A well-established figure in the blockchain and cryptocurrency space, Alex Tapscott brings extensive experience to the digital asset industry. He has co-authored an international bestseller on the subject, founded a blockchain research think tank, and as Managing Director at Ninepoint Partners, Tapscott has successfully introduced digital assets to markets in his native Canada.
His latest book, Web3: Mapping the Internet's Next Economic and Social Frontier—available now from HarperCollins—builds upon his 2016 bestseller Blockchain Revolution by offering a comprehensive analysis of the key themes in today's Web3 landscape for a general audience.
Tapscott spoke with CryptoSlate to share his insights on how blockchain and cryptocurrencies will transform businesses and investment strategies in this new era of the internet.
When Tapscott first discovered Bitcoin (BTC) in 2013, he initially viewed it primarily as a novel payment network. Like many others, however, his perspective evolved as he recognized the potential of blockchain technology extended far beyond financial transactions. As Tapscott explains, "This is a general-purpose technology that will have a profound impact on nearly every industry globally."
According to Tapscott, the original promise of the internet has largely gone unfulfilled. While the web has enabled unprecedented access to information and connectivity, most value creation has been captured by a handful of dominant platforms such as Facebook, Google, Amazon, and Apple.
Tapscott's book argues that emerging technologies like cryptocurrencies, decentralized finance (DeFi), and non-fungible tokens (NFTs) enable new models of digital ownership. These new models, as Tapscott describes, "I believe we're heading toward a world where these channels of online commerce and digital intermediaries will become less powerful, control less value, and exert less strategic influence in our society."
Tapscott positions himself as a pragmatist regarding Web3. The Blockchain Research Institute he founded helps organizations integrate blockchain into their existing business models.
As Tapscott explains, "This is a toolkit. It's the Web3 toolkit. It's a collection of tools and solutions that you can draw from, and you might discover something in there that's incredibly valuable for your business."
He points to companies like PayPal, Visa, Nike, and LVMH that are already implementing valuable tools from the Web3 toolkit without needing to go "all-in."
Nevertheless, Tapscott does envision a future where today's internet giants will become less dominant due to Web3 innovations. However, he doesn't see traditional models being completely discarded and replaced overnight. As he colorfully expresses, "The golden goose might eventually die of old age, but you don't need to take it to the chopping block right away, right?"
Tapscott compares Web3 to a frontier, an intentional and deliberate metaphor. He tells CryptoSlate:
Frontiers attract dreamers and visionaries, and they draw the naive and the gullible, and they attract criminals and hustlers, and they also draw savvy business people who typically end up creating tremendous wealth on these frontiers. I think that's probably true here... to simplify that a bit more, I would say that the world of Web3 can probably be broken down into missionaries, mercenaries and pragmatists, and I consider myself in the latter category.
Missionaries and mercenaries represent the extreme ends of the spectrum, driven by pure altruism or self-interest. Pragmatists occupy the reasonable middle ground while still being drawn to the missionary vision of a better digital world.
Tapscott also addresses the widespread concerns today about technology's impact on democracy, social control, creator livelihoods, and power concentration. While Web3 originated from similar concerns following the 2008 financial crisis, Tapscott notes that the critique has expanded to include the power of tech platforms, stating:
"If we do this right, there's an opportunity to rebalance the power structure and the ancient order of human affairs for the better. I believe this technology can be a crucial part of that transformation."
Tapscott sees Web3 as the first technological wave emerging when human capital and technology tools are equally distributed worldwide. He says, "I see the pioneers on this frontier are from all corners of the globe."
Tapscott acknowledges that frontiers carry risks as well as opportunities. He hopes his new book can serve as a guide to realizing the positive potential of Web3 while avoiding its pitfalls. If Tapscott succeeds in this educational mission, it may further establish his reputation as the foremost mainstream author on blockchain technology and Web3.
Web3: Mapping the Internet's Next Economic and Social Frontier is available now from HarperCollins and can be purchased through major booksellers worldwide.
