Tesla CEO Elon Musk and Twitter Co-Founder Jack Dorsey ⁠are skeptical about the potential of Web3 to change the way how the Internet works today. On Tuesday, Dorsey warned in a tweet that the Web3 technology will eventually be consumed by smart money like VCs and liquidity providers.

Dorsey’s comment comes a few weeks after the Telsa CEO also criticized Web3 calling it a “#bs” in a response to Sam Altman’s tweets who forecasted that the concept of distributed startups still might have “2010s-like returns.”

Later, Musk doubted Web3's existence at all, saying that the concept so far is nothing more than a marketing buzzword.

Web3 is a concept of a new version of the Internet where many — if not all — applications are run on decentralized networks with many peer-to-peer (p2p) nodes that function as servers.