Musk: The metaverse still resembles a marketing hype

The head of Tesla, Elon Musk, expressed his opinion about the increasingly popular metaverse – a new vision of the Internet led by the founder of Meta (the parent company of Facebook), Mark Zuckerberg. Musk wrote on his Twitter account that the metaverse, also known as Web3, is basically a «marketing buzzword» and not any practical concept.

The billionaire also noted that today it is simply unrealistic to imagine the future, given the almost unimaginable nature of the present. «I'm not suggesting web3 is real. Just wondering what the future will be like in 10, 20 or 30 years. 2051 sounds crazy futuristic!» – Musk wrote on his account. 

Many agreed with Elon Musk's point of view that the metaverse is a rather broad and somewhat vague term indicating the future of the Internet. It is assumed that it will relate to a virtual world where people can play various games, communicate, work, attend events, and so on. However, many consider the emergence of metaverses as the next stage in the development of the Internet (including decentralized or beyond the control of technology giants). 

Despite the uncertain present, the metaverse is gaining momentum on Wall Street. Cryptocurrencies related to this topic, such as SAND/USD and Decentraland, have risen sharply this year, easily surpassing bitcoin. 

Recall that in November, Grayscale published a report «The Metaverse as a virtual cloud economy Web 3.0», in which it predicted that in the next few years the annual revenue of the metaverse will reach $1 trillion, which will be a strong competition for Web 2.0.