Alright, let’s dive into Web3. Think back to when you first heard about Bitcoin. Was it a quiet whisper about some groundbreaking technology? Did you feel a little FOMO as those early adopters seemingly struck gold, even if it wasn’t immediately clear what you could do with this new “money” (besides maybe buy a ridiculously expensive pizza)? Or did you just wonder if your company should be thinking about a crypto strategy, just in case it blew up, even if you were personally on the fence?
What probably happened next, whenever you first encountered Bitcoin, was a crash. Every so often, Bitcoin’s value takes a nosedive. And each time, the skeptics emerge, ready to write its obituary. They’d call it a scam for nerds and criminals, a niche interest for techno-libertarians and those who distrust banks. Bitcoin, they’d insist, had no place alongside real tech companies. And then, inevitably, it would bounce back.
Now, Bitcoin’s everywhere. The buzz around Web3 is undeniable, attracting not just investors and entrepreneurs, but also a growing number of people seeking Web3 jobs in this field. Amidst the constant barrage of information, many of us missed cryptocurrencies slowly creeping into the mainstream. Until, seemingly overnight, Larry David was pitching them during the Super Bowl; celebrities like Paris Hilton, Tom Brady, and Jamie Foxx were endorsing them in ads; and a frankly bizarre Wall Street-inspired robotic bull celebrating cryptocurrency was unveiled in Miami. Something that started as a curiosity, then became a speculative niche, has morphed into big business.
But crypto is just the tip of the iceberg. The real story is the technology underpinning it all: blockchain. Blockchain is a “distributed ledger”—a database spread across a network of computers, not confined to a single server—offering users a transparent and immutable way to store data. And blockchain is being used for all sorts of things: creating “digital deed” ownership records for unique digital items—NFTs. NFTs have exploded in popularity, creating a $41 billion market seemingly from thin air. Remember Beeple’s NFT artwork selling for a staggering $69 million at Christie’s? That’s NFTs in action. Even more out-there concepts, like DAOs (“decentralized autonomous organizations”), function like corporations without a central head: they raise and spend funds, with decisions voted on by members and implemented by encoded rules. One DAO even tried to buy a rare copy of the U.S. Constitution. And then there’s DeFi (“decentralized finance”), whose proponents are lobbying Congress, envisioning a future without traditional banks.
All of this falls under the umbrella of “Web3.” It’s a convenient shorthand for the effort to rewire the web, using blockchain to transform how information is stored, shared, and owned. The idea is that a blockchain-based web could dismantle the monopolies that control information, profits, and even the way networks and corporations operate. Web3 advocates claim it will spawn new economies, new kinds of products, and new online services; restore democracy to the web; and define the next chapter of the internet. They’re saying Web3 is inevitable, like some digital Thanos.
But is it, really? While there’s definitely a lot of energy, money, and talent flowing into Web3 projects, overhauling the web is a monumental task. Blockchain faces some serious technical, environmental, ethical, and regulatory roadblocks. A growing chorus of skeptics argues that Web3 is riddled with speculation, theft, and privacy issues, and that the forces of centralization and the emergence of new intermediaries are already chipping away at the utopian dream of a decentralized web. Even experts like a Google Ads consultant SF recognize the challenges of navigating this evolving digital space, especially when it comes to marketing and visibility in a shifting online ecosystem.
Meanwhile, businesses and leaders are trying to figure out the potential—and the risks—of this quickly evolving landscape. Many companies are dipping their toes into Web3, some with notable successes, others with very public missteps. And most people? They don’t even really know what Web3 is.
So, welcome to the confusing, contested, exciting, utopian, scam-ridden, disastrous, democratizing (maybe) decentralized world of Web3. Here’s what you need to know.
