Elon Musk Criticizes the Current State of Web3, Wonders About Future of Metaverse

Elon Musk, CEO of Tesla, has criticized the current state of the metaverse and the Web3 movement, suggesting the latter concept is a “marketing buzzword.” The crypto influencer also posted a video of David Letterman making fun of the early internet in an interview with Bill Gates, and wondered what the future will bring.

Musk Skeptical About Current Web3 Movement

CEO of Tesla and known crypto influencer Elon Musk has issued his take on the current state of Web3 and the metaverse movement. Musk is skeptical about the validity of the Web3 movement right now, saying he believes it “seems more marketing buzzword than reality right now.”

Web3 and metaverse are terms that encompass a group of concepts including blockchain technologies, smart contracts, and decentralized economies whose aim is to create an alternative reality to the one we live in. This concept, which dates from a long time ago, was revived recently by Meta, the company formerly known as Facebook. Meta wants to help shape the metaverse with its own tools and developments.

While Musk may be a nonbeliever in the present reach of these technologies, he is more optimistic about the future and what it might bring to consumers. Musk emphasized:

Given the almost unimaginable nature of the present, what will the future be? Just wondering what the future will be like in 10, 20, or 30 years. 2051 sounds crazy futuristic!

Web3 Potential

The commentary Musk made comes after he posted a video where David Letterman criticizes the functionality of the early internet in an interview with Bill Gates. However, contrary to Musk’s recent statements, Gates has revealed himself to be a big believer in the metaverse movement and has predicted a shift to virtual spaces. In a post on his personal blog, Gates stated:

Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3D space with digital avatars.

In the same way, companies and investors are putting resources behind metaverse-related initiatives. Grayscale recently released a report on the opportunities that the metaverse could bring as a business and estimated that potentially it could become a $1 trillion opportunity for investors who enter the sector early.