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.
“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.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Unknown man