Governance Tokens in Web3 and the Commodification of Control

Hi all, 

I came across this article from WIRED which discusses the use of governance tokens in web3 as a means of democratizing moderation and providing users more control over platforms. However, the article also highlights that since governance tokens are typically dispersed based on how much money users have invested in a platform, the likely result is a class divide on the new internet between those who can afford control and those who cannot (which is essentially where we’re at currently, with corporate control of social media). 

I think articles like this highlight the problematic trend of web3 technologies being focused on turning all aspects of our lives into things that can and should be bought and sold. In the coming years, I think governments will be forced to bridge communications laws, securities laws, and consumer protection legislation to ensure that these new technologies and their potential to exclude don’t exacerbate existing social and technological inequalities. 

Web3 Threatens to Segregate Our Online Lives

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