I appreciated Richard Waters’ article on Christmas Eve regarding the Web3 initiative (“Web3 internet revolution will be as messy as previous iterations”, Inside Business, December 24) and he rightly asks what is the point.
Coincidentally a few days earlier Vodafone auctioned off for charity the first ever SMS. Sent in December 1992, it read “Merry Christmas”.
A couple of points of this sale struck me and chimed with Waters’ article.
Firstly, SMS or texting was a networking component of telecommunications that only became a user-friendly and highly cash generating service as part of mobile phone services, driven originally by customer use rather than outright service provider marketing. I think this addresses Waters’ question regarding Web3 — that it will be driven by customer adoption around the potentially unexpected virtue of its technology.
Secondly, Vodafone sold the original text in the auction using a nonfungible token. Waters’s concerns over NFTs are understandable, but maybe they will be overtaken by a market stampede to adopt.
Malmesbury, Wiltshire, UK