'Has anyone seen Web3?' Musk, Dorsey mock tech's latest buzzword

FILE PHOTO: Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California, June 22, 2012, as the car company began delivering its Model S electric sedan. REUTERS/Noah Berger

(Reuters) - Billionaires Elon Musk and Jack Dorsey dismissed the so-called Web3 and criticized the involvement of venture capital firms such as Andreessen Horowitz in building out what some have called the next phase of the internet.

Web3, a vague term for a utopian version of the internet that is decentralized, is based on digital record-keeping technology blockchain, which also drives the platforms running cryptocurrencies such as bitcoin and ether.