The Future of Metaverse and web 3 (President Predict)

The Future of Metaverse and web 3

At the opening of the Digital Generation Acceleration movement held in mid-December 2021 at the Jakarta Convention Center, President Joko Widodo (president of Indonesia) predicted that Indonesians might be able to buy virtual land, build their own virtual businesses, and participate in virtual games and office tours within 10–15 years. This statement was made after he had been impressed by what Mark Zuckerberg, founder and CEO of Facebook, had told him during his visit to the Facebook headquarters—namely, that a metaverse is on its way.

Indonesia's President, Joko Widodo, assessed that the country must be ready to face changes in the digital world. Facebook founder Mark Zuckerberg believes that these changes will manifest themselves as a "metaverse," a universe of virtual reality. Widodo asked the public to take advantage of this "gap for change" in order to facilitate Indonesia's success in the transition. It is said that Indonesia has great potential if it participates in the changes that Zuckerberg wants to build. Zuckerberg's Facebook, along with other companies such as Epic Games and Roblox, are all vying to become leaders in the metaverse.

In 1992, in Neal Stephenson's novel Snow Crash, a concept called the “metaverse” was first introduced. According to Cory Ondrejka, in his study Escaping the Gilded Cage: User Created Content and Building the Metaverse (2004), the metaverse is an online environment, a world other than the physical world that is another real place for users to carry out various activities. This online environment may be used for various purposes; for example, it could be used for social purposes, business purposes or entertainment purposes.

Since Stephenson introduced the metaverse, many have attempted to make it a reality. One of them relies on the increasing occult computer population, attempting to apply the metaverse in MMORPG (massively multiplayer online role-playing game) style games such as Meridian 59 and World of Warcraft, but most of these attempts have materialized only within video games; the true spirit of the metaverse—social interaction, business activity—has failed to materialize.

At the same time, again referring to Ondrejka, MMORPGs' failure to become a metaverse is actually influenced by "the amount of capital that must be prepared to make a universe as large as the metaverse." Moreover, at that time, although computers were commonplace, the technology they contained was still limited: they lacked the network capability and processing power that would allow an MMORPG to be truly dynamic and interactive on a global scale.

Although the various virtual reality video games created in the mid to late 1990s failed to realize Stephenson's concept of a metaverse--a computer-simulated space that can be shared with other users--the effort to do so was never abandoned. For example, in the early 2000s, video game developer Valve Software pioneered the emergence of video games that unite cooperation, realism, and interesting gameplay in accordance with real human motion through Counter-Strike (a modified version of Half-Life).

This effort was then enhanced by the emergence of Second Life and Pokemon Go--games that merge reality with fantasy by uniting the real world with the virtual world. This was then followed by the appearance of uber-popular Roblox by developers Erik Cassel and David Baszucki--a platform which combines the rules of computer/smartphone applications.

A16z, which raised $4 billion for Roblox, believes that she will become the future of the digital world. A world that is believed to be born into the form of ideas initiated by Stephenson and Horowitz believed to have evolved into Web3 (or Web 3.0). Instead of using a centralized server, the world of the web of the future will be presented in a decentralized manner--because of the success of Bitcoin and NFT hitting the world through blockchain technology. That is, because it does not depend on a centralized server, the future web is a web that is fully grasped by the general public.

Yet even with President Jokowi's hopes for Indonesia to succeed in the digital future, as explained by Jeff John Roberts in Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street (2020), opportunities are created. However, how big is the chance for the general public (not Zuckerberg or other tech celebrities) to reach it? The answer, as explained by Roberts, is small.

There is very little chance that the general public will dominate the future of the digital world. This is because, in historical records, the digital world was actually created with the foundation "made by the people, filled by the people." Or, in short, democratic.

Unfortunately, Big Tech (including Google, Facebook, Apple, Microsoft, Amazon, and Twitter) seems to be dominating the digital world--making democratic foundations slowly disappear from the world of metaverses. And in the case of Web3, this harsh reality is predicted to happen. The reason for this is that Coinbase--a startup that bridges various digital currencies (especially Bitcoin) and the general public--has become a successful $63 billion startup because the general public, who wants to own Bitcoin or various digital money, is confused about accessing Bitcoin.

The reason for this confusion is that Satoshi Nakamoto (the originator of Bitcoin) built Bitcoin to eliminate the existence of middlemen (banks and the state) in transactions and distributed transactions to the public via blockchain technology.

Unfortunately, most consumers are unwilling to give up their computers to support Bitcoin because they are considered unnecessary or they do not understand the technicalities of donating their computers to support Bitcoin. As a result, Coinbase, which allows general consumers to own/ transact Bitcoins in one click, is rampant and popular.

Managed to get rid of the decentralization philosophy in the body of Bitcoin. Metaverse and Web3 seem to be faring like Bitcoin too. The fate predicted by Jack Dorsey, former CEO of Twitter. "You (general consumers) won't have 'Web3'," Dorsey said. "It's the VCs (venture capital) who will own it."

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