Introduction
Throughout history, technological shifts have often come with grand promises. Yet, only a few of them truly reshape the world. Among the most overhyped in recent years is Web3 — a concept that received disproportionate media and marketing attention compared to its real-world value.
Web3 is not a genuine revolution in the structure of the internet. Instead, it is a glossy rebranding of the existing internet, masking deep-rooted problems and serving the interests of a new digital elite.
1. Decentralization: Just a Buzzword
Proponents of Web3 often champion "decentralization" as its foundational principle. But when examined practically, most Web3 projects:
- Are controlled by centralized teams with full authority over smart contracts.
- Depend on centralized data providers (oracles).
- Rely on intermediary platforms such as MetaMask, Infura, and OpenSea — all of which are centralized entities.
The supposed "liberation from tech monopolies" is nothing more than a linguistic trick. In reality, tech giants like Google and Meta have merely been replaced by a new set of blockchain gatekeepers.
2. User Experience: A Technical Maze for the Masses
Using Web3 applications often means:
- Managing complex private keys and digital wallets.
- Dealing with volatile gas fees and unpredictable transaction costs.
- Accepting zero recourse for user errors, with no way to recover lost assets.
This is not empowerment. It is a technical burden — one that alienates the average user and brings us back to the early, command-line days of the internet.
3. Web3’s Economy: Speculation Over Substance
The Web3 economy was not built to solve real-world problems. Rather, it was fueled by speculative gains and hype. What we’ve seen includes:
- Skyrocketing prices for valueless NFTs.
- DeFi protocols focused on attracting liquidity instead of providing meaningful services.
- Tokens that exist for trading speculation, not for delivering real products or utilities.
The so-called "creator economy" has, in many cases, devolved into glorified digital pyramid schemes, not unlike multi-level marketing.
4. Betraying the Open Internet
Far from realizing its promise of user empowerment, Web3 has ushered in a more complex and opaque digital ecosystem:
- A new layer of monopoly, masked as decentralization.
- Closed tools and infrastructure, outside the reach of democratic oversight.
- Projects lacking transparency and accountability.
In doing so, Web3 has betrayed the core vision of an open, democratic internet.
5. Noise Over Value
After years of funding and hype, what has Web3 actually delivered?
- It has failed to solve any of the major issues plaguing today’s internet.
- It has not provided functional alternatives to mainstream platforms for communication, commerce, or search.
- It has burned billions in failed or fraudulent ventures.
Meanwhile, the core problems — privacy violations, data monopolies, lack of user control — remain unsolved. Worse still, they've now been layered with additional complexity and risk.
Conclusion: Web3 Is a Distraction — Not the Future
Web3, as it stands today, is not a natural evolution of the internet. It is a regression, a speculative bubble dressed in idealistic language and powered by elite interests.
The real future of the internet lies in:
- Simplicity and accessibility.
- Data protection and user control.
- Transparency and accountability.
- Technology that addresses real human needs, not just financial speculation.
Until those goals are at the forefront, Web3 will remain a mirage — a false promise distracting us from the true innovations we should be building.