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The promise of Web 3.0 was decentralization, with the idea of taking power away from banks and big tech and putting it on the blockchain. However, the results have fallen far short of the hype, with limited use cases, NFTs being a joke, and scams being rampant. This has led to a Web 1.0-style dot-com bubble, with money flowing from investors into Web 3.0 via Silvergate Bank for crypto and Silicon Valley Bank for tech startups. However, both banks failed this week, which may be seen as the tombstone for an era.
