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The Real Meaning of the Metaverse: Ownership

The term is ubiquitous but poorly understood. Experts explain how Web3 transforms the Web2 paradigm to make tech more horizontal.

In this segment, the panel discusses the meaning of the metaverse and how Web3 shifts our current digital paradigm.

Joel Comm points out that the current discourse about the metaverse misconstrues it as a single, unified field.

“We're using terms incorrectly. When we talk about the metaverse, what we have are a bunch of individual worlds or verses,” he explains. “We're a long way from them being interoperable. Nobody is building the metaverse, not even Mark Zuckerberg.”

Major Dream Williams notes that Web3 is defined by being user-owned, as opposed to the tech company dominance of Web2.

“In Web2, people make money off of what you give them and don't give it back to you. Now, in Web3, you get a part of what everything is making,” he says. “So even if Mark Zuckerberg talks about he's going to the metaverse, it's, it's using your items, which are the NFTs.”

That potential for individual ownership, Jillian Godsil explains, offers transformative financial opportunities.

“With the whole idea of the gig economy nowadays, with web three, you can do whatever you're passionate about,” she says. “I can make a living out of my passion because I can connect directly with people. So it's ownership, which is translated into income, and income equals freedom.”

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Watch the full discussion below:

Roundtable Guests:

Joel Comm, Co-host, The Bad Crypto Podcast

Major Dream Williams, Co-Founder, Lux.DAO

Joshua Kriger, Co-Producer, NFT LA March 28-30, 2022; Co-Founder & Co-Host, Edge of NFT Podcast

Jillian Godsil, Founder & Editor-In-Chief, BlockLeaders