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Is The Metaverse and Web3 Dead?

2023-03-02 / By Edi Titov

The concept of the Metaverse and Web3 has been gaining significant attention in recent years, with the promise of a new decentralized internet that could revolutionize how we interact with technology and each other. In fact, in the latest study, 74% of Americans said that they are either participating or thinking of joining the Metaverse in the near future.

However, as the hype around this emerging technology diminishes, some people are beginning to wonder if the Metaverse and Web3 were just another buzzwords that will lay in the history books of internet.

In this article, we are diving deeper into the current state of the Metaverse and Web3 concepts, examining the reasons behind the hype, the challenges facing these emerging technologies, and whether they are indeed dead or still have the potential to transform the internet most of the Metaverse connoisseurs call outdated.

Is The Metaverse and Web3 Dead?

What Is All The Hype Around?

The Metaverse and Web3 have been generating a lot of buzz right after we climbed out of the pandemic. But some still cannot understand the hype about these two concepts.

The Metaverse is a virtual world where people can interact with each other and digital objects in a fully immersive environment. Web3, on the other hand, is the next evolution of the internet, characterized by decentralized applications and blockchain technology. Both concepts offer exciting possibilities for the future of technology and society. The Metaverse and Web3 came into the market with the potential to revolutionize how we live, work, and play.

While some projects started incorporating the concepts immediately to ride the hype wave, others looked from the side. And right now, you cannot really tell whether the early adopters of the Metaverse or Web3 won or lost. Some of them decided they are better off on the internet we know now; others are attracting hundreds of users with their out-of-the-box solutions.

Generally, the hype around these concepts was based on something new that most internet users had been looking for for quite some time. After all, the thought of meeting your friends in a virtual world where you got ownership of the Mona Lisa knock-off seemed like an exciting deal compared to the casual Facetime or, even more boring scenario, a message on Whatsapp.

What Is Next For The Metaverse and Web3?

Recent statistics suggest the hype surrounding this virtual world has died down significantly. According to a recent report by Sensor Tower, downloads of popular Metaverse apps like Roblox have declined over the past year. The report also found that user engagement on these platforms has decreased. While some argue that these trends are evidence that the Metaverse is dead, others point to the emergence of new Metaverse-inspired technologies like virtual reality and blockchain as evidence that the concept is still very much alive. After all, we all saw the success of the ChatGPT integration with Bing when most internet users said that Microsoft and its products like Bing are out of the interest zone once and for all.

Despite recent criticism and concerns over regulation, Web3 is far from dead. The decentralized web is growing at an exponential rate. According to a report by DappRadar, the total value locked in decentralized applications (dApps) has grown from $1 billion in 2019 to over $100 billion in 2021. This significant growth is indicative of the potential of Web3 to revolutionize how we interact with the internet.

Moreover, Web3 technology is being embraced by major corporations and institutions, with companies like Visa and Goldman Sachs investing in cryptocurrency and blockchain initiatives. While challenges remain to be addressed, such as scalability and interoperability, the future of Web3 looks promising, and we will likely see continued innovation and development in this space.

Users Continue to Invest in The Metaverse

Bottom Line

As much as you love or hate the Metaverse and Web3, both concepts are here to stay. With minor setbacks from tech giants, various companies continue to innovate and bring revolutionizing concepts closer to consumers around the globe.

So is Joiner. We have been investing in Web3 and the Metaverse to create an application that would challenge and uplift its users with various events in both real and virtual worlds. We are releasing the BETA version of our app on Google Play and Apple App stores, and we will soon invite the users to earn exclusive rewards and discover the full potential of the Web3 concept.

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