Introductions are likely in order, since these are new, new things
There’s something going on here. For many, Cryptocurrencies are a new phenomenon that seem to be on the verge of gaining either legitimacy or being banned, such as China has done.
NFTs, a.k.a. non-fungible tokens are a lessor known, much newer concept that has mostly been publicized via sometimes breathlessly hype filled articles recounting the massive prices and sales income that a lucky (or famous) few have reaped in a very short time.
The metaverse is an emerging idea that is based on science fiction concepts and there is no hard definition for what it meant to the original authors that coined the term. Most agree that the term was coined by Neal Stephenson
in his book Snow Crash, a science fiction novel, published in 1992. Other related sci-fi references include Ready Player One by Ernest Cline which is also a movie Directed by Steven Spielberg. The concepts in the Matrix have also been mentioned.
This trio, along with Web3 have real potential to disrupt the “failing” status quo
Crypto and, in particular Bitcoin and Etherum, are now so deeply entrenched among the elite in the US and Europe that for it to disappear it would take a lot more than a price crash or deflation for it to cease to be relevant. And a China-style ban is getting less and less likely.
Now that there are Bitcoin ETFs trading, countries such as El Salvador officially recognizing it, and even Bitcoin ATM machines coming into Walmart, there is less chance, day by day that it will disappear.
Further, the outlook for fiat money such as the US dollar are looking less and less stable. Inflation and out of control government and federal reserve behavior is likely a strong factor in the tsunami of cash flooding into cryptocurrencies.
The alternatives being floated, such as an official digital dollar or “stable coins”, which are only as stable as the unstable fiat currencies they are pegged to, are filled with issues and resistance from any educated cryptocurrency advocate.
Fads and Frenzy, yes, but underlying reasons to exist are deep and important
THe most interesting nexus that arises from putting these three new and emerging concepts into a basket is the fact that all of them are rising out of the ashes of failed systems.
The failed financial system that caused the 2008 real estate and banking collapse and subsequent “rescue” was a catalyst behind the creation of Bitcoin and crypto itself. NFTs address the glaring inequities that are present in the streaming of music and have begun to establish a new way for digital artists to retain and monetize their work .
The metaverse is an, as yet, fictional projection into the future of the ways that humans interact online. While the common understanding of the term is leaning towards a shallow, commercialized extension of the same glaring flaws in Web2, nots notably facebook and the rest of the Big Tech behemoths, the use of blockchain, crypto and even NFT concepts to make an organic and spontaneous move to Web3 potential is its greatest power.
Currently each of these three important and potentially world changing movements are considered, from the perspective of the established media and that portion of society served by them, as little more than individual unrelated novelties that will one day be considered as having been a passing fad.
However, as the reality of real purpose and substance, as well as acceptance and propagation of each becomes more concrete daily, interconnections and common themes and reasons to be are beginning to emerge.
End of a Stone-age where dinosaurs and fossil fuels ruled, something new is about to emerge from the rubble
Since each of these concepts, four of them including Web3 (itself contrasted with Web1 and Web2) is new and not easily understood at first blush, a lot more clarification is needed for the importance of each to be better understood by more people.
The interconnection and similar impetus that galvanized society to create and begin to support Crypto, the NFT markets and soon the metaverse & Web3 is growing, some would say exploding, at a mind-bending pace.
Many feel emotions like fear, greed, FOMO and confusion when triggered by the words. Others are embracing the potential and responding to the “bright-side” potential – the potential to replace corrupt failing systems with something new and potentially better, and those individuals are driving the forces of change.
While many outlets focus on price volatility in the crypto space, outlandish and phenomenal auction results for NFTs and the greed fuels furor to “own” the not yet existing metaverse, we pledge to explore the real and underreported connections and motivations behind the common belief that these inventions have the potential for positive change in the world.
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