Out of the Metaverse of Web3, just empty?

Is it the carnival of capital, or the revolution of the Internet

WEB 3.0 takes over the Metaverse and becomes the new favorite of Internet giants?

A while ago, the “Metaverse” fever was blown up, and the well-known Facebook changed its name to Meta. , and landed on the New York Stock Exchange in the form of DPO, and the market value on the first day of listing exceeded 40 billion US dollars. 

But the popularity of the “Metaverse” didn’t last long. Many people have not yet figured out what the Metaverse is, and their eyes are attracted to Web 3.0. Isn’t the tech world so unsympathetic? Yes, no, these are just appearances. 

01 People are no longer satisfied with Web 2.0

The Internet world has brought more convenience and choices to people’s lives. They can know the world’s affairs, complete global purchases, and freely publish various forms of content and opinions without leaving home. But are these really user free choices? 

No, where people browse information, where they shop, and what they can buy, they are all monopolized by Internet giants. The so-called choice is just allowing you to switch from one platform to another. Even the content you post isn’t entirely yours, and there’s nothing you can do to see what you post when the server goes down. 

We clearly know that, compared with Web 1.0, which can only read information, Web 2.0’s interactive functions based on “reading and writing” have epoch-making significance, but today, it has begun to be “outdated”. This kind of “obsolete” is not only because “the content does not belong to the author”, but also because “the Internet has memory”, which also allows us to see the disadvantages of big data collection – privacy leakage and huge profits

Out of the Metaverse of Web3, just empty?

Source: The World Economic Forum 

When Web 2.0 cannot meet people’s needs for content attribution and privacy maintenance, Web 3.0 has become the object of expectations – a network era that breaks platform monopoly, and a decentralized Internet where users participate in building and own property rights.

To put it bluntly, if Twitter and Weibo still exist in Web 3.0, even if Weibo is paralyzed, the Weibo you once posted will still exist and can be easily transferred to Twitter. Because the content belongs to you, not tied to the platform. In the same way, the props you buy in game A can not only be sold freely, but also used in game B. 

Compared with Web 2.0, the advantages of Web 3.0 are too obvious. Even if it has not been successfully built, and the concepts that are mostly described in words exist in the news, Web 3.0 still has a large number of fans.

02 Capital heat sweeps Web 3.0

Does the idealized Web 3.0 really exist? In other words, can Web 3.0 really be built successfully? This question cannot be answered by ordinary users. Their expectations for Web 3.0 come from the protection of their own rights, whether it can be built successfully or not, at least people expect it to appear. 

But when this question is put in front of capital, the answer is not so unified. 

A group of VCs represented by A16Z and Sequoia Capital are radical “supporting Web 3.0 factions”, and large-scale funds have entered the field of Web 3.0. In the past quarter of 2022, there have been several large investments – the Aptos project of former Facebook team members received $200 million in funding from institutions such as A16Z; Sequoia Capital participated in the $32 million financing of Web 3.0 privacy system Espresso Systems , And led a $12 million seed round in  EthSign , a Web 3.0 electronic agreement platform …

Out of the Metaverse of Web3, just empty?

Source: Coincu News 

At the same time, A16Z is forming a new fund, and of the $4.5 billion it plans to raise, $1 billion will be used for its seed investment in the field of Web 3.0. The market size of Web 3.0 on the application side has attracted much attention. Some institutions predict that in 2022 alone, the market will exceed 50 billion US dollars. 

The domestic Internet giants are also keeping up with the international pace. Tencent has participated in the investment of US$200 million in financing of Immutable, an NFT game company based on Web 3.0 technology ; Alibaba andByteDance are also making arrangements in Web 3.0-related fields. At the same time, since the domestic NFT specification is not yet clear, the big manufacturers cannot copy the foreign operation model, but can only tentatively localize Web 3.0 in China. Tencent’s Magic Core, two digital collection apps, were launched. 

The entry of capital and technology bigwigs is naturally because of the business opportunities, but not everyone agrees with Web 3.0. There are many influential bigwigs in the technology circle and the Internet industry among the opponents. The first one is the founder of Twitter. People Jack Dorsey and Tesla CEO Elon Musk. They do not agree with the “Web 3.0 era has reached an inflection point” advocated by A16Z and others, and believe that this is a hype for misappropriation.The most famous piece of irony is that Musk tweeted, “Has anyone seen Web 3.0? I didn’t see it anyway.” And Jack Dorsey replied, “Maybe between A and Z,” pointing directly to the A16Z. 

Out of the Metaverse of Web3, just empty?

Interestingly, in people’s expectations, Web 3.0 will break the platform monopoly of Web 2.0. The opponent Jack Dorsey is the founder of Twitter, one of the monopoly platforms. Musk was once an active user of Twitter, and this year he became the As the largest shareholder, he intends to eat it in one bite. This inevitably makes people wonder if their opposition is selfish. 

But objectively speaking, the ideal Internet world represented by Web 3.0 is still mainly at the conceptual stage. In recent years, some definitions more or less related to Web 3.0 have been born, such as DAO (Decentralized Autonomous Organization). Organization), DeFi (Decentralized finance, decentralized finance), NFT (Non-Fungible Token, non-fungible token), etc. It is true that these definitions are meaningful and valuable, and some of them have even made some achievements in the market, but to circle them and form a complete Web 3.0 story does require a long time of technical exploration. 

No matter what the direction of Web 3.0 will be, at least for now, some capitals have already started their carnival.

03 The industry expects Web 3.0 to build a Metaverse

Unlike Twitter’s high-level opposition to “Web 3.0 speculation”, Meta , who is also a Web 2.0 platform boss, is full of confidence in the future online world, and changing its name is the most direct response. This has to mention the “Metaverse” that has recently dropped in popularity. 

On the surface, users and capital have shifted their attention from the previous Metaverse to the current Web 3.0, but in fact, the relationship between them cannot only be seen on the surface, but the relationship between the two must be determined. 

 “Read-only”, “interactive” and “decentralized” are often used to summarize the characteristics of Web 1.0, Web 2.0 and Web 3.0, and these three words are related to the attribution of web content. From a philosophical point of view, Web 3.0 establishes private ownership of material materials. And what about the Metaverse? It is essentially a virtual social system in which users can carry out social activities with a certain digital identity. Compared to Web 3.0, where private ownership is determined, the Metaverse is more like a social environment for material production. 

In a simple way, it is also the purchase of virtual Nike shoes. The meaning of Web 3.0 is that these shoes belong to you, while the Metaverse corresponds to the fact that you can buy shoes and use your own numbers. Identity wears these shoes to roll the road. Obviously Web 3.0 and the Metaverse are related, after all, you have to own these shoes to buy them. 

But when it comes to meaning, does a pair of virtual shoes only have the meaning of “owning”? Of course not, STEPN, the Web 3.0 application on the Solana public chain, shouted the slogan “Move-to-earn”. After players buy NFT sneakers, they can earn tokens by walking or running. The tokens earned in the early stage are GST utility tokens, which can only be used to upgrade and mint running shoes. After the full level, they can earn GMT governance tokens. GMT, which has grown considerably, has been launched on multiple platforms and has realizable value.

The Metaverse hasn’t arrived yet, but Web 3.0 has made it possible. Starting from a deep level, it is obviously not enough to describe the relationship between Web 3.0 and the Metaverse with “related”, they are complementary to each other.From a technical point of view, Metaverse is the front end, and Web 3.0 is the middle and back end. Only when the technical conditions meet the requirements of Web 3.0, the decentralized database, that is, the distributed database, as well as the supporting encryption technology and protocol, can it be realized. Such a grand vision of the Metaverse. Of course, the technical follow-up of hardware devices such as VR/AR is also indispensable. 

It’s no wonder that many people in the industry, especially those in technology, see Web 3.0 as the foundation for creating the Metaverse. 

From a practical point of view, the expectations of ordinary users and the support of capital are the positive factors for the realization of Web 3.0, but in the final analysis, it depends on technology. The distributed databases and encryption technologies required for Web 3.0 are already in the process of research and development, but the progress is not gratifying enough. For example, distributed data storage and processing are far from being compared with the current popular centralized systems. Think about it, In daily life, you use Alipay and WeChat to pay for things, and you can scan the code to complete the transaction immediately, but if you have to wait an hour to complete the transaction, who can accept it? 

So, Web 3.0, is it the carnival of capital or the revolution of the Internet? It is too early to draw conclusions. 

This article is from the WeChat public account “Silicon Rabbit Race” (ID: sv_race), author: Xia Tian, ​​editor: Man Man Zhou

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/out-of-the-metaverse-of-web3-just-empty/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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