Former Google CEO Eric Schmidt has joined the club of those who praise the Web3 technology, saying the model is "very powerful" as it eliminates the need for a centralized manager. Speaking to CNBC Make It, Schmidt said that the idea of total decentralization has been with him for a long time now.

A new model [of Web] where you as an individual control your identity, and where you don't have a centralized manager, is very powerful. It's very seductive and it’s very decentralized. I remember that feeling when I was 25 that decentralized would be everything.

Web3 represents an idea of the third generation of the Internet focused on decentralization with the help of blockchain where each member of the network controls their data by using token-based economics (also called tokenomics). Apparently, Schmidt is also interested in this part of Web3, admitting that tokenomics "doesn't work yet, but it will."

[Web3's] economics are interesting. The platforms are interesting and the use patterns are interesting. [It] doesn't work yet, but it will.

Schmidt, who was named #80 on Forbes' list of richest persons in 2022 with $22.1 billion, is now part of Web3 supporters, who have spent hundreds of millions of dollars on the concept of the decentralized web. One of these Web3 tycoons is Binance Founder and CEO Changpeng Zhao (CZ), who was ranked #20 on the list with $65 billion.

In an interview with Inc42, CZ said the exchange is committed to supporting the future of Web3 and the metaverse as these technologies "will create more financial freedom, transparency, secure information delivery and other unique experiences."

Still, there are also those hard naysayers who believe that Web3 is nothing more than just another version of Web2, wrapped in blockchain and tokens. Ironically, the biggest skeptic so far is also the world's richest person. Elon Musk, with a fortune of over $240 billion, doubted Web3's existence at all, saying that the concept so far is nothing more than a marketing buzzword.

His ideological ally — Twitter Founder Jack Dorsey — also stressed that the idea of owning Web3 is nothing more than an illusion as venture capitalists and their liquidity provider will always do their best to save their presence no matter how revolutionary the technology is.

Read also: Web3 adoption faces 'human nature,' Bloomberg says