Does Web3 Have a Future? (2024)

Before the metaverse, before the rise of Generative AI, there was Web3. Decentralization, transparent networks. Everyone would be equal. It was, in many ways, a desire for an egalitarian society, shrugging off the shackles of late capitalism and reinvigorating democracy in a new light. That hasn’t happened. Yet all is not lost with Web3. Can it come back to life?

First, I’ll explore why Web3 hasn’t quite captured the imagination of the general public, consumers and citizens alike. Especially compared to Generative AI (GAI) and then I’ll look at what Web3 actually is; a social argument. Finally, I’ll pose some things that need to happen with Web3 to bring it to society as a whole.

What Went Wrong With Web3?

In the simplest of terms, Web3 just didn’t capture the imagination of culture. It didn’t kick our fear reaction in like Generative AI did (fear of job losses and stamping out creativity), nor did it seem to offer anything remarkably inspiring. In business terms, there wasn’t a value proposition for society at scale.

Web3 was also seen as blockchain (which the majority of society still doesn’t understand) and then of course, with cryptocurrency. The scams and scandals of the crypto world left Web3 in its dark shadow. The public perceived Web3 as the same as crypto. That became the narrative. And no one…