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N.F.T.s are supposed to help artists and other creatives distribute and profit from their work - but the market is so full of scams and gimmicks that it’s hard for legitimate creators to get a foothold.

The first blockchain, Bitcoin, was supposed to function as a digital currency - but you typically still can’t use Bitcoin to buy a burrito. Should we be leery of promises as bright as this? Perhaps. Here’s how you pitch web3 if you are Arianna Simpson, a partner at a big venture-capital firm that invests in this space.Īrianna SIMPSON: It’s really kind of empowering the users, which is a very significant shift from what we saw as the model in web2. The idea is that a global chain of collaborative computers can help migrate digital information away from centralized platforms, which are controlled by big companies or institutions, and onto a decentralized internet that’s owned by no one.

But theoretically at least, blockchain technology can also become the foundation for web3. In the first two episodes of this series, we defined what blockchains are and what sort of spawn they’ve been generating: cryptocurrencies, N.F.T.s, and so-called smart contracts. We can actually control with great granularity who would have access to our information and what pieces of our information. GIANCARLO: The promise is we can take back control. But now we know: if you are not paying for a product, the product is you. It took years for some of us to appreciate what Giancarlo is saying here. And they’ve turned us, the surfers, into the product themselves. GIANCARLO: But people are concerned that Web 2.0 got hijacked by a number of big-tech companies that not only censor what you see, they actually condition how you react to what you see. Years later came companies like Facebook, building interactive platforms that encouraged a less-static online experience. dial-up service and Netscape Navigator to look at websites. GIANCARLO: Web 1.0 was a pretty static online experience. To appreciate this new architecture, we need to backtrack a few decades. GIANCARLO: It’s a whole new architecture of things of value, of banking, finance, and money itself.

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We’ve been hearing from Giancarlo throughout this series on blockchain technology and cryptocurrencies. There’s this concept of Web 3.0.Ĭhris Giancarlo, also known as CryptoDad, is a former chairman of the Commodity Futures Trading Commission, or C.F.T.C. Christopher GIANCARLO: I do want to talk about one thing.

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