Elon Musk criticizes the present state of Web3 and wonders about the way forward for Metaverse

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Elon Musk, CEO of Tesla, has criticized the current state of the Metaverse and the Web3 movement, pointing out that the latter concept is a “marketing buzzword”. The crypto influencer also posted a video of David Letterman making fun of the early internet in an interview with Bill Gates, wondering what the future will bring.

Musk is skeptical of the current Web3 movement

Tesla CEO and well-known crypto influencer Elon Musk has released his opinion on the current state of Web3 and the Metaverse movement. Musk is currently skeptical of the validity of the Web3 movement, saying it “seems more of a marketing buzzword than a reality at the moment”.

Web3 and Metaverse are terms that encompass a group of concepts including blockchain technologies, smart contracts, and decentralized economies, the aim of which is to create an alternative reality to the reality in which we live. This concept, which emerged a long time ago, was recently revived by Meta, the company formerly known as Facebook. Meta would like to help shape the Metaverse with its own tools and developments.

While Musk doesn’t believe in the current reach of these technologies, he’s more optimistic about the future and what it could bring to consumers. Musk emphasized:

What does the future look like given the almost unimaginable nature of the present? The only question is what the future will look like in 10, 20 or 30 years. 2051 sounds crazy futuristic!

Web3 potential

The comment Musk made comes after posting a video in which David Letterman criticized the functionality of the early internet in an interview with Bill Gates. Contrary to Musk’s recent statements, however, Gates has shown himself to be a great supporter of the Metaverse movement and predicted a shift into virtual spaces. In a post on his personal blog, Gates stated:

I expect most virtual meetings in the next two or three years to move from 2D camera image grids – which I call the Hollywood Squares model, although I know it probably dated me – to the Metaverse, a 3D -Room with digital avatars to be passed.

In the same way, companies and investors are pouring resources into metaverse-related initiatives. Grayscale recently released a report on the opportunities the Metaverse could bring as a business, and estimates it could potentially be a $ 1 trillion opportunity for investors getting into the sector early.

What do you think of Musk’s opinion on the current state of Web3 and Metaverse technologies? Let us know in the comments section below.

sergio@bitcoin.com '

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game when he entered the cryptosphere in December 2017. He has a computer engineering background, lives in Venezuela and is socially affected by the cryptocurrency boom about crypto success and how he is helping the non-banks and the underserved.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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