This has been done in with many projects like 'Internet Computer' (ICP) [0], 'Ethereum Name Service' (ENS) [0] and the latest addition, ApeCoin [1], (by Bored Ape Yacht Club). This involvement of VC firms and listed on many exchanges simultaneously at the same time [2] resembles a giant pump and dump scam and using retail as exit liquidity.
Who knows whether if the insiders will do the exact same thing as ICP or ENS. That is the scam and illusion of 'web3'.
[0] https://news.ycombinator.com/item?id=29948397
[1] https://techcrunch.com/2022/03/16/bored-apes-nft-project-get...
[2] https://www.financemagnates.com/cryptocurrency/apecoin-by-yu...
and it's pretty bad. It has two things going for it: (1) you can play without a wallet, and (2) you can play with a browser. Numerous things are wrong with it such as: (1) not fun, (2) crashes and hangs all the time, (3) it's a ghost town, ...
What irks me the most is the mindlessness of these people in ignoring the "Web 3.0" label that had been coined by the W3C for the semantic web.
Anything that has user generated content needs delete capability, which pretty much rules out permissionless blockchain