Bestselling author Neal Stephenson engaged in a discussion with Cointelegraph during Paris Blockchain Week 2023, covering a range of topics such as the challenges faced by the current Web3 ecosystem and the metaverse, a term he coined in his 1992 book, Snow Crash.
Stephenson identified a major issue within the industry, attributing it to the rush to “financialize everything too fast.” He emphasized that many individuals are solely focused on accumulating wealth and are eager to reach their financial goals, causing them to overlook crucial steps in the process. According to Stephenson, this approach neglects the essential task of building a stable economy first, leading to the volatility observed in the markets. He expressed his own focus on assisting individuals in creating valuable experiences, with the belief that the financial industry will naturally follow suit.
Regarding the evolution of the metaverse since he introduced the concept in Snow Crash, Stephenson noted that while his vision for its potential remains unchanged, advancements in technology have altered its execution. He highlighted the availability of inexpensive yet high-quality three-dimensional graphics and remarkable game engines that are freely accessible. Stephenson also acknowledged the support provided by current network technologies in facilitating these immersive experiences.
Stephenson further acknowledged that the development of the metaverse and Web3 was propelled by the recognition of the flaws inherent in Web2. He emphasized the need for a new approach and the importance of understanding this after acquiring valuable experience.
This article includes additional reporting by Ezra Reguerra.