Jack Dorsey and Elon Musk Discuss Who Owns web3

Jack Dorsey, former Twitter CEO has begun a debate about ‘web3’ after Elon Musk criticised it. Dorsey warned of the risks from centralisation. He emphasised that web3 is owned by venture capitalists (VCs), hiding under the premise of decentralisation. 

Web3 is a term often used to describe the next era of the internet, associated with blockchain technology and the creation of the metaverse. Several major companies and brands have recently announced an expansion into web3, including Facebook (now Meta), adidas, and Balenciaga.

“You don’t own ‘web3,’” Dorsey tweeted. “The VCs and their LPs do.” The reaction came just days after Musk tweeted that web3 “seems more marketing buzzword than reality right now.”