Along with the fact retail are currently mesmerized by the latest big chain narrative being crammed down their throats by all the vest wearing VC assholes. My, how those narratives have morphed over the years. A pile of solutions looking for a problem. World computer. Sound money! ICOs, No, Sound money! WEB3! No sound money! No WEB3!!!
I want to take a moment to outline why Web3 is massively retarded, then I will go back into my hole.
Web3 will fail for one simple, elephant-in-the-room reason that seemingly no one wants to discuss or think about:
People do not want to, and will simply REFUSE to, pay
more (beyond their internet access cost) in order to access content on another version of the internet. No matter what it contains or how great it is.
Period. It's basic human nature.
The VCs believe that they can incentivize people with fake incentives to PAY MORE to be on Web3. It too will also fail.
People will just flat out refuse to pay for it. Just look at the internet today. When most are confronted with a now-required subscription to a website that formerly had free content, most people just leave that website and kiss it goodbye, never to return. That's why almost all major websites make the subscription completely optional, or offer exclusive subscription-based content along with the free stuff. Because if they didn't do that and made the subscription mandatory for all their content, they would lose the majority of their viewers, and thus ad revenue.
Once you've opened Pandora's box and made the internet free and open for 40+ years, you cannot go back and then make it pay-to-play, or micro-transactions everywhere.
All the other reasons why Web3 might fail are little more than window dressing.
Maybe, but they do pay for Netflix, Hulu, Disney, Prime and Xfinity, sometimes simultaneously for all five.
People also take roads with tolls around here, even when no-toll roads are available.
Oh, sure. There will always be the minority of crazies that jump on the bandwagon. I guess I shouldn't have used a blanket statement of 'people', but I really meant the majority, like 95-99% of people won't do it.
I am more concerned about some web3 companies doing play to earn where you engage in some meaningless activity to earn small amounts of "currency".
You are basically sell yourself (as a human being) short.
Yep. I mean, look at Steem. What a great concept, right? Open website where people can post any content, and other people pay to read other's posted content with microtransactions in Steem currency. So you earn Steem by posting content. But look at the adoption...next to nil. By all measures it has been a failure. And the value of Steem has fallen off the map, currently ranked #327 on CMC. I can remember a time when it was in the top 15 of the crypto list.