Metaverse, Web 3 and NFT, which are popular on the whole network, are now “outdated”?

Do you firmly believe that these concepts can be effectively implemented in the future?

When it comes to technology buzzwords in 2021, “Metaverse”, “Web 3” and “NFT” are definitely on the top list: Facebook directly renamed the company Meta, and the famous Silicon Valley top venture capital firm Andreessen Horowitz (A16Z) added Web 3. The sky-high price NFT artwork that is sought after…

One after another, one by one, countless practitioners in the technology circle have to start paying attention to these suddenly explosive words.

However, just after we finally digested and understood these emerging words, we found that whether it is “Metaverse (Metaverse)”, “Web 3” or “NFT”, it seems that they no longer appear so frequently on major technology websites— – Are they “outdated”?

With such doubts, Stephen Moore, a Medium editor, recently stated that the prosperity of the Metaverse and NFT is about to collapse.

The Metaverse is no longer hot?

The Metaverse, which suddenly exploded in 2021, has “added more fuel” to its popularity due to Facebook’s renaming. In the past year, there has been a huge “Metaverse boom” in the technology circle:

Roblox, an open game creation platform for the “first share of the Metaverse”, went public, with its stock price soaring 54% on the first day and its market value exceeding $40 billion; Microsoft CEO Satya Nadella once said that a corporate Metaverse was being built; Nvidia took the initiative to break the news in August, Its CEO Jen-Hsun Huang had a 14-second clip in an April video conference, artificially synthesized by the real-time simulation and collaboration platform Omniverse, which Nvidia hopes can become the infrastructure for building the Metaverse…

Among them, Meta, which changed the company’s name to Metaverse, is a full-strength attack. Meta CEO Mark Zuckerberg once said when he changed his name: “This (Metaverse) will be an important part of the next chapter of Internet development after the mobile Internet.”

However, according to the fourth quarter 2021 financial report released by Meta last month, Reality Labs, Meta’s division responsible for the company’s Metaverse business, will have a net loss of about $10.2 billion in 2021. In this regard, Stephen Moore insists that Meta is obsessed with Metaverse became a “dystopian dream” and predicted that Meta would “burn” more money for it.

In addition, if you look at the search trend of “Metaverse” in the Chrome browser, you can find that the peak of its popularity is the renaming of Facebook, and then the overall trend has declined:

Metaverse, Web 3 and NFT, which are popular on the whole network, are now "outdated"?

The value of NFTs plummeted

With the popularity of the Metaverse, NFTs have also emerged. In March 2021, a painting by digital artist Beeple changed the development of NFT artwork: Beeple stitched together 5,000 digital pictures created every day since May 2007 into a giant collage NFT work in chronological order, and put it together. Named “Everydays: The First 5000 Days”, the final auction lasted 15 days and was sold at an “astronomical price” of nearly 70 million US dollars.

Beeple’s deeds have convinced many that people are willing to pay huge sums of money for purely digital products, and it has also triggered a “mania” for NFT art: a Banksy art painting was artificially burned, and the The NFT version of the painting sold for $380,000 (the price is equivalent to 4 times the price of the original painting); the source code of the World Wide Web was auctioned in the form of an NFT, and the transaction price was as high as $5.4 million; NBA star Curry bought the NFT for $180,000 Monkey Avatar…

To be precise, NFT is not a new concept. It was “out of the circle” as early as 2017 because of the blockchain cat-raising game CryptoKitties. Note: Many believe that the Metaverse will be a digital “playground” for using these NFTs).

But it turns out that as the popularity of the Metaverse declines, the value of NFTs is not what it used to be:

According to Stephen Moore, since it reached its peak in January this year, the monthly number of NFT buyers has fallen below 800,000 for the first time, and the average price of NFT has also dropped from $6,800 in January to $2,000; the secondary sales volume has also dropped from January. 38,000 pieces per day dropped to 7,900 pieces; even the entire NFT market was affected by the fall: Coin Market Cap data shows that the value of the NFT market has fallen from $23 billion to about $10 billion, shrinking by more than half.

Even looking at the search trends for NFTs in the Chrome browser also reveals a recent drop in popularity:

Metaverse, Web 3 and NFT, which are popular on the whole network, are now "outdated"?

The “decentralized” Web 3 is questioned

In addition to the waning popularity of the Metaverse and NFTs, the controversy surrounding Web 3 is also growing.

Web 3 is also a concept that exploded in popularity last year – as of now, it’s still limited to the concept stage. In general, Web 3 refers to decentralized systems and technologies based on technologies such as edge computing, artificial intelligence, and blockchain, designed to replace the Web 2 era we currently live in.

Among these, “decentralization” is a big reason why many people support Web 3: users can combine different services, customize their own web and search engines, and can access and control their own assets without any provider license.But the question now is, can Web 3 really do this?

Moxie Marlinspike, co-founder and CTO of Whisper Systems, conducted an experiment: he made a picture like everyone who is new to NFTs and mint it into NFTs to sell on OpenSea (an NFT marketplace). After discovering that the NFT itself did not have any verification of the image, he tested OpenSea’s response by setting the web server serving the image to render different images based on different IPs.

A few days later, OpenSea as a centralized platform delisted his NFTs, which Moxie can understand. He was surprised that the NFTs in his own metamask fox wallet also disappeared – if it disappears, it disappears, isn’t it? Contrary to the “decentralization” that Web 3 calls for? Moxie worries: “The outcome that the Web3 community is expecting seems to be different from what we’ve seen so far.”

Domestic @Muyao once summarized Moxie’s article as: “This overall reflects an inevitable trend of sliding from decentralization to centralization.”

The blockchain is indeed immutable, but no one really works directly on the underlying blockchain (too troublesome). Everyone will naturally rely on various ready-made tools in the ecosystem, and these tools compete for efficiency. Naturally, it will tend to be centralized.

Ethereum founder Vitalik Buterin also responded to this article: “This is the status quo, but this is not what Web 3 should be.” Buterin pointed out that the real Web 3 world should have a continuous In the transition spectrum, there are a large number of transition states between the most easy-to-use centralized platform and the most difficult to use to build a server by yourself to adapt to different application scenarios, but now the transition state in the middle is missing. But Buterin firmly believes: “In the future, this deficiency will definitely be established.”

It cannot be effectively implemented, and no matter how cool the concept is, it is “vain”

Behind the above hot word “passed”, it is inevitably affected by external factors. For example, under the current international situation, large media and investors will naturally choose more important matters to publicize. But Stephen Moore believes that the biggest reason why these concepts are no longer popular is that it is difficult for spectators to find the real value and meaning of these concepts after they are implemented.

There are many companies and creators supporting the Metaverse, Web 3, and NFTs, but they are still in the early stages and have yet to find a truly valuable use case for these concepts. To make matters worse, as NFT scams continue to occur, voices such as “Web 3 is a decentralized scam” and “The Metaverse is AR/VR in another way” are getting louder and louder, and the public gradually begins to suspect: These hot words may just be capital hype.

Naturally, all these negative phenomena can be explained by the phrase “it is still in the early stages”. But thinking from another angle, should we reasonably avoid hidden problems and determine their development direction at an early stage?

However, while the current Metaverse, Web 3 and NFTs are not as hot as they were at their peak, the related technologies continue to develop, and perhaps one day they will establish themselves as the true source of the new “decentralized” Internet that their proponents are striving to embrace. cornerstone. But at least for now, Stephen Moore sees it all as “the pointless, expensive, and resource-consuming result of capitalist hype.”

So, what do you think of these technical buzzwords, and do you firmly believe that these concepts can be effectively implemented in the future?

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