Charlene Weisler: What is Web 3.0?
Sean MacPhedran: The specific definition of Web 3 changes based on who you ask. Broadly speaking, it is an evolution of how we interact with digital media driven by the convergence of multiple new technologies that will create a similar level of disruption as we saw in the shift from Web 1 to Web 2. At that time, Blockbuster was replaced by Netflix, AOL by Facebook, and Taxis by Uber. Common themes of Web 3 are Decentralization, Artificial Intelligence, Ubiquity and the Spatial Web. Blockchain and related trends like NFTs, Crypto Games, Decentralized Finance, Decentralized Apps and Decentralized Autonomous Organizations (DAOs) are all examples of Web 3 coming to life. A good example of a potentially disruptive Web 3 company is Hivemapper, where drivers can earn cryptocurrency by feeding data to a crowdsourced map designed to compete with Google Maps.
Weisler: You also speak of the Spatial Web and the Metaverse. What are those?
MacPhedran: Web 3, the Spatial Web and the Metaverse are sometimes used interchangeably. The spatial web is the ability to explore data or navigate the web beyond two dimensions, for example by exploring content through a 3D engine in your web browser, playing with AR in Pokemon GO on your iPhone, or navigating around in VR in your Meta Quest 2 headset.
The idea of the Metaverse was coined in 1992 by science fiction author Neal Stephanson in his novel Snow Crash, a dystopian cyberpunk novel where it comes to life as a perfectly spherical digital planet populated by avatars and virtual real estate accessed through VR goggles. In our world, it’s frequently used to describe virtual worlds that run on cryptocurrencies like Decentraland and The Sandbox, as well as NFT-driven communities like Bored Ape Yacht Club and creator-generated VR worlds like Meta Horizon Worlds. Ultimately, the idea is that we will be able to lead parallel lives in a persistent, explorable 3D world that encompasses all of this content interchangeably, where we have digital identities and can do more than just play and socialize, but also work and earn money.
Weisler: So let’s talk about your recent study. What are the highlights, takeaways and any surprises?
MacPhedran: The study explores the overarching trends that lead us to Web 3 and the Metaverse, but likely the most interesting for readers is the original research we conducted by polling US consumers on topics that give us a sense of how far along things are now. Some highlights:
● The gaming industry is bigger than Hollywood and the music industries combined and it’s setting the stage for the metaverse. In the 16-34 bracket of our respondent group, games often referred to as “Metaverse precursors” had been recently played, with Minecraft (47%), Fortnite (44%), Pokemon Go (36%) and Roblox (29%) taking the lead. Crypto-games with integrated NFTs were also mentioned, including The Sandbox (10%), Axie Infinity (7%) and Decentraland (7%)
● 16.5% of respondents have their own VR device with 41% considering a purchase in the next 12 months.
● Looking to the future, 65% are interested in purchasing AR glasses when they become more widely available as long as they’re fashionable.
● 44% of respondents have directly purchased or indirectly invested in cryptocurrency with Bitcoin (85% of buyers) and Ethereum (54% of buyers) leading the pack.
● About half (49%) of respondents view crypto as a valid investment vehicle.
Weisler: What type of data is thrown off from Web 3.0? What can best be done with this data and how is it impacted by privacy concerns?
MacPhedran: Because the concept of Web 3 includes the idea of the ubiquitous Internet, or the Internet of Things, as well as AI, there will be far more data available tomorrow than there is today. The Verge recently published a piece around how users Amazon Alexa voice AI conversations are now leveraged in advertising targeting. The flip side is that deeply ingrained in the philosophy of Web 3 is that users will own and control their data, ultimately being the ones to profit off its usage. In the Hivemapper example, the entire business model of the company is built around users earning money for the data they create (location data, HD photography, videos, etc. used in street-level mapping). Tomorrow, the average IoT fridge with cameras might be smart enough to keep a real-time inventory of everything inside, and have the ability to replenish itself through a grocery delivery API. In Web 3, in theory, the owner will be able to choose to provide that data to 3rd parties in exchange for value, perhaps through targeted discounts or bidding to “own” replenishment for a fixed time period. How this will manifest itself in the next 5, 10, 15 years will be interesting.
Weisler: What are the challenges with moving this forward?
MacPhedran: Likely one of the biggest challenges we will see is around decentralization. Billions have flowed into crypto and NFTs over the past few years and the crypto market cap is currently 1.8 Trillion USD. But traditional organizations have been resistant to embrace these platforms, creating a very large pool of stored value that has some trouble getting back into the market, though we are now seeing companies like theatre chain AMC accepting crypto like Bitcoin and Ethereum to buy tickets.
Weisler: What are the benefits to people with these advancements?
MacPhedran: In theory, in the long term, these changes should give the average person more control over their data, the ability to earn money from it (as well as to earn money through various digital activities like crypto gaming or digital creativity), and overall a better experience with social media, information search, commerce and entertainment. We’re already seeing how Zoom allows us to reduce our time spent commuting and on unnecessary travel, and in many ways meeting in VR takes this a level beyond. In other areas, it can bring people even closer together. Meta is rumored to be working on what is effectively a universal translator that could allow people from different countries, speaking different languages, to work and play together in 3D spaces. The number of innovations we will likely see over the next decade, and how they will impact our lives, is hard to predict. I hope that in the area of accessibility especially, that some of these tools will create a more level playing field and equitable web. Be My Eyesis an incredible example of new technology being put to good use for blind and low-vision people, as is an increasingly voice-enabled web.
However we may also see negative elements. As we continue to allow technology to be our social intermediary, through channels like Facebook or video conferences as opposed to old fashioned time together, and children increasingly grow up with tablets and digital entertainment, we collectively need to ensure that we don’t completely lose ourselves in the digital world and forget to shop at the farmers market or play in a puddle.
Weisler: Give me some predictions. What do you see three years from now in this space?
MacPhedran: In the next three years we will likely see a few new unexpected billion-dollar “unicorn” companies emerge in the space. Yuga Labs, the creators of Bored Ape Yacht Club, is already one of these companies with its $4 billion valuation. If the consumers we polled were accurately predicting their own behavior, VR devices will be a lot more widespread. Apple is rumored to be very close to releasing their first VR headset, which will push the technology further into the mainstream. Following that, we’ll see the first proper wave of consumer AR glasses, which are in development at companies like Snap and Meta, though miniaturization of all the required technologies may take longer than 3 years to create something fashionable and functional with a decent battery life. Overall I think we’ll see a lot of creativity in the space, as more tools for both creativity and monetization become available.
This article first appeared in www.Mediapost.com
Artwork by Charlene Weisler
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