The co-creator of Dogecoin (DOGE) is reportedly dismissing the importance of Web 3.0 and non-fungible tokens (NFTs).
According to a new report by the Sydney Morning Herald, Palmer says that Web 3.0, a newer decentralized version of the internet, is a solution to a non-existent problem.
[adinserter block="1"]“I think it’s [Web 3.0] a hammer in search of a nail, and it doesn’t provide much value back to society in any meaningful way.”
On digital collectibles, the co-creator of the dog-themed meme token says that the hype surrounding NFTs is being used to lure more people into the crypto industry.
“Every two or three years, there’s a new narrative. In 2009, it was that Bitcoin was going to replace all these banks that just screwed you over. Then a few years later when that didn’t work out, the narrative was that it was just a store of value.
Then it pivoted again to ICOs [initial coin offerings], democratizing fundraising, and then recently we went through the DeFi [decentralized finance] narrative, which was just a total sham. Now we have NFTs, which are simply the latest in a long string of changing narratives, so the industry can get a bunch of new suckers in.”
The Australian publication further reports that Palmer is of the view that up-and-coming decentralized protocols do not necessarily require blockchain technology or crypto assets to thrive.
“I’m a huge proponent of decentralization, I had a person [Eugen Rochko] on the [Griftonomics] podcast who was the creator of Mastodon, a decentralized social network a lot like Twitter. Does it need a blockchain? Does it need cryptocurrency to function? Absolutely not.
And the same can be said of so many peer-to-peer protocols. What crypto does is play on the incentives of gaining adoption through making the product something people can speculate on, and that undermines a lot of its ability to service many of these use cases.”
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