Only In Crypto: A Croissant Explains Web3 And NFTs To Elon Musk
December 23 2021 - 3:30PM
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The debate over ownership in Web3 has waxed on stronger as
prominent figures like Elon Musk and Jack Dorsey have continued to
fan the flames. This has prompted those in the space to come to the
defense of Web3 and provide much-needed explanations about Web3.
One of those is a croissant on Twitter which makes informative
threads revolving mostly around Ethereum. This time around, the
croissant replied to SpaceX CEO, Elon Musk, regarding his stance on
Web3. Musk had posted a tweet mocking the innovation asking if
anyone had seen it, as he joked that he couldn’t it. Subsequently,
the CroissantEth had replied with a thread focusing on explaining
Web3 and NFTs to the billionaire. Related Reading | Dfinity
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Owning The Net With Web3 CroissantEth starts by explaining its
foray into independent writing. First explaining how centralized
platforms like Facebook and Twitter had managed to end years of
hardwork after shutting down its Facebook account. This served as
an opening for the argument for Web3 and why it is important for
internet users. Basically, with Web3, the users control the space.
Using its own website, The Bakery, as a case study, CroissantEth
shows how decentralized everything from payments to subscriptions
is. All of it without needing access to users’ bank information or
having to involve a third-party payments processor such as Western
Union. It explains how users can access the information on the
website by owning NFTs and being able to hold on to these NFTs for
life, pass them on as a gift, or even sell them on secondary
markets to other users. A completely decentralized system that
cannot be stopped by a single platform because everything is under
the control of the user, stating that “With Web3, I am the
platform.” In conclusion, it asked skeptics to read through the
read to see that Web3 and NFTs are more than they appear to be.
Others Pile On For Support The comments by Elon Musk and Jack
Dorsey have not been well-received by those in the Web3 community.
Most took offense to Dorsey saying that Web3 did not actually
belong to the users but rather to the VCs and LPs who are investing
heavily in the space. Related Reading | Jack Dorsey Disses
Ethereum, Web3 In Twitter Rampage Tyler Winklevoss, one-half of the
Winklevoss twins, famous for Facebook and being the first bitcoin
billionaires, hit back at Jack Dorsey with a tweet that suggests
the CEO has benefitted from the technology. The tweet featured a
screenshot of a news story that covered the ex-CEO of Twitter
having sold his first-ever tweet as an NFT for a whopping $2.9
million, tagging the picture with “Brought to you by Web3.” The
space is still new territory and is in the period where people are
having to decide on which side on the fence they sit with the
technology. Time will tell if it will be the technology that
revolutionizes the internet or just another passing fad. Featured
image from Pexels, chart from TradingView.com
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