The old internet shows signs of quietly coming back

> 'Some people use the term "Web 3.0" to refer only to decentralized blockchain-based networks without considering that all personal websites have essentially the same goals, be they on the regular Internet or on the new blockchain networks. Those who use the term "web 3.0" seem to have forgotten that self-hosted personal websites that run on home servers and are accessible over the regular Internet are inherently decentralized. Unfortunately, despite common goals, some on today's old Internet are hostile to blockchain technology. I am not sure why.'

What goals does today's crypto-token-powered "web 3" vision share with the old Internet? It's not enough to say "well it's decentralized" and do a handwave.

Consider the NFT exploration Moxie Marlinspike did recently:

https://moxie.org/2022/01/07/web3-first-impressions.html

This is essentially a system that lets you buy DRM'd metadata that points to servers owned by a corporation funded by billions of VC dollars, and transactions are recorded on a ledger that spends more power than the entire country of Finland. The only purpose of these activities is to speculate on prices of these make-believe digital assets.

None of these things have anything to with the old Internet: cargo cult DRM, billion-dollar VC funding, enormous energy waste, artificial scarcity where none is needed.

That website on dial-up was slow because of real physical constraints, not artificial constraints erected to make VCs richer at the expense of the planet's ecosystem.

I follow the NFT thing, at least in its metaverse incarnation, and it looks like it's about over. None of the 3D worlds that have NFTs have significant usage. The reaction of game companies is mostly "do not need or want". The reaction of gamers is "hell, no". Nobody is doing much with their overpriced "virtual land". Where it even exists. There are many wannabe virtual worlds that never actually launched a 3D world.

There isn't much of an NFT resale market. There are minters, and there are suckers. Any chance to make money flipping NFTs was used up last year. NFTs may stay around as collectables, but to make money that way, you must have fans who buy your merch. You need to own an NBA franchise, be a famous performer, or have a major collectable brand.

NFT sentiment on Reddit has gone from positive to very negative in the last three months. The hype isn't working any more. Without hype, it dies.

Then there's enforcement. About twice a month, the US SEC brings the hammer down on some crypto-related crook.[1] They're still working through the Initial Coin Offering scam backlog. They'll get to NFTs as the complaints start coming in.

[1] https://www.sec.gov/spotlight/cybersecurity-enforcement-acti...