The Web3 Era

8When We Meet in the Metaverse…

There is far too much misinformation and not enough facts on non‐fungible tokens (NFTs), the metaverse, and cryptocurrency in general in mainstream media today.

NFTs, in particular, due to their relative newness, are often in the limelight. However, the only time NFTs are mentioned are either when celebrities like Snoop Dogg drops millions on them or in a stand‐up comic's routine. Elon Musk debuting his music career with a techno‐house‐inspired single in the form of NFTs did not really help to make the masses more serious or educated about the technology either.

Prices of NFTs have leaped and crashed and people have been scammed to the tune of millions of dollars, yet there is still an undying fanbase. Self‐proclaimed degens “ape,” or go crazy, over new NFT drops and help spread hype for particular projects. But the average member of the public wonders why are all these people spending so much money on pictures of apes or punks and use them as their profile pictures when, if they are as valuable as physical art, they should be kept private from strangers who might replicate them.

The metaverse, which is touted as the next step in virtual reality, is frequently the butt of jokes as well. This is due to cartoonish, lackluster video presentations featuring primitive, budget‐restricted animations by big corporations.

As a prime example, Meta's metaverse introduction video does a good job at turning everyone off to the metaverse, or as one Twitter ...