Elon Musk: Web 3 sounds like BS

One of these is Web 3.0 or just Web 3 Many people see it as the future of the internet, for others it's just another buzzword that has come into prominence without due diligence. Billionaire tech tycoon Elon Musk seems to be siding with the second group of people. He said that Web 3 sounds like BS Web 3 includes the Metaverse and the blockchain technology, where computer programs run on networks of millions of computers.

Alongside this BS statement, Musk said that he thought nothing could be nuttier than 99. His reference was to the dot-com boom of the late 1990 s and the explosion of blockchain technology that is now happening now. As is often the case with Musk, it is not clear why he has decided to steer away from the technological advancements in the world wide web or prefers the internet as it is today.

Musk commented on a Twitter thread by American entrepreneur and investor Sam Altman, who suggested Web 3 might still have 2010 s-like returns and cautioned against over expectation from it. His view was that the returns on investment in Web 3 would not be very different from those made in the 2010s.

Musk was not amused.

The CEO of SpaceX and Tesla doubled down on his cynicism in another tweet.

When the first phase of the internet was launched in the 1990s, it was not interactive and users had few options. The birth of companies like Yahoo, eBay, and Amazon was part of the Web 1 era, as well as the advent of websites and blogs.

In the second phase, by giving consumers more freedom and facilities, the internet became much better in terms of user experience. Social media platforms and content sites such as Facebook and YouTube emerged during this Silicon Valley-centric period.

The third phase is hailed as a quantum leap forward from the second when developing technologies were expected to integrate and democratise the internet. Some of these advances are examples of artificial intelligence, artificial intelligence, and blockchain, while others are still in their infancy and growing rapidly.