Trendspotting: Metaverse And Web 3.0 A New World of Opportunities Or A Fools Errand?

One of the most controversial corporate stories of 2022 has been Meta's doubling down on Metaverse. The confidence is echoed by the UAE government which has launched a Metaverse strategy. The success of the metaverse itself hinges on the evolution of web 3.0 and related decentralised protocols. These have been put into question currently in 2022 when the cryptocurrency market seems to have lost its sheen.

For this enlightening session at IGF UAE 2022, Nikhil Kamath, Co-founder, Zerodha, India, Dr Prateek Dwivedi, Founder, 5ire, UAE, Jaynti Kanani, Co-founder, Polygon, UAE and Nikita Sachdev, Founder & CEO, Luna Media were in conversation with Edie Lush.

Nikhil Kamath opened his remarks by sharing a number of observations. He said,

While Metaverse is easier to understand, Web 3.0 is more complicated to understand, and adoption strategies for it might be a challenge in the future.

Prateek Dwivedi cited the UAE model and said that the level of cooperation Dubai has received from the government has helped them leverage the benefits of Web 3.0. Further simplifying the constituents of Web 3.0, he said:

In Web 1.0 you could just see and read information. In Web 2.0 you could write and take part, for instance with Facebook or Instagram. In Web 3.0 you can own assets.

Jaynti Kanani added:

There is no specific or standard definition of Web 3.0 or Metaverse. How you use each of these and the results you get are starkly different.

He further claimed that while Web 3.0 gives you more ownership and control, it also has less accountability.

Nikita Sachdev spoke about the UAE's stint with Web 3.0:

They've been the fastest growing region for implementing Web 3.0- blockchain, AI, and digital assets. We'll see what the UAE does and other countries will follow suit. Web 3.0 is a world of decentralisation and creative immersiveness.

"It will make the world better significantly, through the implementation of blockchain technologies. You have an identity of your own, which is a big thing for people in developing nations who don't have ownership over their own identities, and for women who cannot take ownership of their own resources.”

She concluded her remarks by stating that with Web 3.0, people will have more freedom with their money.

We have cars that drive themselves but we need a book to get through an airport. Web 3.0 and particularly blockchain is going to change everything.

Catch all the India Global Forum UAE – Partners for Global Impact action here.