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

Elon Musk, CEO of Tesla, and a well-known crypto influencer, has given his opinion on Web3 and the metaverse movements. Musk is skeptical of the Web3 movement’s legitimacy at the moment, believing it is more marketing hype than reality.

Web3 and metaverse refer to a collection of concepts that include smart contracts, blockchain technologies, and decentralized economies. Their goal is to create a new reality. The concept dates back a long way and was recently revived by Meta, the company that was formerly known as Facebook. Meta, the company formerly known as Facebook, wants to shape the metaverse through its own tools and development.

Musk is a believer in these technologies’ future reach, but he is optimistic about what the future holds for consumers. Musk stressed:

What will the future look like, given the unimaginable nature and present? It’s amazing to imagine what the future will look like in 10-20, 20 or 30 years. 2051 sounds crazy futuristic!

Potential for Web3

After he uploaded a clip in which David Letterman critiques the functionality and design of the early internet, Musk’s comment was made. This video was taken during an interview with Bill Gates. Contrary to Musk’s statements, Gates is a strong believer in the metaverse movement, and has predicted that virtual spaces will be more popular. Gates posted the following in a blog post:

In the next two to three years, virtual meetings will shift from 2D camera grids (which I call Hollywood Squares model although that may be outdated) to the metaverse, which is a 3D space with digital avatars.

The same goes for investors and companies who are supporting metaverse-related projects. Grayscale recently released a report about the potential opportunities the metaverse can bring to a business. It estimated that it could be a $1 trillion opportunity for those who get in early.