Nathan Baschez is the cofounder and CEO of AI word processor Lex. He cofounded Every, was the first employee at Substack, and co-created Product Hunt.
Overcoming Web3 Bias
How to navigate strange new paradigms that could change everything—unless they don’t.
Sep 13, 2021 · 5 min readUpdated Jul 11, 2026
Author’s Note: This was written in the Fall of 2021, near the height of the most recent crypto boom. The mood then was very different then than it is now, but the ideas are as interesting and important as ever (in my humble opinion, lol). In fact, it’s perhaps even more useful to revisit web3 hype now, since we have a bit more emotional distance from the price swings.
Enjoy!
Lately I’ve been teetering between fascination and disgust with regard to web3.
Some days I feel like the holy trinity of NFTs, DAOs, and DeFi might replace the very foundation that society rests on. Other days it feels like 90% vaporware and Ponzi schemes that collectively emit more CO2 than a medium-sized country.
The challenge, as I see it, is to hold both of these ideas at once.
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