Insights on:

Metaverse & Web 3.0

What’s my take on the Metaverse & Web 3.0?

The Metaverse & Web 3.0 are two of the hottest topics in the tech world. But what are they exactly, how do they work, where do they overlap, and most importantly, what do they mean to you?

It’s fair to say that there are two primary camps, just like in the crypto world. Those who believe the Metaverse and Web 3.0 are the future and the alternative camp that believes both ideas will amount to nothing. These two camps are so evenly split that when I ran a poll on LinkedIn inquiring about the level of interest in the Metaverse and Web 3.0 the results were:

48% - Very Interested.
3% - Meta what?
45% - Not at all.
3% - Neither here nor there.

Considering that the poll was 94.3% entrepreneurs, tech executives, asset managers, and government officials, it tells you a lot about where the Metaverse and Web 3.0 rank in the minds of many of the world’s most sophisticated people.

I think there are numerous solid reasons for the split in views. First, it’s normal with most new ideas to have strong early adopters and reluctant/disinterested groups. Second, both the Metaverse and Web 3.0 companies, developers, and investors are finding their footing for how exactly these new ideas will work together, separately, and in general. Lastly, there has been a significant gap between the hype of what Web 3.0 and the Metaverse would bring to users and what has actually been delivered. Like an early-stage startup trying to figure out their product-market-ft, both the Metaverse and Web 3.0 have several pivots ahead of them in the coming years.

Creating a historical lens, using the history of bitcoin and crypto, it’s too early in the development of the Metaverse and Web 3.0 to make any final judgment to write them off as useless, fads, hype, or doomed. Combining that within the framework of the broader sentiment of global populations and trends, it is hard not to see a world where the Metaverse and Web 3.0 develop into more broadly accepted and used platforms. But only time will tell.

What is the Metaverse & Web 3.0?

The Metaverse & Web 3.0 are two different ideas that are often bundled together because many developers, investors, and entrepreneurs believe they will be interwoven as they develop.

How are the Metaverse and Web 3.0 connected? How do they differ from each other?

The Metaverse is about how users will experience the future internet in virtual and mixed reality, while Web 3.0 is about who will own and control the future internet.

It’s essential to keep in mind that the Metaverse and Web 3.0 are not dependent on each other in the way computers are dependent on chips to develop and progress. Both Web 3.0 and the Metaverse could develop independently of each other without any problem. Still, it is envisioned that they will have a complementary impact on each other over the long term.

What is the Metaverse?

The Metaverse is about immersive experiences for users that can range from completely immersive, such as virtual reality headsets, to semi-immersive experiences via augmented reality/mixed reality devices.

The immersive experience you will get will be based on which Metaverse you enter (there are many: Roblox, Decentralized, Sandbox, etc.) They can range from a digital replica of the world to the completely made up like Second Life. It will be entirely up to you. Each Metaverse will be its own world with all the corresponding digital items we would have in the real world: money (Crypto), clothes (NFT), real estate (NFT), and anything else you can imagine, maybe you want to hang your jpeg NFT in your digital house?

What is Web 3.0?

Web 3.0 is the next evolution of the internet being envisioned. Users become the primary owner and controllers of the internet instead of FAANG type companies (or is it MAANG, since Facebook changed its name to Meta?) It’s helpful to know that Web 3.0 is not as advanced as the Metaverse at the moment; however, as with all things in tech, that can change quickly.

As of this writing, developers and entrepreneurs are still trying to figure out how to make Web 3.0 work in a scalable and easy-to-use way. In fact, there isn’t even an official definition at the moment. There are still many issues surrounding how Web 3.0 sites will operate regarding censorship, quality control, and accountability. Most Web 3.0 is being designed to be owned and operated via DAOs (Decentralized Autonomous Organizations) and involve DeFi (Decentralized Finance.) More on those in another section.

Quick overview of Web 1.0 and Web 2.0.

Web 1.0 (1991-2004) – These were your old school websites—static, read-only, and not much else.
Web 2.0 (2004-present) – These are the dynamic websites we see every day, like this one, where you are reading these very lines. You can read, write, interact, and generate data that can be collected. In web 2.0, companies own your data, and you own very little of it. In most cases, the users are the product.

If you would like to learn more about the Metaverse, Web 3.0, and more on Technology, you can visit our Technology Think Tank Wandering Alpha.

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How does it apply?

I believe every company and government should have a metaverse and web 3.0 strategy.

Existing companies will need to reimagine how they will be able to operate, market, and thrive in the metaverse and web 3.0 world. Even if the products, services, etc. are primarily real-world products, teams that don’t embrace a Think Forward/Reason Backwards mentality could easily find themselves with missed opportunities.

At the same time, governments must reimagine policies and strategies for a world that is increasingly allowing their populations to immerse themselves into digital worlds without borders. From the development of new industries in a completely digital world, to the ability of groups (good/bad) to organize digitally, policymakers must reimagine what it means to be a citizen and how far the government can reach into the digital world.

What we can offer you in relation to the Metaverse & Web 3.0?

I advise startups, established companies, investors, NGOs, and governments on the best practices for technology adoption, development, and digital literacy.