Forward Industries chairman and Multicoin Capital co-founder has declared Web3 effectively dead, contending that only decentralized finance and decentralized physical infrastructure networks hold genuine economic viability. The stark assessment reflects growing skepticism within crypto venture circles about the Web3 narrative that dominated 2021-2022 fundraising cycles.
The executive's position suggests that broader Web3 applications—projects that attempted to decentralize social media, gaming, and general internet services—have failed to achieve meaningful adoption or solve real-world problems at scale. This contrasts sharply with DeFi protocols, which have demonstrated sustained user engagement and capital lockup, and DePIN projects, which tokenize physical infrastructure and have attracted institutional interest in recent months.
The commentary underscores a market recalibration toward projects demonstrating concrete utility rather than theoretical paradigm shifts. It echoes sentiment from other institutional crypto investors who have become more selective about funding, prioritizing sectors with defensible competitive advantages and clear revenue models over experimental social or entertainment-focused blockchain applications.