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Elon Musk Derides NFTs and Web3

u.today 05 December 2021 10:37, UTC
Reading time: ~2 m

Tesla CEO Elon Musk recently mocked vocal proponents of “Web 3.0” on Twitter with his latest meme.

The centibillionaire shared a three-panel version of the popular “Urinal Etiquette” comic, which shows a man entering a men’s bathroom and passing a bunch of unoccupied urinals to declare his support for crypto, web3 and decentralized autonomous organizations (DAOs) to a stranger right next to him.


— Elon Musk (@elonmusk) December 4, 2021

The term “web3” has become a new buzzword that crypto influencers and venture capitalists have been throwing around for the past few months.

While the exact definition of the term is vague, “web 3.0” is being billed as a utopian vision of the internet, in which people reclaim ownership of their data with the help of blockchain and other cutting-edge technologies.

There’s also a big number of people who see this new iteration of the internet as nothing but a cash grab. Cornell University professor James Grimmelmann recently described web 3.0 as “vaporware.”

Not mincing words, Musk tweeted that the fancy term sounded like “BS” to him earlier this week.  

Musk also derided non-fungible tokens (NFTs) in response to a tweet by Dogecoin co-founder Billy Markus about the proliferation of scams within the industry.

NFTs are jpeging the dollar

— Elon Musk (@elonmusk) December 5, 2021

Although, some proponents of the NFT craze viewed the tweet as an endorsement.

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