Trends Report

Web3 Promises A Better Online Future But Contains The Seeds Of A Dystopian Nightmare

CIOs And CMOs Should Approach Web3 With Extreme Caution

March 28th, 2022
Martha Bennett, VP, Principal Analyst
Martha Bennett VP, Principal Analyst
With contributors:
Laura Koetzle , Charlie Dai , Paul Miller , Mike Proulx , Sara M. Watson , Merve Kandemir , Rachel Birrell

Summary

Web3 advocates promise an online future that isn’t dominated by big tech or other established firms like banks. The term has become practically synonymous with public blockchains, cryptocurrencies, and token-based ecosystems. But what does Web3 mean for CIOs, CMOs, and other executives? In this report, we lay out the vision of Web3; assess whether it can deliver on those promises today (it mostly can’t, and it’s unclear whether it ever will); and provide guidance on how to approach Web3 today (extremely cautiously).

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