Renowned author Neal Stephenson recently engaged in a conversation with Cointelegraph during Paris Blockchain Week 2023, where he discussed various topics such as the challenges within the current Web3 ecosystem and the metaverse. Stephenson, who introduced the term “metaverse” in his 1992 novel Snow Crash, highlighted that many of the issues in the space arise from the rush to “financialize everything too fast.” He emphasized the importance of building a stable economy first, rather than solely focusing on monetary gains. According to Stephenson, this rush leads to skipped steps, which ultimately contribute to market volatility. He stated, “I’m more focused on trying to help people build valuable experiences…Then, the financial industry will take care of itself, but we don’t start with the financial industry.”
When asked about the evolution of the metaverse since he coined the term in Snow Crash, Stephenson acknowledged that while his concept of its potential remains unchanged, advancements in technology have altered its execution. He revealed that the current availability of affordable high-quality three-dimensional graphics and free-to-use game engines, coupled with supportive network technologies, has sparked discussions about the metaverse. Stephenson also noted that the realization of the issues within Web2 has played a role in the development of the metaverse and Web3. He expressed the need for a new approach, stating, “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.”