Alex Tapscott, writer, technology investor, and co-founder of The Blockchain Research Institute, shares five key insights from his new book, “Web3: Charting the Internet’s Next Economic Frontier.”
1. Web3 is the next era of the internet: Tapscott explains that we are entering a new era known as Web3, which is a decentralized Internet where individuals own their identities and online creations. Web3 empowers individuals, enshrines digital property rights, and transforms industries such as media, retail, and finance. It is the Internet’s next economic and cultural frontier.
2. The next Silicon Valley won’t be a place: Tapscott argues that Web3 is emerging at a time when technology tools and human capital are more distributed than ever. Unlike the centralized nature of the original Silicon Valley, Web3 democratizes access to information and provides a globally level playing field for earning money, owning assets, and building wealth. The future is already here, and it is decentralized.
3. The digitization of assets will transform financial services: Tapscott believes that Web3 is ushering in the greatest transformation of financial services since the invention of double-entry bookkeeping. Decentralized finance (DeFi) reimagines finance from first principles, such as lending and payments. Digital assets, or “tokens,” enable infinite programmability and represent anything of value. Tokens are the building blocks of Web3 and are impacting every industry and institution in the economy.
4. Culture needs a new business model: Tapscott discusses how Web3 can provide a new business model for creators, allowing them to get paid fairly and promptly for their work. He shares the story of Sevi, an artist with autism whose mother used non-fungible tokens (NFTs) to sell his artwork and provide him with the support he needs. Web3 tools give individuals ownership over their digital goods and enable new ways for creators to monetize their work.
5. History doesn’t repeat when it comes to technology investing: Tapscott highlights that revolutionary technologies, such as artificial intelligence, blockchain, and biotechnology, are emerging simultaneously. These technologies have the potential to rewire the economic power grid. While setbacks and challenges are expected, investing in these transformative technologies can lead to significant opportunities.
In his new book, “Web3: Charting the Internet’s Next Economic Frontier,” Alex Tapscott explores the potential of Web3 and its impact on various industries. He emphasizes the need to embrace decentralized technologies and take advantage of the opportunities they present in a rapidly evolving digital economy.