The smooth and "complete decentralization" of Web3 is not yet true, Randi Zuckerberg said, referring to a system where services and data are owned by users instead of companies.
The sister of Meta CEO Mark Zuckerberg spoke at the Global Supertrends 2022 conference on Wednesday.
Web3 is a hypothetical future version of the Internet based on blockchain technology — an "ideal utopia," Zuckerberg said.
"But … that’s not what’s happening. What’s happening in reality, is chaos."
The founder and CEO of Zuckerberg Media, a production and marketing consultancy, added: “You’re the only one watching your own back and your own assets, people are spending time protecting themselves by setting up so many different wallets and protecting their identity and that’s not contributing to development in the area."
Zuckerberg, who was an early employee of Meta - formerly known as Facebook - explained that the various meta versions now act as "their own walled gardens" where users cannot use their assets on the platforms. Metaversion can be loosely defined as a virtual world where people live, work and play. Using cryptocurrency, users can buy and develop virtual land or dress up their own avatars.
"Right now, I’m on Decentraland, my son is on Roblox, my other son is on Fortnite. That’s great — we’re all in the metaverse. [But] we have no interaction with one another," she said.
"In order to really unlock the potential [of Web3], we’re going to need to figure out a system where there’s interoperability. What you have goes with you wherever you are, [and] we’re not there yet," Zuckerberg added.
Going Mainstream
However, according to Zuckerberg, this is easier said than done, as no company that owns metaversion today wants to relinquish control or "share that ownership."
"That’s why it’s not we’re not seeing that kind of consumer mainstream adoption yet because there needs to be a world where you leave the house with one wallet. And you need to see that same behavior online also."
She added that Web3 needed experts involved in the global banking system and Web2 — the Internet as we know it today — to lend a "protective layer."
The need for such experts is especially important because it's "very easy" for users to get scammed or lose all of their Web3 assets, Zuckerberg said.
"There should be more protection for consumers... I think we'll end up [with] Web 2.7, where there's some centralization that keeps people safe but allows them to take their assets with them to any site to transfer."
Another thing Web3 needs to improve is user-friendliness, she added.
"It shouldn't be 45 steps to build a crypto wallet, buy currency and enter the meta. It should be in one place, suitable for beginners."
Sectors with Opportunities
The metaverse may still be in its infancy, but Zuckerberg pointed out that sectors like
real estate will be “extremely valuable.”
“Wherever there’s scarcity … there’s value. I think the big question will just be, is there scarcity in the metaverse and if there is, there will be value in real estate there,” she added.
According to data from MetaMetrics Solutions, real estate sales in the metaverse surpassed $500 million in 2021 and could double in 2022.
Zuckerberg said that education and training will be another “huge area” for opportunities and revenue.
“Especially in this new age where workers are remote, it is very difficult to upskill remote workers … I think training in the metaverse, education in an interactive way, is going to become crucial for every business that has a remote work,” she added.
“We're just looking for the face of what we can see.
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