Dogecoin (DOGE) co-creator says Web3 has little value and NFTs attract new investors
One of the co-creators of Dogecoin (DOGE) is said to have disregarded the relevance of Web 3 and non-fungible tokens (NFTs).
Web 3.0, a more decentralised version of the internet, is a solution to a non-existent issue, according to a report in the Sydney Morning Herald.
There is no real benefit to society from Web 3.0, according to my opinion. It’s a hammer looking for a nail. The co-founder of the dog-themed meme coin claims that NFT excitement is being utilised to get more individuals to join the crypto sector.
As the saying goes, a new story emerges every two or three years. In 2009, it was predicted that Bitcoin will displace all of the banks that had taken your money and used it for their own gain. There were some years afterwards when it was portrayed as merely a safe place to save your money.
ICOs [initial coin offerings], democratising funding, and then later the DeFi [decentralised finance] story, which was simply a pure fraud, were all examples of this shift. To attract new customers, we now have NFTs, which are merely the latest in a long succession of shifting tales.”
Decentralized protocols are not inherently dependent on blockchain technology or crypto assets, Palmer believes, according to the Australian magazine.
“My show [Griftonomics] had a guest [Eugen Rochko], the developer of Mastodon, a decentralised social network similar to Twitter, on it. Is a blockchain required? To what extent does the system rely on cryptocurrency? Not at all.”
This is also true of several other peer-to-peer protocols. Many of these use cases can’t be served by crypto because it plays on the incentives of gaining acceptance by making the product something people can speculate on, and it weakens much of its ability to do so.”