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Elon Musk Derides NFTs and Web3

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Sun, 5/12/2021 - 8:48
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Elon Musk Derides NFTs and Web3
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Tesla CEO Elon Musk recently mocked vocal proponents of “Web 3.0” on Twitter with his latest meme.

The centibillionaire shared a three-panel version of the popular “Urinal Etiquette” comic, which shows a man entering a men’s bathroom and passing a bunch of unoccupied urinals to declare his support for crypto, web3 and decentralized autonomous organizations (DAOs) to a stranger right next to him.

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The term “web3” has become a new buzzword that crypto influencers and venture capitalists have been throwing around for the past few months.

While the exact definition of the term is vague, “web 3.0” is being billed as a utopian vision of the internet, in which people reclaim ownership of their data with the help of blockchain and other cutting-edge technologies.

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There’s also a big number of skeptics who see this new iteration of the internet as nothing but a cash grab. Cornell University professor James Grimmelmann recently described web 3.0 as “vaporware.”

Not mincing words, Musk tweeted that the fancy term sounded like “BS” to him earlier this week.  

Musk also derided non-fungible tokens (NFTs) in response to a tweet by Dogecoin co-founder Billy Markus about the proliferation of scams within the industry.

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Although, some proponents of the NFT craze viewed the tweet as an endorsement.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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