The Differences between Web3 and The Metaverse
🚨 What's the difference between Web3 and The Metaverse? And where do they overlap? Here's one attempt to clarify things from EY, but I'm not sure everyone's going to like it...
🔥 Nothing gets the discussion and learning going on a Monday than a Venn diagram, followed by the asynchronous attempts to explain ourselves and our perspectives in 3 sentences or less...
🤗 Welcome to Web3, Blockchain and Tech in general on LinkedIn!
🤷🏻 ♂️ Just be grateful they didn't try to overlay the role of AI, ChatGPT and Machine Learning into this infographic... Or maybe they missed it out and we need to find a home for them...
🧠 The Metaverse is still early in its forming as a 'domain' - we've had the technology capabilities that enable it for decades now, but only recently are we starting to see the convergence towards a specific domain of practice, which I believe will accelerate funding and growth (although also hype and inflated expectations...)
⛓️ Web3 is a lot of things, but still isn't clear to many. Which is a problem. The ideas of decentralisation, of censor-resistant platforms, and of shared digital economies are hugely powerful but somewhat abstract. And when you overlay the technical implementations (Blockchains, Nodes, Cryptography, Wallets, Oracles, Governance) it doesn't get any easier. But we can be confident there is value in both the principles and the technology.
⚠️ The biggest challenge for me is that the more we need to blend these domains, and the bigger the transformations we need to create; the harder it will be to explain, and the fewer people in the world will have the intellectual capacity to architect and execute on it. Not to mention the push-back and resistance you will find from incumbents.
🔭 We are entering an age of increased technical, philosophical, ethical and commercial complexity. And this will not gel well with the 'TL;DR' movement or society's increasing desire for simplification of concepts... I'm not saying we can't get there, but what it will require is more of a 'Renaissance Man/Woman/GNB' quality from all of you...
🙏 Specialisation in one technology, or understanding and maximalism towards one technology alone will make this problem worse. We need to read more, and be more curious about the intersections of our technologies, domains and practices.
🤬 There will be more Venn diagrams too! But let's be patient with those who create them, and try to seek understanding and clarity of our positions, rather than 'fewm' and 'cancel' on sight...
Speaking of which - what do you think of EY’s attempt to make the Metaverse and Web3 make sense? Anything you would change or improve? 🚀🌘
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*Apologies for originally attributing this graphic to PwC. It is in fact from EY. Big4 differentiation FTW 🤦🏻 ♂️
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