Elon Musk, the Tesla and SpaceX CEO, is not impressed with Web 3.0. Responding
to a recent Tweet, Musk called the concept “BS”. For those unaware, Web 3.0, or
simply Web3, is seen by many as the future of the internet. It is a new term
that has arisen with rapid technological evolution. However, there are many
detractors, who view it as a buzzword that has become prominent without the
necessary diligence. Web3 includes blockchain technology, and the Metaverse.

The billionaire entrepreneur expressed his views on a tweet by fellow
investor, Sam Altman, who noted that returns on investments in Web3 would not
differ too much from investments made in the 2010s.

As is Musk’s nature, he has not elaborated why he wishes to steer clear
of these advancements and prefers the internet the way it is. Nonetheless, he
has added to his dissatisfaction with Web3, saying that nothing could possibly beat
what happened in ’99. He is, of course, referring to the dot com boom that took
place in the late 1990s.

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Notably, when the first phase of the internet was launched, it did not
allow users to interact and had very few options. Then, Web1 witnessed the
birth of big names like Yahoo, Amazon, and eBay, apart from the advent of blogs
and websites. In the second phase, the internet gave consumers more facilities
and freedom, thus improving user experience. This is also when the Silicon
Valley boom occurred, with content sites and social media platforms like YouTube
and Facebook entering the arena.

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While developing technologies were expected to
integrate, and ultimately democratise the internet in the second phase, the
third is being hailed as a quantum leap forward. Virtual reality, blockchain,
and artificial intelligence are some of the most notable advances, while there
are numerous technologies still in their infancy but increasing at a quick rate.
Considering, the shift the internet is taking, time will tell whether Musk’s
abrupt take holds any water.