We were wrong about Web 3.0 and we should admit it.

Luke Urban
6 min readApr 11, 2023

Since the very beginning, I was very skeptical about the whole Blockchain and new Web 3.0 hype. At first, I didn’t say anything because I thought I was lacking some knowledge and did — so I decided to play with the topic a little. I invested in some crypto, read about the decentralization they all talked about, looked at the NFT market, and after some time I…

Didn’t change my mind.

Everything seemed like a joke to me. Are people really believe in it? Do they really invest their life savings into it?

Why do I think we got it wrong?

Decentralization was a very strong and promising selling point. But after a while it hit me. So everybody can be a part of the NETWORK. I can be a part of the NETWORK. Right? All I need to do is to provide a server. Eazy! But do I want to support it for life? Probably not.

In the Crypto world, there is a person called the Whale. An individual who has so many tokens that can destabilize the whole market.

I am mentioning that when talking about decentralization because if I ran out of money there's always some company with endless supplies of greens that can buy the server from me.

Next, NFTs were shady from the beginning. Even becoming a meme on their glory days.

I think we created a solution to a problem we wanted to have, but gladly everything is going back to normal.

I will just mention the absurdity of the gas fees that were present in every transaction, but that’s it.

WEB3.0 hype ended with a recent STX crash and I can’t be happier about it.

Although, I am giving the credit when credit is due. There are two applications where Blockchain and (part) of Web 3.0 can shine.

  1. Banking
  2. Unified login (if simplified)

The current problem

We, as people, like new shiny things. We had Web 3.0 now we have ChatGPT, GPT-4, etc. And still… we are forgetting the basics —…

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Luke Urban

Building tech startups in public🔨Trying to portray technology a little differently. Emphasis on trying…I publish tech/startup/programming videos on YouTube🔴