The Potential of Web3

Web3, blockchain, crypto whatever you want to call it, has a lot of potential. 

Right now the space is rife with speculation and hype. I’m much more interested in the long term benefits this could have in democratizing financial services, and giving people the ability to own digital items. 

That has been the promise of crypto for years, and it slowly advances year after year. The problem is that there’s so much more money to be made in selling metaverse land than there is in banking the unbanked. 

The hyper-capitalist aspects of crypto have attracted the most money-loving people in society. Traders, venture capitalists, hedge funds are all sophisticated market participants that now have more influence than ever. 

At the same time, there are still movements of people working for free, building in the public domain and releasing work out of passion. It’s important to note, that some of the most selfless builders have been in crypto long enough that they’re already quite rich, so subsequent projects do not need to make them more money. The ability to build without concern for future revenue is not an opportunity that most have access to. 

I was optimistic that crypto would change how we allocate value. I had this dream that we would find new ways to organize around essential movements in education, homelessness, mental health services, and more. There are countless things in our world that are important, but not properly funded. Web3 and DAOs could change this, and probably will start to change this over time. But it will take time. It will take trial and error. And that part of web3 is not a get rich quick scheme. It allows you to make impact slowly, and pave the way for future innovation.

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