Is this why Silicon Valley is obsessed with it? It is allegedly a fundamental remaking of the internet, taking control back from the tech behemoths and helping some people make a lot of money. The concept is intrinsically tied with financial value, however exactly what it is is harder to define. Throughout 2021, Peter Kafka heard Web3 pitches, debates, and daily discussions, with many of his tech dabbling social circle admitting that “they’ve gone down the rabbit hole,” convinced that there’s something huge and vital to be found. In this piece, Kafka breaks down Web3, the comings and goings of tech bubbles, and why it sets off many of his early warning indicators when something’s not quite right.