Neal Stephenson Weighs In

At the Paris Blockchain Week 2023, bestselling author Neal Stephenson engaged in an enlightening chat with Cointelegraph about the intricacies of the Web3 ecosystem and the evolution of the metaverse, a concept he famously introduced in his 1992 novel Snow Crash.

Money is Not Everything

Stephenson pointed out a significant hindrance to the current state of Web3: the eagerness to “financialize everything too fast.” In his view, there’s an overwhelming rush to capitalize on every innovation, often at the expense of foundational stability.s As he put it:

“You know, financial institutions emerged slowly over time out of existing markets, and businesses that were functional, making money for people.”

This rapid pursuit of monetary gain often bulldozes over essential groundwork that builds a thriving economy, resulting in the volatility we’re seeing today. Stephenson emphasizes the need to focus on building valuable experiences first rather than jumping straight into financial speculation.

The Metaverse: A Dream Deferred

When discussing the metaverse, Stephenson expressed that while his vision for it hasn’t significantly changed, the technology today allows for a different trajectory than he originally imagined. He observed:

“I think my idea of what it could be hasn’t changed very much, but the technology has changed.”

He noted that advancements in three-dimensional graphics and game engines are paving the way for experiences that align more closely with his conceptualization, albeit in unexpected manners.

The Web2 Hangover

Stephenson also highlighted the underlying issues with Web2 that have galvanized the push toward creating the metaverse and Web3. He remarked that the collective realization of Web2’s shortcomings has been a vital component in driving the need for a new digital frontier.

Future Building Blocks

With today’s technological bandwidth and innovation, Stephenson is optimistic about what lies ahead. He sees promise in the current landscape and believes that as we meticulously construct this new framework, the financial aspects will naturally align, echoing his earlier sentiments about prioritizing experience over immediate gain.

Conclusion

As we navigate this evolving terrain of Web3 and the metaverse, Neal Stephenson’s insights remind us of the importance of patience and foundational development. Jumping into financialization without laying down the necessary groundwork could lead to more chaos than clarity.