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Elon Musk, Tesla and SpaceX CEO has given his views on the current state of the metaverse and the Web3 movement.
Suggesting that the latter concept is only a “marketing buzzword,” the crypto troll and Dogecoin supporter also shared a video of David Letterman making fun of the early internet in an interview with Bill Gates.
Saying that the Web3 movement right now “seems more marketing buzzword than reality right now,” Musk nevertheless was more optimistic about the future these technologies might bring to the wider public. He said:
“Given the almost unimaginable nature of the present, what will the future be? Just wondering what the future will be like in 10, 20, or 30 years. 2051 sounds crazy futuristic!”
Web3 and metaverse are terms that refer to a group of concepts including blockchain technologies, smart contracts, and decentralized economies with the aim of creating an alternative reality to the one we live in. Although the concept dates from a long time ago, think of Virtual and Augmented Reality for example, it was recently brought back to life by the company formerly known as Facebook, Meta, looking to create its own metaverse.
Bill Gates, who Musk brought up in the video he shared on twitter, is himself a big believer in the metaverse movement and predicts a societal shift to the virtual community. On his personal blog, Gates states:
Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3D space with digital avatars.
Metaverse-related initiatives are increasingly hot, with almost every crypto and tech company venturing into the new reality. Last week, cryptocurrency exchange Coinbase shared its roadmap for metaverse related projects. A few weeks ago, Bank of America said that the metaverse is a massive opportunity for the use of cryptocurrencies. A week prior to, Grayscale released a report on the metaverse’ potential estimating it could become a $1 trillion opportunity for early investors