Web3, Big Tech and Antitrust - Prof. Thibault Schrepel

Once upon a time, in the vast digital landscape, three powerful entities shaped the future of technology and commerce: Web3, Big Tech, and Antitrust. Each had their own vision and goals, which often put them at odds with one another. But not always. Web3 was the rising star, an advocate of decentralization and user empowerment. It represented a new era of the internet, where blockchain and decentralized technologies gave users more control over their data and interactions. Web3 aimed to create a digital world where individuals could transact directly, without intermediaries, ensuring privacy and ownership. Big Tech, on the other hand, was the established giant, reigning over the digital landscape with its centralized platforms. Companies like Meta, Google, and Amazon had built empires by providing easy-to-use services, but at the cost of collecting vast amounts of user data. Their dominance had grown to such an extent that they could influence entire markets. Enter Antitrust, the guardian of market dynamism. Antitrust’s mission was to ensure healthy competition, preventing monopolistic practices and promoting consumer welfare. As Big Tech’s influence grew, Antitrust became more vigilant, scrutinizing mergers, acquisitions, and business practices that could stifle competition. But our story truly began when Web3 started gaining traction. Layer 1 blockchains and decentralized applications (dApps) offered alternatives to traditional social media, finance, and commerce. Users flocked to these platforms for their promise of transparency and control. This shift caught the eye of Big Tech, which began exploring blockchain technologies themselves, either through partnerships or in-house development. Their involvement also raised concerns about whether they would co-opt the technology, maintaining their centralized control under a new guise. Antitrust got specifically concerned about Big Tech’s attempts to slow down Web3 adoption. Antitrust thus got involved and, despite Web3’s initial reluctance, teamed up with Web3 based on mutual interest… On November 5, 2024, Thibault Schrepel will unveil the rest of the story. Did Web3 make it? With the help of Antitrust? Without Antitrust? With or Against Big Tech? Join us as it promises to be interactive.