Elon Musk Dismisses Web3 Technology, Calling It a Marketing Buzzword

Tesla Logo
Credit: image by Austin Ramsey via Unsplash

Tesla Logo
Credit: image by Austin Ramsey via Unsplash

Elon Musk's tweets have yet again sparked a Twitter storm after the Tesla CEO described Web3 technology as a “marketing buzzword”.

Musk first tweeted a TikTok video of Bill Gates talking about the internet in 1995. In the caption, he stated: “Given the almost unimaginable nature of the present, what will the future be?”

However, he followed up by saying: “I’m not suggesting web3 is real – seems more marketing buzzword than reality right now.”

Musk Calls Web3 a Marketing Buzzword

The concept of Web3, although in its infancy, is gaining a lot of momentum. Web3 involves the integration of blockchain technology to power the internet at large, disrupting the current internet owned by large companies such as Amazon, Apple, and Google.

However, Musk seems less than convinced by the Web3 concept’s current form. He later tweeted: “Has anyone seen web3? I can’t find it.”

Musk's tweet gained the backing of other Twitter users, most notably Jack Dorsey - founder of Twitter and Bitcoin advocate.

While some of them agreed that Web3 still needs work, others expressed their support for the emerging tech.

This isn't the first time Musk has stirred up trouble in the cryptocurrency space. While a prominent supporter of Dogecoin, he previously denied owning Shiba Inu Coin, leading the SHIB community to erase the Tesla CEO from its history.

The concept of Web3 aims to incorporate the budding blockchain technology into the internet, where the users can take control of their own data, for example. The concept, much like the idea of a metaverse, has attracted a lot of attention in crypto and tech spaces.

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