Last week on Twitter, Jack Dorsey trashed the buzzy tech trend known as Web3, telling consumers to be wary and dismissing it as a tool for venture capitalists hyping cryptocurrency. Tim O'Reilly, the author who coined the phrase Web 2.0 back in 2004, also warned this month it was too early to get excited about Web3. Time Magazine's Person of the Year, Elon Musk, trolled simply, "Web3 sounds like bs."