“Lots of folks in the industry are desperate for solutions, and according to some, web3—the cluster of technologies that includes cryptocurrency, NFTs (non-fungible tokens), and the metaverse—is an inevitable wave that will help restructure the industry, bring more money into the hands of owners and creators, and heal the earth. To skeptics, web3 represents a useless (at best) set of schemes that offer no benefits above existing technologies and come with massive downsides: security risks, rampant scams, and catastrophic environmental damage.”