Skeptics and critics have called Web3 a scam, a multilevel marketing campaign, and a Ponzi scheme. While promoted under the guise of freedom, ownership, and an “of the people, by the people, for the people” narrative, critics say Web3 is simply going to make those already deeply embedded—and invested—in cryptocurrency and blockchain even richer. Critics also point to the hype and relatively limited scope and success of technology like augmented reality, or the fact that crypto is not a more widely adopted currency as evidence that Web3 may not come to prominence as proponents hope.
This story originally appeared on EWR Digital and was produced and distributed in partnership with Stacker Studio.
