Co-authors of Dogecoin (DOGE) have reportedly denied the importance of Web 3.0 and non-fungible tokens (NFTs).
According to a new report by The Sydney Morning Herald, Palmer says Web 3.0, a new decentralized version of the Internet, is the solution to a problem that doesn’t exist.
“I think it is [Web 3.0] It’s a nail-hunting hammer that doesn’t provide much value to society in a meaningful way. ”
Regarding digital collectibles, dog-themed meme token co-creators say the hype surrounding NFTs is being used to lure more people into the crypto industry.
“Every few years there is a new story. In 2009, Bitcoin was trying to replace all these banks that puzzled you. A few years later, when it didn’t work. The story was that it was just a worthwhile store.
Then I pivoted to the ICO again [initial coin offerings]Democratized funding, and recently passed DeFi [decentralized finance] The story, it was just a complete fake. Now we have an NFT. This is simply the latest in a long line of changing stories, so the industry can embrace many new suckers. ”
Australian publications further report that Palmer has the view that up-and-coming decentralized protocols do not necessarily require blockchain technology or crypto assets to thrive.
“I’m a big supporter of decentralization, I had people [Eugen Rochko] To [Griftonomics] A podcast that created Mastodon, a distributed social network much like Twitter. Do you need a blockchain? Do I need cryptocurrencies to work? Absolutely not.
And the same is true for so many peer-to-peer protocols. What crypto does is to take advantage of incentives to win adoption by making the product speculative, which undermines much of the ability to service many of these use cases. “
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