For techno-optimists, Web3 promises a free, decentralised, community-governed internet powered by tokens, and completely owned by users and builders. For techno-pessimists, Web3 and the Metaverse are nothing but the Wild Wild West of tech innovation: at best,
a utopian dream of opportunistic geeks and billionaire VCs trying to create a new world order on the back of an instrumented economy, and at worst, a murky world of multilevel marketing, pyramid schemes, powered by the blockchain, cryptography, AI, VR and a large dose of FOMO.
A key concern about Web3-related technologies is the general ambiguity about what
is right or wrong. As with most emerging tech, innovation is outpacing regulation as authorities struggle to understand and control a system that is designed to be free of their control. Lack of regulatory oversight creates room for bad actors to harm platform builders and users. Some of the ethical issues in Web3 today are privacy and data leaks, ICO scams, copyright infringement with NFTs, and outright theft.
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