Web2 companies are dominating the market nowadays. They are led by FAANG or MAMAA or GAMAM. Big Tech is what people usually refer them to as. Companies like Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, and Netflix. However, cryptocurrencies make them FOMO and possibly break them apart.
Web2 companies fear losing because Web3 will give users control of their data and choices to technology rather than forcing them to choose limited options Web2 provides.
Here is a 1 min summary of the article if you want to skip the reading.
What Is Big Tech
Big Tech companies are monopolistic companies similar to Big Oil. They dominated the market and controlled the market. They are influential and are buying up their competitors every time they can. They all started in the 1990s with massive growth in the use and adoption of the internet. People realized how easy and efficient it is to set up a business online rather than having a physical store to pay away their profits to landlords.
The peak of the first wave of Big Tech was the Dot-com bubble crashed. People were hyped about the internet, and many Dot-com companies were bankrupt due to the get large or get lost mentality, which was not sustainable.
After 48% of companies survive the market crash, tech companies have rethought their business models. However, companies that survived the crash had grown out become one of the most prominent players in the market. Then Big Tech was born and continued to grow out to dominate the market.
The World With Big Tech
Big Tech has grown out of control. Facebook's social media behavior was uncontrollable, and regulations could not restrict the companies’ behaviors to users. People seek a better alternative to having more ethical technology and respect their privacy.
One of the aspects of Web3 is to improve or replace Web2. Web2 exploited users’ privacy to gain profits unethically, and users have no control over companies and how their data will be used. Web3 will give back users control of data and make their own decisions about how their data will be shared and used.
The web3 idea was to threaten Web2 profit and business opportunities. Web2 companies would want their earnings as much as possible, but Web3 will become a real challenger, unlike regulations that cannot protect each individual. So web2 companies either want to adopt Web3 or be replaced by them.
Facebook immediately replaced its name with Meta, showing that the company fears losing the war. Web3 will decentralize everything, even how to profit through corporations. Web2 companies will lose their competitive advantage to Web3. So either Web2 needs to change, or it will die out.
Web2 companies’ FOMO shows the promise ideas from Web3. The future corporations will give users more ability to choose their futures rather than selling their future and force them to adopt.
Stay tuned for the 2022 Prediction #10: Time for DAO 2.0
This article is also published in Cryptologist as parnership publication.
Photo by Annie Spratt on Unsplash
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.