Web3 is dead. Long live web3.

It has been a rough week in the web3 world.

FTX collapsed, wiping away fortunes and tattooing the idea of crypto as a scam into the minds of people everywhere.

The FTX collapse is an example of exactly why decentralization is necessary, but it is clear that to the majority of the public it just means crypto = bad. It will set back efforts to integrate web3 technology into other industries, education included.

☠️ Web3 is dead.

However, true web3 might just find more fertile ground. The inevitable influx of regulation and move towards true decentralization will help the industry mature. The consistent scams may scare profit-seeker away and leave room for builders.

😇 Long live web3.

What seems obvious is the change in nomenclature. We have already seen this with Reddit - which has issued "collectibles" to nearly 3 million new wallets - and Starbucks Odyssey - a loyalty program built with NFTs that does its best to not let users know they are using the blockchain.

The future of web3 will be technology that is abstracted away. Users, or students, will get the thing they want, when they want it, with the ownership they want. No need to learn fancy web3 lingo.

This trend bodes well for ed3. At its core, blockchain technology is really good at keeping track of data. No wonder people refer to it as a ledger - it's the ultimate Google Sheet with everyone's records in it. It's a natural fit to make credentials more easily recognized and interoperable. It ultimately unlocks opportunity and creates pathways for learners.

Ed3 is not going anywhere, but I imagine how we talk about it will change.

Web3 is dead. Long live web3.