The Metaverse, a Lost Illusion? Web 2 faux pas on Web 3

A true false metaverse – Above ours Meta Hebdowe have regularly analyzed the growing interest of the giants of the Network 2of the internet as it is today, for the metaverse. Monopolize the entire concept, even at the cost of deviating its fundamental principles, Meta, Microsoft, Sony and many others have set their sights on this virtual world, the counterpart of our reality.

Decentralizationinteroperability, economic freedom of users are therefore many principles trampled on by these financial giants who sweep away these essential problems thanks to the creation of centralized and closed places. In his report “Metaverse Sector Report” (Metaverse Sector Report), written for CoinShares and published on July 15, 2022, analyst Max Shannon points out the shortcomings of these multiples false metaverse in the making.

In order not to get lost in the Meta-Hebdo:

>> Come and give Dogecoin a gift by registering on Binance and save 10% on commissions (commercial link) <

Definition of the metaverse: hope versus reality

From the outset, in his report the author defines the metaverse as we see it today. It is clear that two definitions of the concept are opposite. Unenthusiastic, the author therefore rightly deplores the development of a metaverse seen as a social space, an extension of the Internet as we know it into a 3D space. Closed on itself, this notion of metaverse encompasses different virtual worlds, hermetic to each otherexacerbated by the massive use of advertising.

The definition of then opposes this metaverse in concept. It was first mentioned by Neal Stephenson in his novel “Snow Accident” in 1992. Interconnected, unique, specific for everyone: many principles that have built well the definition of the metaverse before the creation of the blockchain and its king : bitcoins.

Refined by Web 3 technologies, the notion of the metaverse in its proper sense must therefore be a space of free trade. Its economy, transactions and interactions are controlled and directed by its users. The metaverse would therefore in no way be a game or an application. It would be so much more.

A metaverse that worries future users

The giants of technologyexhausted by the advancement of Web 2, have therefore redefined the metaverse. They have facilitated their work by forgetting some of the issues raised by the users. According to some data, the latter would be refractory, worried and not very interested in the version offered by GAFAM.

Interest comparison of NFT and Metaverse terms.  Source: Google Trends
Caption: “Metaverse” in blue, “NFT” in red – Source: Google Trends

Data Google Trends they are therefore witnesses. The metaverse’s interest in the search engine giant is almost non-existent. The number of mentions collected is no longer surprising. In a hollow, the metaverse would appear to be carried only by the minor but still existing affection of the users for the NFTs.

According to a panel of 4,420 adults from the United States, the report explains this lack of public enthusiasm. Indeed, to the multiple choice question “What are your concerns about the metaverse?” » the results were as follows:

  • 35% believe that the metaverse will impact mental health;
  • 37% believe that restraint will be needed to avoid behavioral drift;
  • 38% fear sexual harassment in the metaverse;
  • 39% fear for one’s personal safety;
  • 44% fear a cyber attack;
  • 55% they are unsure of the fate of their personal data (fear of identity theft, for example).

The metaverse: investment inequalities

In addition to the fear of potential users, there are geographical disparities. A real obstacle for a global adoption of the concept, the fundraiser they are representative of a disparate craze for metaverses. The report’s data thus underscores that entrepreneurship in the United States in regards to the metaverse is 3.54 times higher than in Asia.

Master of the virtual worldventure capitalists and others iAmerican investors then keep more than half of so-called Web companies 3. These disparities raise questions, especially as they do not necessarily correspond to the specific disparities of thecryptocurrency adoption. For example, theSouth Americagenerally supportive of cryptocurrencies, it remains insensitive to the metaverse.

A metaverse that doesn’t actually exist

If we unfold the thought of the report, we can then understand that the metaverse proposed by GAFAM and other BigTech giants is just the continuity of a growth policy that seeks maximum profit. Furthermore, the development of the virtual helmets created by Meta is an important opportunity and possible fortune given the number of users on Facebook for example.

This conception of the metaverse is the “fastest way” to propose an unsuccessful metaverse, a true trompe l’oeil of our reality. Indeed, the centralized approach of the metaverse proposed in World horizon from Meta or Roblox ignores the benefits of decentralization.

Max Shannon’s speech can therefore be compared to that of Vitalik Buterin who complained on Twitter this week, a not metaverse dominated by the giants of the Web 2:

Find the news of the week on the Journal Du Coin Twitter account – Source: @LeJournalDuCoin

>> Play it safe, register on Binance THE benchmark for cryptocurrency exchanges (trade link) <

Half a fig and half a berry adjustment

The report also recalls that regulation is lagging behind the evolution of technologies and that the latter has been overtaken by the giants of the Web 2. The only role that regulation has thus given itself at present is therefore not to educate , but protect consumers. The reactions of the SEC and the International Finance Police on theEarth Moon case is the obvious example.

As for the metaverse, even some governments are starting to venture into the other world. the Digital Regulatory Department in Dubai, VARA, true cop of the metaverse has taken up residence in The Sandbox. A political agenda of its own in Dubai society, the metaverse has become a real economic and political issue.

The Central African Republic, with its Sango coin and the accompanying metaverse sees Web 3 as an economic opportunity. It would offer him independence and financial freedom. Government approaches, isolated and selfish, however, do not offer an open metaverse.

Ownership and confidentiality

Also essential is the notion of private property, the proof of its existence and the control of its security. Allows users of the metaverse to evolve into a circle of trust. NFTs have an essential place here.

Proof of ownership Tamper-proof, non-fungible token solves the problem of ownership and identity. true avatar, virtual representation of your ego, the latter can be true to yourself, to your image. On the contrary, it can be the image of what you want to be – or what you can’t be – in reality.

NFTs are anyway Stsubject to scams and other scams which remind us too much of the importance of being careful in this ecosystem. Insecurity related to ownership is also a brake on the adoption of this technology. The closed metaverse makes it easy to ensure user safety.

Blockchain interoperability: the Achilles heel of the metaverse

Furthermore, in order to go beyond the definition of metaverse proposed by the Web 2 giants, the CoinShares report underlines the necessary progress we need to make on the communication and support of blockchains between them: it is theinteroperability. This progress would then allow for transactions, exchanges, and social relationships in a single metaverse. MetaMask, Animoca brands, The sandbox and many others are working to develop interoperable worlds.

However, the bridges, the bridges from one blockchain to another that enable this interoperability are currently wearing the dunce cap. As explained by latest report released by Chainalysis these are one of the main security problems of a protocol. the historical hack of the Ronin ChainWormhole and the recent Harmony blockchain hack are just damning examples.

The harmony bridge hack symbolizes the fragility of the chain's interoperability.

Cryptocurrencies and monetization: slow adoption of the blockchain

It must be understood then that designing a metaverse as it should be, made possible by the blockchain, will take time. the investor skepticism accompanied by a harsh crypto winter can discourage. Faced with the impossibility of an open metaverse accessible to all, some propose favorable outcomes for the development of a decentralized and interoperable exchange space. Tomorrow’s solutions could be in their hands.

The report then takes as an example the ENS, Ethereum Name Services, real name gateway on the blockchain Ethereum, sold at the price of gold. Indeed, they have the wind in their sails. They allow for the determination of a broader ownership beyond just the NFT.

Furthermore, the success of certain emerging metaverses, think for example of The Sandbox, is related to cryptocurrencies. The metaverse thus encompasses an entire ecosystem. Ownership of the governance token therefore makes it possible to participate in decisions important to the metaverse ecosystem.

We can then ask whether the metaverse as we know it represents the agony of a Web 2 trying to survive. Soon, still unknown, the idea of ​​a virtual world is intriguing. It also frightens some, disgusted to see brands, such as Carrefour, take up residence in the virtual world. The observation is then bitter: the slow adoption of the blockchain will allow to offer a metaverse closer to its truth. What shape will it have? How will interoperability and security issues be overcome? Faced with an equation with so many unknowns, only one certainty persists: the metaverse of 2022 will not be the one of 2035.

It’s decided for you! No need to procrastinate, say “yes” to cryptocurrencies! Stock up on Bitcoin, Ether and other tokens on the world’s largest exchange. Run and register on the Binance platformTHE absolute benchmark in the sector, and benefits from a 10% discount on trading fees (trade link).

Leave a Comment