Elon Musk Criticizes the Current State of Web3, Wonders About Future of Metaverse – Bitcoin News

Elon Musk, CEO of Tesla, has criticized the current state of the metaverse and the Web3 movement, suggesting 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, and wondered what the future will bring.

Musk skeptical about the Web3 Movement

Elon Musk, CEO of Tesla and a well-known crypto influencer has shared his thoughts on Web3’s current status and the metaverse movement. Musk doubts the Web3 movement is valid at the moment. saying he believes it “seems more marketing buzzword than reality right now.”

Metaverse and Web3 are two terms used to describe a collection of concepts, including smart contracts and blockchain technology. Their goal is to make a new reality. Meta, a company that was formerly called Facebook, revived this concept. Meta, the company formerly known as Facebook, wants to shape the metaverse through its tools and development.

Musk is a believer, but he’s more positive about the future of the technologies and the benefits it will bring consumers. Musk stressed:

What will be the future, given the unimaginable reality of the current? It’s amazing to imagine what the future might look like in 10-20, 20 or 30 years. 2051 sounds crazy futuristic!

Potenzial for Web3

Musk comments on the incident. postedA video in which David Letterman, an interviewee with Bill Gates, criticizes early internet functionality. However, contrary to Musk’s recent statements, Gates has revealed himself to be a big believer in the metaverse movement and has predicted a shift to virtual spaces. Gates wrote:

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.

Companies and investors alike are investing resources in metaverse-related ventures. Grayscale released recently a report about the potential business opportunities the metaverse might offer and concluded that investors could potentially make $1 trillion if they get in on it early.

What do you think about Musk’s opinion regarding the current state of Web3 and metaverse technologies? Leave a comment below.

Sergio Goschenko

Sergio, a Venezuela-based cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine