It seems people understand Web3 differently, hence their division. Web3, the third generation of the internet, will be based on blockchain technology, making it decentralized. In the current Web2 environment, a few powerful companies have amassed significant influence and can dictate terms for other internet users. Web3 advocates believe it will bring back the ideals of the original internet and solve the Big Tech monopoly problem.
Why aren’t Jack Dorsey and Elon Musk for Web3?
Tesla CEO Elon Musk has said that Web3 sounds to him more like marketing than reality. The EV (electric vehicle) billionaire has gone as far as challenging Web3 advocates to show him where it is.
This isn't the first time Musk has spoken against many things that others find valuable, though: he famously declared lidar technology a “fool’s errand,” and said that Lucid CEO Peter Rawlinson made no significant contributions to Tesla’s flagship car Model S. That hasn’t stopped automakers from adopting lidar in their self-driving vehicles or dissuaded investors from snatching up Lucid stock.
On his part, Dorsey has cautioned that people hoping for more freedom in Web3 will be disappointed. The billionaire Twitter co-founder believes that venture capitalists will end up controlling Web3, much like Big Tech companies monopolized Web2.
How to invest in Web3
However, investors know that Dorsey and Musk haven’t been right about everything, so they’ll keep seeking exposure to Web3. They can do that through stocks or cryptocurrencies: in the stock market, you can invest in companies that provide technologies that will power Web3 systems, and in crypto, you can invest in projects building Web3 apps. The crypto space offers more investment opportunities because most Web3 startups aren't publicly traded.
The best Web3 crypto projects to invest in now
The Web3 crypto project list has continued to expand. In addition to disrupting the Web2 status quo, developers aim to deliver better experiences for decentralized internet users. The pockets of Web3 seeing rapid development right now are finance, social media, and entertainment. Here are some of the best Web3 crypto projects:
Gala Games (GALA).
Decentralized Social (DESO).
The Graph (GRT).
Ankr provides cloud computing resources suitable for developers building Web3 apps. Its solutions are designed to be more flexible and affordable than offerings from traditional cloud vendors such as Amazon, Microsoft, and Google.
Meanwhile, BitTorrent is a peer-to-peer file sharing platform whose work fits well with Web3 aspirations, and Gala Games makes Web3 games. Decentralized Social operates a platform for building and launching Web3 social media applications that will take on the likes of Facebook and Twitter, and DappRadar, a store for decentralized apps, can be thought of as the Web3 version of Apple’s App Store or Google Play. The Graph is a Google-type search engine for blockchain apps.
Stargate is a crypto bridge that enables DeFi and Web3 apps to work across multiple blockchains. It’s run by the LayerZero protocol, whose investors include Web3 champions Coinbase, Andreessen Horowitz, and FTX Ventures. Stargate stands out because its solution facilitates crypto transfers across blockchains in a single transaction.