During Paris Blockchain Week 2023, acclaimed author Neal Stephenson engaged in a conversation with Cointelegraph, delving into various topics such as the challenges faced by the current Web3 ecosystem and the concept of the metaverse, a term coined by Stephenson in his 1992 novel, Snow Crash.
Stephenson highlighted that many of the existing issues within the industry stem from a rush to “financialize everything too fast.” According to him, individuals are driven by the desire to accumulate wealth quickly, causing them to overlook crucial steps in the process. The author emphasized the importance of building a stable economy as a prerequisite, attributing market volatility to this oversight. “I’m more focused on helping people create valuable experiences,” Stephenson explained. He believes that by prioritizing this, the financial industry will naturally fall into place.
Regarding the evolution of the metaverse since its inception in Snow Crash, Stephenson noted that although his vision of its potential remains unchanged, advancements in technology have altered its execution. He cited the availability of inexpensive high-quality three-dimensional graphics and free-to-use game engines as key factors driving the current discussions surrounding the metaverse. Stephenson also acknowledged the role of current network technologies in supporting these immersive experiences.
Stephenson further asserted that the shortcomings of Web2 have played a significant role in shaping the development of the metaverse and Web3. Recognizing the need for a new approach, he stated, “We need to come up with a new thing. And, yeah, it took a lot of hard-won experience for us to, for that to become generally understood.”
The interview was conducted by Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, with additional reporting by Ezra Reguerra.