Warning: this article contains SPOILERS for Spider-Man: No Way Home!
The ending of the MCU's latest entry, during No Way Home's final moments.
The last few scenes of the Spider-Man threequel revealed that Peter chose not to remind MJ (Zendaya) and Ned of his existence after he realized that they could be better off without him. The emotional ending put Peter in a classic Spider-Man scenario, where he was left to lead a lonely life as Peter Parker devoid of any personal relationships. While the repercussions of Strange's spell are bound to be explored further in Tom Holland's second Spider-Man MCU trilogy, the memory wipe already sets up a very intriguing future for Ned as the MCU's Hobgoblin.
No Way Home heavily teased Ned's villainous future, one that could prove to be very difficult for Peter now that Ned does not know who Spider-Man is. Having Ned as one of the villains of Spider-Man's next MCU trilogy could allow for an emotionally charged narrative that would put Peter's morals and priorities to the test. It would also create a very interesting dynamic between the two characters, where Ned is attempting to kill Peter while the latter is forced to fight his best friend.
In true Spider-Man fashion, Ned becoming Hobgoblin would pit Peter against his best friend similar to how both Tobey Maguire and Andrew Garfield fought goblinized versions of their best friends in such as Tony Stark (Robert Downey Jr.) and Aunt May (Marisa Tomei). Therefore, the prospect of losing Ned as well would be a great opportunity for character development and a gripping performance by Tom Holland.
This also sets up a never-before-seen dynamic between the hero and the villain. Ned as Hobgoblin would be trying to kill Peter since he has no recollection of his best friend or of the fact that Spider-Man is Peter Parker. At the same time, Peter re his friendship with Ned and everything they have been through together, motivating him to find a nonviolent method of dealing with Ned. This would set the MCU version of Spidey versus Goblin apart from the previous incarnations where both Goblins knew who Peter was, and still chose to fight him.
Ned appearing as one of the villains of Spider-Man 4, 5, or 6 would make for a very poignant story. While previous Spider-Man franchises featured the web-slinger going up against his best friend, Marvel Studios and Sony have the opportunity to explore this classic conflict from a new angle within the Marvel Cinematic Universe. It remains to be seen whether Ned will adopt the Hobgoblin persona in the MCU, but Spider-Man: No Way Home's ending ensured that it would be a very personal and emotional challenge for Peter if he does.
