Web3, blockchain, cryptocurrencies and mass adoption are the major buzzwords of 2021 and 2022, but as media headlines focus on the now-defunct FTX exchange and the trial of its founder, the public’s perception of Interest in these terms fell by the wayside last year. Sam Bankman-Freed.
Fast forward to now, and media headlines are focused on pending spot Bitcoin exchange-traded fund applications, Bitcoin’s (BTC) year-to-date price increase of more than 100%, and the resurgence of the non-fungible token (NFT) market.
Perhaps, Web3 is back.
In episode 14 agenda In the podcast, hosts Ray Salmond and Jonathan DeYoung join Alex Tapscott to discuss his insights on Web3 and how the technologies and ideas that support Web3 will “transform existing industries.”
The blockchain revolution is still happening
Revolutions promote change, but these changes tend to happen gradually rather than all at once. Tapscott details the impact he thinks Web3 will have on various industries agenda In his new book, Web3: Mapping the Internet’s next economic and cultural frontier, There, he breaks down and explains all things Web3, from NFTs and Decentralized Autonomous Organizations (DAOs) to the Metaverse.
While NFTs, DAOs, and the Metaverse are often viewed as wholesale alternatives to currently used structures, Tapscott explained that Web3 offers ideas and tools that can be more effectively integrated into existing industries:
“But what’s more interesting is that it’s not that existing companies will become like new things, it’s that new things will emerge and if they’re useful and interesting, that will drive adoption. People will use them because they like them better , and believe that if they are in Web3, part of the reason is that individuals have more sovereignty and control over their data and assets.”
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“Going back to what Dixon was saying is that technology improves, becomes more useful, and then becomes something that everyone wants to use because we’ve solved the problem. Frankly, I think we’re still in the problem-solving phase. That’s That’s the first point. But the second point is, just because we solve problems and make these things better and more useful, doesn’t mean it solves every problem.”
Tapscott explains that many people “look for salvation in technology” but may be disappointed:
“I think a lot of people turned Bitcoin into a religion. I can tell you, like any religion that came before it, maybe, well, I don’t want to get into politics or anything like that, but I want to comment on people’s beliefs. But I just don’t think that’s the right way to look at technology as something that can solve every problem.”
Web3 provides tools, not replacement templates
Returning to the discussion that Web3 can solve everything, Tapscott suggested that Web3, DAOs, cryptocurrencies, and blockchain should be viewed as tools rather than paradigm-shifting catalysts that will replace current industries:
“I think of it as a toolkit, or a set of tools, that we can use to build new business models, create new types of organizations, transform existing industries. All of these things are really cool. Maybe in the process, We can put more power in the hands of people, giving them the opportunity to share the services and apps they use, making it easier for anyone to connect to the global economy, even if they live in often overlooked parts of the world.”
Read more from Tapscott’s conversation agenda — including his thoughts on how Web3 could eventually become part of everyone’s daily life — Listen to the full episode on Cointelegraph’s podcast page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!
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This article is for general information purposes only and is not intended to be, and should not be construed as, legal or investment advice. The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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