

Web3 is touted as one of the most promising ideas to come out of the crypto space. Several viable solutions exist on the market, like decentralized domain name services like Unstoppable Domains.

This prevents censorship of websites, and generally speaking, the prevention of censorship is at the heart of Web3’s overall ethos. Increased privacy, security, and control of identities is also an important part of Web3’s general agenda. Many projects are working on such solutions and have made considerable progress.

The Web3 field has also been making good progress with adoption. Web3 protocol revenue over the past few months has been growing, as noted by Web3Index. It’s still very early days in the development of the overall Web3 architecture, but recent technological developments have helped boost performance and utility.


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