Elon Musk criticizes the current state of Web3, wonders about the future of Metaverse

Tesla boss Elon Musk has criticized the current status of Metaverse and the Web3 movement and called the Web3 concept a “marketing word”. He also posted a video of David Letterman making fun of the early internet in an interview with Bill Gates, wondering what the future would bring.

Musk is skeptical of the current Web3 movement

Tesla and crypto-KOL CEO Musk gave his views on the current state of Web 3 and the Metaverse movement.

Elon Musk is currently questioning the validity of Web 3, to say He believes this “seems more of a marketing word than a fact at the moment”.

Web 3 and Metaverse are terms that cover the concept of blockchain technology, smart contracts, and decentralized economies that aim to create an alternative reality to the reality in which we live. This concept goes back a long time and was recently blown up by Meta (formerly Facebook). The company wants to help shape the metaverse with its own tools and developments.

While Elon Musk may not believe in the current capabilities of these technologies, he is more optimistic about the future and what it can bring to users. Musk emphasized:

“What will the future look like in view of the almost unimaginable present? The only question is what the future will look like in 10, 20 or 30 years. The year 2051 sounds crazy! ”

The potential of web 3

Elon Musk made the comment above afterwards post a video by David Letterman criticizing the functionality of the early Internet in an interview with Bill Gates. Contrary to Musk’s recent testimony, however, Gates revealed that he is a big believer in the Metaverse movement and predicts a shift into cyberspace. In a post on his personal blog Gates to speak:

“Within the next two or three years, I predict that most virtual meetings will shift from a 2D camera grid (which I call the Hollywood Squares model) to the Metaverse, a 3D room with avatars. ) digital “.

Likewise, companies and investors are investing resources in many Metaverse-related initiatives. Grayscale recently released a report on the opportunities Metaverse can offer as a company and estimates it could prove to be a $ 1 trillion opportunity for investors.

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