Web3 advocate and author Alex Tapscott on the future of blockchain mass adoption

Web3, blockchain, crypto and mass adoption were the main buzzwords in 2021 and 2022, but the media headlines narrowed their focus to the now-defunct FTX exchange and its founder trial, and public interest fell in the last year. Sam Bankman-Fried.

Fast forward, where media headlines are focused on the pending Bitcoin exchange-traded fund applications, more than 100% price gains for Bitcoin (BTC) and revival in the virtual token (NFT) markets.

Perhaps, Web3 is back.

In Episode 14 of The Agenda Podcast, hosts Ray Salmond and Jonathan DeYoung talk with Alex Tapscott about his deep insight into Web3 and how the technologies and ideas that support it are “transforming existing industries.”

The blockchain revolution is still happening.

Revolutions bring transformation, but these changes tend to happen gradually rather than all at once. Tapscott details Web3's impact on various industries, along with his agenda, and in his new book Web3: Shaping the Internet's Next Economic and Cultural Frontier, he breaks down and explains everything Web3 has to offer, from NFTs and Decentralized Autonomous Organizations (DAOs). to the converter.

While NFTs, DAOs, and the Metaverse are often offered as complete replacements for current structures in use, Tapscott notes that the ideas and tools offered by Web3 can be more effectively integrated into existing industries.

“What's even more interesting is not that existing companies are changing to new things, but that new things are coming that are useful and fun that drive adoption.” People use them because they choose them and because they think they will have more sovereignty and control over their data and assets than the individuals of that entity in Web3.

Related: Meet 13-Year-Old Student Selling Sneakers for Bitcoins: The Agenda Podcast

Tapscott cited conversations with Andreessen Horowitz general partner Chris Dixon regarding the regulatory challenges that continue to pose obstacles to the Web3 industry and whether or not blockchain will “fix everything.” From his conversation with Dixon, Tapscott said:

“Going back to what Dixon said, the technology is going to get better and more useful and then it's going to be something that everybody wants to use because we've ironed out the kinks. And I think we're still, really, figuring out the kinks. So that's point number one. But point number two. Just because we strip down and make these things better and more useful doesn't mean it solves every problem.

Tapscott explains that many people are “looking for salvation in technology” and may be disappointed:

“I think a lot of people turn Bitcoin into a religion. And I'll tell you like any religion before it, maybe, maybe, I don't want to get political or anything like that, but comment on people's beliefs. But I think it's not the right way to think of technology as something that will solve all your problems.”

Web3 provides tools, not a template to replace

Returning to the discussion of people's belief that Web3 can fix everything, Tapscott suggests that Web3, DAOs, crypto and blockchains should be seen as tools rather than paradigm shift catalysts to replace existing industries.

“I think it's a toolkit, or a set of tools that we can use to build new business models, to create new organizations, to transform existing industries. And that's all very well. And maybe in the process, we will put more power in the hands of people, we will give them the opportunity to get a share of the services and applications they use, and we can make anyone connected to the global economy, even though. Living in a part of the world that is often overlooked.”

To hear more from Tapscott's conversation with Agenda — including his thoughts on how Web3 will eventually become a part of everyone's lives — listen to the full episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!

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This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.