Proponents of "Web3" often claim that their crypto-based platforms will eliminate some of the problems associated with conventional social media. It will replace big tech companies with decentralized systems, replace the drive for virality with a commitment to community. But Web3 remains entirely dependent on existing platforms to attract users, and relies on the same dubious incentives to build hype. Read more essays on living with technology at https://reallifemag.com and follow us on Twitter @_reallifemag.