Elon Musk, CEO of Tesla, has criticized the current state of the metaverse and the Web3 movement, suggesting the latter concept is a “marketing buzzword.” The crypto influencer also posted a video of David Letterman making fun of the early internet in an interview with Bill Gates, and wondered what the future will bring.

Musk is skeptical of the current Web3 movement.

Elon Musk, the CEO of Tesla and a well-known crypto influencer, has issued his thoughts on the current state of Web3 and the metaverse movement. Musk is skeptical of the Web3 movement right now, believing it “seems more marketing buzzword than reality right now.”

Web3 and metaverse are terms that refer to a collection of concepts that include blockchain technologies, smart contracts, and decentralized economies with the goal of creating an alternate reality to the one we live in. This long-forgotten concept was recently revived by Meta, the company formerly known as Facebook. Meta intends to shape the metaverse through its own tools and developments.

While Musk is skeptical of these technologies’ current capabilities, he is more optimistic about the future and what it may bring to consumers.

Given the almost unimaginable nature of the present, what will the future be? Just wondering what the future will be like in 10, 20, or 30 years. 2051 sounds crazy futuristic!

Musk was emphatic:

Web3 Potential

Musk’s remarks come after he shared a video in which David Letterman criticizes the early internet’s functionality in an interview with Bill Gates. In contrast to Musk’s recent statements, Gates has revealed himself to be a strong supporter of the metaverse movement and has predicted a shift to virtual spaces.

Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids—which I call the Hollywood Squares model, although I know that probably dates me—to the metaverse, a 3D space with digital avatars.

Gates stated in a blog post:

Similarly, corporations and investors are investing in metaverse-related initiatives. Grayscale recently released a report on the business opportunities that the metaverse could bring, estimating that it could be a $1 trillion opportunity for investors who enter the sector early.