Web3 Is Going Great

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About

Web3 Is Going Great is a blog and Twitter account run by Wikipedia editor Molly White dedicated to tracking the various failures and monetary disasters related to Web3 and its various aspects, such as NFTs, cryptocurrency and The Metaverse. Launched in late 2021, the site began growing in notoriety with the January 2022 introduction of its Twitter account.

History

Web3 Is Going Great was created by Molly White, a Wikipedia editor, and launched in December 2021.^[3] The site tracks examples of failures and tremendous monetary losses, grifts and similar scandals with Web3 dating back to February 2021.^[1] White states in the page's "About"^[2] section that it is intended "to track some examples of how web3 isn't actually going as well as its proponents might like you to believe." She also makes clear that the site reflects her own opinions about Web3, that she owns no cryptocurrency, and does not make money off the site.

In February 2022, White was interviewed by The Verge^[3] about the project. The Verge reported the site then had 225,000 visitors to date.

Features

Blog posts on Web3 Is Going Great are usually written in a dryly understated style, which critics have opined heightens the humor of its coverage.^[3] Each blog post will link to articles from multiple sources to condense the story into one or two paragraphs (its article on Ubisoft Quartz shown below).

December 7, 2021 Ubisoft announces it will be shoehorning NFTS into its Tom Clancy game Ubisoft announced that it would be adding NFTS to its Tom Clancy's Ghost Recon Breakpoint title, allowing players to buy "Digits": artificially scarce in-game weapons, vehicles, and cosmetics. The announcement video on YouTube sported a 96% dislike ratio shortly after, with the top comment accusing Ubisoft of "milking the Ghost Recon franchise for literally Ubisoft "Wolf every cent while putting in Enhanced Helmet A" minimal effort into the NFT (attribution) actual game itself". Many Ubisoft developers were also caught off guard: some were worried they would be forced to include NFTS in their own games, while others raised environmental concerns that come with the NFT technology stack. The project had a very underwhelming reception- two weeks after its launch, they had sold only fifteen of the more than 2,000 NFTS, for a total of around $400. • "Ubisoft's NFT Announcement Has Been Intenselv Disliked", Kotaku

The site also features a number in the bottom-right corner of the screen that increases as a user scrolls through the website. The number purportedly tallies how much money has been lost or grifted through cryptocurrency scandals as users scroll through the site. As of March 18th, 2022, the site has tallied that a purported $8.5 billion has been lost through intentional thefts and scams in the Web3 space.

Online Presence

The site has been widely praised online by users on social media platforms and in the media. In January 2022, White launched a Twitter account^[4] for the site, which posts screenshots of the articles. As of March 18th, 2022, it has over 36,000 followers.

Search Interest

External References

^[1] Web3 Is Going Great – February 3, 2021

^[2] Web3 Is Going Great – About

^[3] The Verge – Why you can’t rebuild Wikipedia with crypto

^[4] Twitter – Web3isgreat

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Top Comments

HomogenousSmoothie

Mar 20, 2022 at 08:02PM EDT in reply to xTSGx

The fallacy is in thinking that Web 3.0's decentralization is anything but a branding move.

As it stands, the Ethereum network charges exorbitant prices for every transaction, most DeFi projects are implicitly or explicitly Ponzi schemes with a bunch of finance gobbledygook to mask the nature of the play, apps on Web 3 amount to little more than expensive file storage/shitcoin productions, and most insultingly DAOs (decentralized autonomous organizations) are still run by the founders and treasurers who have control over the branding, marketing, financial decisions, and zero oversight by legal or ethical counsel.

Which do you want to invest your retirement into? Daniele Sesta, who hired a convicted felon to manage his organization's funds and when called out on it tried to smoothtalk people into keeping their money in the project,

JP Morgan Chase Co, who while epitomizing corporate character are at least regulated by the SEC, insured by the FDIC, and have a transparent presentation of the identities of their executive board.

Web 3.0 is the same as 2.0. The only difference is that people pour money into the former as speculation. The latter is an actual investment.

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