Some school of thought in the web3 space would argue that NFT was the Achilles hill that disrupted the growth of web3.
Would you agree?
For further actions, you may consider blocking this person and/or reporting abuse
Some school of thought in the web3 space would argue that NFT was the Achilles hill that disrupted the growth of web3.
Would you agree?
For further actions, you may consider blocking this person and/or reporting abuse
Unni P -
abhishekdelmundo -
AcceptCoin -
BekahHW -
Once suspended, scofieldidehen will not be able to comment or publish posts until their suspension is removed.
Once unsuspended, scofieldidehen will be able to comment and publish posts again.
Once unpublished, all posts by scofieldidehen will become hidden and only accessible to themselves.
If scofieldidehen is not suspended, they can still re-publish their posts from their dashboard.
Once unpublished, this post will become invisible to the public and only accessible to Scofield Idehen.
They can still re-publish the post if they are not suspended.
Thanks for keeping DEV Community safe. Here is what you can do to flag scofieldidehen:
Unflagging scofieldidehen will restore default visibility to their posts.
Top comments (25)
The 'achilles heel' for the 'Web3' space was made up mainly of two things in my opinion:
NFTs were just one product of the latter.
"Web3β as initially discussed online, was mainly about the semantic web (including many ideas about decentralisation, but not necessarily Blockchain). The definition later expanded to encompass the other upcoming trends of AI, and the 'metaverse'. The semantic web part of all this was, to my mind, one of the most interesting parts of all this buzz - even being championed and pushed by Sir. Tim Berners-Lee (yes, that guy, 'inventor' of the Internet), who is still working on this with the Solid Project.
It's really sad that the 'tech bros' co-opted the Web3 moniker to encompass basically just all blockchain/crypto related stuff, which is only a fraction of the original Web3 vision. They essentially buried some really great ideas under a torrent of get rich quick scams. They made it all about money, and created an obsession with an overly complex technology - whilst at the same time sweeping away the promise and ideas that were much more interesting and transformative.
Broken from the start was also the assumption that you "need" the blockchain to have a decentralized web.
The internet and the web were in fact decentralized from day 1.
The centralization problem of the modern web is due mostly to the platforms monopolies and oliglopolies :
Facebook, Twitter, LinkedIn, App Store, Google Play, ...
Here comes the blind spot of the engineer : having only a software hammer in the hand, he will assume that eveything is a software nail.
In fact breaking the power of the tech robber barons is something that we know how to do because it has already done for others in the past, and that doesn't require software.
really, what a unique way to put it?
United Fruit Company is a great historical example of a company that had way too much power - in this case over the "banana republics" of Costa Rica, Guatemala and Honduras.
To break its power you needed not understand not how bananas work but how power works
Same thing if you replace bananas with software.
en.wikipedia.org/wiki/United_Fruit...
I think i share same thought in the over-promotion by parties only interested in quick gain and this killed many interest in the idea.
I would also agree that blockchain was never about NFT but NFT was used to scam many and also became the face of money laundering.
I didn't say that at all. I said that Web3 was never ALL about blockchain. Also, people have been scammed in many ways, not just with NFTs.
A lot of the replies here seem to reinforce my opinion. For most people now, Web3 IS blockchain.
Money wins, and ruins everything. As normal
whats your thought?
One of the problems with NFTs is that they mostly rely on Web 2 - after all the NFTs are mostly just an immutable link to a normal web asset, an asset that can be changed. There are some NFTs that contain the asset on the chain, but mostly this is too expensive - this is the current problem with Web 3, it's expensive to use and slow.
I share same thought as well, deploying on the web3 chain is so expensive mostly gas fees and and some technicalities can make you lose alot if you are not careful
NFTs have the potential to both positively and negatively impact the growth of Web3. On the positive side, they can create a more secure and transparent way to track ownership of digital assets. However, they have also been criticized for their high energy consumption, potential for fraud and scams, and lack of regulation. The ultimate impact of NFTs on the growth of Web3 will depend on how these issues are addressed.
Question, would interest with the current trend ever give rise to such growth?
It was that "breaking out" moment for Web3 where who's who started coming into it. But that itself "broke" the ecosystem because there were also scamsters who realized the potential of making a huge amount from a week of work and be untraceable.
So yeah, it kind of broke the Web3 ecosystem. Current innovations in ZKP and rollups don't really matter so much to institutions because they saw first-hand how unregulated and unsafe the space was.
I thought so too, the massive rug pulls and high volatility gave the web3 space a very bad name, and while the future holds alot of prospect, it is going to be a slow grulsome process.
It probably did leave a boom/bust tinge on everything in a way that is tough to shake.
Blockchain is pretty strongly associated with scummy opportunists for a number of reasons, not just the NFT craze, but it didn't help.
It's pretty sad that all anyone thinks about when you say Web3 is Blockchain/crypto stuff. That really isn't what the original vision was about at all - it was so much more than that.
I agree but since the founder did not share his vision properly or it was hijacked it was watered down to meet the needs of some greedy capitalist.
Greed robbed the real potential
True, but i believe there is a possibility of great potential if we look at the upside, wouldnt you agree?
The Achilles heel for the Web3 space was greed. Instead of focusing on decentralisation and the tech, the focus was first and foremost on the monetary aspect.
Well, I think it contributed to the growth of web3, more so because innumerable artists get recognized for their work and receive their due in a much accountable way than in conventional modes. Besides, gaming, social communities, and virtual estate have given a further boost to the era of NFTs. Because of their non-replicable nature, they carry the potential to change the way of ownership and identity in all sorts of industries, lately which is adopted as DIDs by some web3 platforms.
And they are not just for financial purposes! Some wallets like AnCrypto recently came up with free NFTs based on the 7 wonders of the world, which itself is a very unique and priceless concept.
One question Anna, what is the worth of those NFT today?
In terms of cryptocurrencies, some of the NFTs, especially those endorsed by celebrities are fetching millions of dollars today. And since cryptocurrencies are already in process of legalization and regulation, the future scope of NFTs is gonna be brilliant!
I do not think so, many of these celebrities once they sell the NFT to user, they become worthless, is the votalitiy riskable?
Sounds like those who think this need more schooling, they're missing the forest for the trees; there are far more eggregious areas of rot in web3.
Bad actors and the fact the technology isn't revolutionary are two major reasons why growth is disrupted.