The one thing that makes and breaks Web3 is Decentralization.
On one hand, it gave unrestricted freedom while creating privacy concerns.
This will majorly decide the future of web3. It may or may not develop as we have envisioned. It can take a different, better route, too.
__________________________________________________________________________________________________________________
Is Cryptocurrency still a gamble?
In an interview, Pranjal Kamra talks about two main factors and an analogy.
1. No intrinsic value - no interest gains, rental yield, or dividend.
2. Valuation is difficult - no earnings, so cannot determine fair value.It is also same in the case of physical Gold, but gold has proven its irreplaceability over the last 5000 years. That status is still to be achieved by cryptocurrencies.
__________________________________________________________________________________________________________________
You need Ether (Cryptocurrency) to sell NFTs and pay up to enter the metaverse.
Web3 is far from being inclusive.
For an artist to generate revenue from their art, they need an initial capital to be able to sell the art, in the first place.
Which understandably makes web3 solely for people who can afford regular crypto payments. By the time most of the population can experience the metaverse, rich brands and individuals with deep pockets will monopolize it.
The idea of the decentralization of blockchain may become a loophole altogether.
__________________________________________________________________________________________________________________
My understanding of the metaverse is that of a virtual world with the key to entering a place is through high-speed internet and a VR set. (P.S. I have been told it is much easier)
You have your Avatar dressed to your personality and free to roam the meta world, buy digital goods, play games, interact with friends, and so on.Let’s suppose you are shopping on the weekend at a meta-mall, and your friends call you for a game at the meta-ground.
You log out of the mall and login into the ground.Isn’t it like teleportation?
How will the locations be saved - just plain username & password or a shared link?
__________________________________________________________________________________________________________________
Nike, Coca-Cola, Balenciaga, and Microsoft have jumped on the metaverse wagon. Their products enhancing the lives in the meta world - the Avatar, the land, and the interactions. But my question here how is it beneficial to us in the physical world?
We will still be breathing and shitting in the real world. The meta world is just an extension of life or probably a larger part of life, in the coming the years. It will also cost us real money. Money that is converted to Cryptocurrency (and the gas fees).
And to think about it, the recurring costs for these brands will be much less than producing real physical world goods.
__________________________________________________________________________________________________________________
Writing on LinkedIn under #Web3Wednesdays
