Will blockchain work as a store of value? No
Will blockchain work for art? No
Will blockchain work for the web? No
Web3 is just another problem domain people up the pyramid chain are looking to expand their MLM into. Since blockchain (as with herbal life, etc.) isn't effective at almost anything, this will pass.
It's so laughably ineffective that I think we dont even really have to argue much with it. "Blockchain technology" takes the computing power of an apple watch and realises it with a data centre.
It's so bad its self-exposing to most non-gullible people.
I think we can wait for Web3 to pass, as with NFTs.
Next it'll be HousesOntheBlock, MedicalRecordsOnChain, etc. this will all cycle out over the next decade until gov's start to see the massive crypto losses, and as with the opiod pandemic, step in.
One would hope most govs would regulate it into oblivion soon. As soon as the pyramid scheme around crypto is broken 99% of its fanatics won't be desperately searching to find a use case.
Remember, with crypto, people's lives are actually invested in it. This ain't Rust. It's Rust but each keyword was $50,000 you need.
Everything else is IMO a bad layer of abstraction that will eventually bite you when you need to get closer to SQL.