Elon Musk Criticizes NFTs and Web3

Elon Musk, CEO of Tesla, recently attacked outspoken supporters of “Web 3.0” on Twitter with his newest parody.

The billionaire posted a three-panel version of the famous “Urinal Etiquette” cartoon, which depicts a guy entering a men’s toilet and passing a slew of empty urinals before declaring his support for crypto, web3, and decentralised autonomous organisations (DAOs) to a stranger standing next to him.

For the last two months, crypto influencers and venture capitalists have been using the phrase “web3” as a buzzword. While the precise meaning is unknown, “web 3.0” is being marketed as a utopian vision of the internet in which people retake control of their data via the use of blockchain and other cutting-edge technology.

There are however those critics who perceive this new edition of the internet as nothing more than a money grab. Web 3.0, according to Cornell University professor James Grimmelmann, is “vaporware.”

Musk, without hesitating, tweeted earlier this week that the fancy phrase sounded like “BS” to him. Musk recently slammed non-fungible tokens (NFTs) in response to a tweet by Dogecoin co-founder Billy Markus regarding the industry’s growth of frauds. However, some supporters of the NFT craze saw the message as an endorsement.

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