On February 9, O’Reilly appeared on CBS Moneywatch to discuss cryptocurrency, blockchain, and the rise of the Web3. He is the first person to introduce the concept of Web2 to the world and is the founder of the famous media company O’Reilly Media in US.
O’Reilly claims that Web3 will seem immediately after the crypto bubble burst. Therefore, crypto must first fail like the Dotcom bubble, which rocked the US tech industry when industry-related stock prices in the 1990s were over-inflated and collapsed rapidly afterward, leading to the bankruptcy of many famous companies at that time.
“Web2 is not just a quantity, it is the 2nd model of the net immediately after Dotcom’s failure. I will not feel we’ll be in a position to get in touch with Web3 “Web3” until eventually the cryptocurrency is broken. Because only then can we see what lasts “.
While the O’Reilly Media founder warns Web3 should prepare for crashing, he also offers some optimistic view for what he thinks will happen after that.
“Once tolerant of failure, good platforms attract a lot of potential capital and resources. From there, we can really start building something of value ”.
Moreover, O’Reilly also expressed his desire to see which projects will survive the “purge” and hopes that many “indiscriminate” funding sources are taking place on a daily basis in the market will disappear. He believes that the crypto industry should focus on practical adoption rather than valuation numbers.
Moreover, the crypto market is toward CEX exchanges, DEXs, token issuers, the NFT sector, and the metaverse. The technology entrepreneur affirmed that the scope of Big Data and artificial intelligence should have extra value.
Web3 is a fairly popular term in recent times to describe the new generation of Internet created for global users. Accordingly, Web3 has become a hot topic and attracts investment companies to continuously pour capital into the field.
Some prominent representatives can be mentioned such as Hashed investment fund ($ 200 million), Polygon fund and Seven Seven Six ($ 200 million), IOTA ($ a hundred million), Polkadot (993,286 DOT), Elrond (acquired). Utrust platform), Consensys (acquired the Mycrypto portfolio), The Graph ($ 266 million), Animoca Brands ($ 130 million) and Sequoia performed a $ 450 million investment round in Polygon.
In addition, Meta and Google have both acknowledged that Web3 will be the key to future development. But despite receiving such support, Web3 has also caused a lot of criticism from some famous figures in the technology field such as Elon Musk and Jack Dorsey.
(Reference: Coinlive)