Financial TimesFinancial Times

Web3 is just a fresh serving of the same old crypto nonsense

By Jemima Kelly

14 Jul 2022 · 3 min read

Editor's Note

In this opinion piece, the author argues that Web3 will not be everything that it's been made out to be...

Instead of guarding the internet from exploitation, the technology adds an extra layer of financialisation You have probably, unless you’ve been unusually fortunate, been schooled in the wonders of Web3. For the remaining lucky few, allow me to explain. Web3 is the inexorable destiny of the internet — the magical fabric from which blockchain-based decentralised dreams are made and dystopian big-tech nightmares destroyed. The future is bright; the future is “append-only” databases.

The central thesis of Web3 is that because the internet has become so centralised — with power concentrated in the hands of a few, and users powerless over their own data — we need a more distributed, egalitarian, open system. So far, so reasonable.

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