FTP is "Web1"? Huh?

"This network creation continues in web3 with the introduction of the value network. Examples include Ethereum, Solana, Polkadot, countless others"

So the big problem with web2 -- complexity -- is actually exacerbated by web3? I mean, that sounds true, but I'm not sure why you'd admit that if you're trying to promote it.

"Essentially any network can be monetized, tokenized, or incentivized, creating supercharged versions of our already rich variety of networks."

I have literally never heard any person suggest that they ever wanted anything even a tiny bit like this in real life.

"it’s no wonder there has been an explosion of creative activity and individual power over the past 20 years. In the web1 world, we still mainly had movie stars and bestselling authors. In web2, we have stars and activists in every genre, category, and format you could ask for."

Yes, we have wealth inequality higher than it's ever been in history. On the way to work, I walk past condos owned by millionaires, with little tent cities out front. It sounds like web3 will make the situation even worse.

"you will see more purely digital creation and digital reward (e.g. create an opera in a virtual world that’s monetized by a virtual currency that’s easily tradeable into other virtual currencies or goods"

This has got to be a joke. When's the last time you've been to an opera? I live in a medium-sized city which has a great tech scene, and a great opera scene, and I can tell you that the number of people at the intersection of these communities is approximately one person: me. (And I don't care about web3.) I assure you that the opera community cares far, far less about a "virtual world" than even I do. The opera community hasn't been going to opera houses to get their fix all this time because they were unaware of computers. That was never the limiting factor.

Maybe there's some scenario where "community X" and "virtual currency" do overlap, but if so, why not use that as your example? Probably because it would make web3 sound like the joke that it is. The best one I've seen so far is "(receipts for) cartoon drawings of apes". Good luck pivoting that into "opera" -- or any other artistic or productive field.

"Cloud storage & editing, powerful front-end frameworks, and ever-increasing browser strength have made it possible to collaborate effectively with anyone, anywhere, and in practically any field. Figma and Airtable are just two examples of recent web2 companies that have accelerated the ease of collaboration with individuals halfway around the world."

They're also great examples of how web2 is more centralized than web1, not less. (With web1, we'd just set up our own web server, and host a file.) You're using the web2 narrative to push web3, but don't explain how it would need to reverse all the incentives of the past 10-20 years. Wikis, P2P file sharing, SSL/TLS encryption, and free software have been around for decades. If anyone really wanted to decentralize, they've had ample opportunity.

"Web3 built on crypto has the possibility to be the major boon for wealth inequality"

Please, tell us how! I've read the "paradigm shifts" section a couple times and I don't see anything there which could ever conceivably help the homeless people in my city get homes. They're not sleeping in tents because their mining rig is too slow, or because they can't effectively monetize their Instagram feed.

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Thanks, great and also a little scary

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Deep - thanks for writing this article. I'm trying to think through how producers journey through web3, say a musician or scholar. Are you familiar with a write-up or two that describes such a journey, even if the journey is hypothetical?

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