Ten years ago, the rebels hadn’t won. There was no Web 3. No non-fungible tokens (NFTs), no decentralized finance (DeFi), no decentralized autonomous organizations (DAOs). No Coinbase, no Ethereum, no a16z Crypto.
Now, in 2022, we have all of these things.
Elon Musk pitches dogecoin on Twitter. The Miami Heat shoot hoops in the FTX Arena. Matt Damon shills crypto to millions during the Super Bowl.
Now our feeds are full of NFT profile pictures, there are tokens worth $100 billion staked across dozens of DeFi ecosystems, and DAOs (almost) buy constitutions and Parisian art. Meanwhile, FTX chief Sam Bankman-Fried casually becomes President Joe Biden’s second-largest donor.
Web 3 is the biggest wealth creation event in history. The crypto rebels have won.
But we’re only 10 years in. What will happen in 2040? What does this mean for society? What does this mean for philanthropy?
To understand what will happen in 2040, we will look at three angles:
Now, in 2022, we have all of these things.
Elon Musk pitches dogecoin on Twitter. The Miami Heat shoot hoops in the FTX Arena. Matt Damon shills crypto to millions during the Super Bowl.
Now our feeds are full of NFT profile pictures, there are tokens worth $100 billion staked across dozens of DeFi ecosystems, and DAOs (almost) buy constitutions and Parisian art. Meanwhile, FTX chief Sam Bankman-Fried casually becomes President Joe Biden’s second-largest donor.
Web 3 is the biggest wealth creation event in history. The crypto rebels have won.
But we’re only 10 years in. What will happen in 2040? What does this mean for society? What does this mean for philanthropy?
To understand what will happen in 2040, we will look at three angles:
- Past: Web 3 in the history of wealth creation events.
- Present: How crypto whales are leveraging their wealth today.
- Future: Decentralized solarpunk society.
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Past: Web 3 in the history of wealth creation events
A decade ago, crypto billionaires didn’t exist. Now there are dozens of them, with Twitter-optimized acronyms, such as "SBF" for Sam Bankman-Fried and "CZ" for Binance CEO Changpeng Zhao.
We’ve seen this before. The old rich give way to the new rich. Emperors like Ghengis Khan and Caesar used to control all wealth.
Then the Industrial Revolution birthed billionaire oil magnates like John D. Rockefeller and steel magnates like Andrew Carnegie.
Computers and Web 1 birthed billionaires like Bill Gates and Michael Dell. Web 2 created the elite of today: Jeff Bezos, Steve Jobs, Mark Zuckerberg, Sergey Brin and Larry Page. And now, Web 3 has created SBF and CZ.
But are these crypto billionaires like SBF and CZ just a flash in the pan? Or are they forerunners of an impending wave of wealth creation?
Continue reading: https://www.coindesk.com/layer2/2022/05/24/how-web-3-changes-philanthropy/
