By Alicia Maher
Tesla CEO, Elon Musk, took to Twitter to make fun of advocates of Web3.0 using a meme. The richest man in the world posted a picture showing the famous “Urinal Etiquette” comic in 3 frames. The photo depicts a man skipping past many urinals to use a urinal next to someone he doesn’t know to tell him about investing in crypto and Web3.0 while urging him to join his decentralized autonomous organization (DAO).
Elon Musk’s Thoughts On Web3.0
Cryptocurrency investors and experts have been using the expression Web3.0 a lot recently. The term has become a slang of sorts in the crypto world. The word lacks a specific meaning but is seen as a new phase of the internet that will see users taking control of their information and sharing the internet economy.
Those at the forefront of pushing for this revolution believe that blockchain technology and the metaverse will be instrumental in bringing this new dawn. Many also believe that people want to use the idea to enrich themselves. A professor at the University of Cornell, James Grimmelmann, admitted that he saw Web3.0 more like a marketing gimmick that might never happen.
It will not be the first time Elon Musk will be taking a jab at the technology. The CEO of Open AI and former president of Y combinator took to Twitter to express his belief that investors are about to experience a decline in returns on their investments during this decade. However, he added that these returns could be better if they invested in Web3.0.
Elon Musk responded to Altman on Twitter, stating that Web3.0 sounded like BS. The billionaire and the controversial online figure went on to say that he believed that the idea of Web3.0, in his opinion, was a worse bubble than the dot com frenzy. The 90s saw a lot of investments go into online startups that failed.
Dogecoin Remains His Favorite
All this said, Elon Musk remains a supporter of meme coin king Dogecoin. The multibillionaire on Twitter showed his support for the coin once again in response to a tweet from Coindesk. Coindesk revealed that the high gas fees on the Ethereum blockchain were preventing investors with little capital from engaging decentralized finance platforms. The Tesla boss responded to this by mentioning Doge.
It should be noted that Jack Dorsey stepped down as Twitter CEO to work on Web3.0 projects and his payments platform. Shortly after his resignation, the payments platform Square underwent a title change to be called Block. Musk is a known supporter of Web3.0 and a proponent of blockchain projects on Twitter.
Dogecoin has pushed into the top ten cryptocurrencies largely due to support from people like Elon Musk. Musk firmly believes that Dogecoin can beat Bitcoin with fast transactions and low fees. Many attribute the meteoric rise of Dogecoin in May to Musk’s sentiments on Twitter. The meme coin has since dropped from those highs but maintains a lot of potential.