In recent months, several major companies have prompted backlash by announcing their plans to explore Web3. In most cases, the critics complain of the purported environmental impact of Bitcoin mining, NFTs, and other cryptocurrencies.
Crypto is growing fast—and traditional companies want in. However, not everyone is happy with that.
As the concept of a blockchain-based decentralized Internet—a realm crypto enthusiasts refer to as “Web3″—moves into mainstream consciousness, many so-called “Web2” firms that succeeded during the second phase of the Internet have begun to explore ways to join the crypto bandwagon. However, over the last year, several notable Web2 firms have faced heat from users for making efforts to embrace the technology. In some cases, simply discussing blockchain has been enough to incite fierce criticism.