Web3, blockchain, crypto and mass adoption were major buzzwords in 2021 and 2022, but the public interest in the terms fell to the wayside over the last year as media headlines narrowed their focus to the now defunct FTX exchange and the trial of its founder, Sam Bankman-Fried.
Fast-forward to the present, where media headlines are focused on pending spot Bitcoin exchange-traded fund applications, more than 100% year-to-date price gains for Bitcoin (BTC) and a revival in the nonfungible token (NFT) markets.
Perhaps, Web3 is back.
On Episode 14 of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung spoke with Alex Tapscott about his deep views on Web3 and how the tech and ideas backing it will “transform the existing industries.”
The blockchain revolution is still happening
Revolutions catalyze transformation, but these changes tend to happen gradually rather than all at once. Tapscott detailed the impact he sees Web3 having on various industries with The Agenda and in his new book, Web3: Charting the Internet’s Next Economic and Cultural Frontier, where he breaks down and explains all things Web3, from NFTs and decentralized autonomous organizations (DAOs) to the metaverse.
While NFTs, DAOs and the metaverse are often presented as full-on replacements for the current structures in use, Tapscott explained that the ideas and the tools offered by Web3 can more effectively be integrated into existing industries:
“But what’s more interesting is that not that the existing companies will change to be like the new thing, but rather that new things will come along that will, if they’re useful and fun, drive adoption. People will use them because they prefer them and think that if they’re in Web3, part of that will be that individuals have more sovereignty and control over their data and their assets.”
Related: Meet the 13-year-old student selling sneakers for Bitcoin: The Agenda podcast
Regarding the regulatory challenges that continue to create hurdles for the Web3 industry and whether or not blockchain “fixes everything,” Tapscott referred to a conversation he had with Andreessen Horowitz general partner Chris Dixon. Drawing from his conversation with Dixon, Tapscott said:
“Going back to what Dixon said is that the technology improves and gets more useful and then becomes something that everybody wants to use because we’ve ironed out the kinks. And I think that we’re still, frankly, in the ironing out the kinks phase. So that’s point number one. But point number two is like just because we iron out the kinks and make this stuff better and more useful doesn’t mean it solves every problem.”
Tapscott explained that many people are “looking for salvation in technology” and will likely be disappointed:
“I think a lot of people make Bitcoin into a religion. And I can tell you, like any religion that came before it, it’s maybe, well, I don’t want to get political or anything like that, but like comment on people’s faith. But I just think it’s just not the right way to think about technology as something that can solve all your problems.”
Web3 provides tools, not a template for replacement
Getting back to the discussion of peoples’ belief that Web3 can fix everything, Tapscott suggested that Web3, DAOs, crypto and blockchains should be viewed as tools rather than paradigm shift catalysts that will replace current industries:
“I think that it’s a toolkit, or it’s a set of tools that we can use to build new business models, to create new kinds of organizations, to transform existing industries. And all that stuff is really cool. And maybe in the process, we can put more power in the hands of people, give them a chance to earn a share of the services and applications that they use, and make it easier for anyone to connect to the global economy, even if they live in a part of the world that’s normally overlooked.”
To hear more from Tapscott’s conversation with The Agenda — including his take on how Web3 will eventually become a daily part of everyone’s life — listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows!
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.