Neal Stephenson on the metaverse: ‘It's happening in a different way’
Author Neal Stephenson said that many Web3 problems come from projects wanting to financialize everything very quickly. Bestselling author Neal Stephenson spoke with Cointelegraph at the Paris Blockchain Week 2023, discussing various topics, including problems within the current Web3 ecosystem and the metaverse — a term Stephenson coined in his 1992 book titled Snow Crash. According to Stephenson, many of the current problems within the space come from people wanting to "financialize everything too fast." Stephenson pointed out that many see the goal of getting lots of money and are eager to get to it. This leads to skipping over important steps that are necessary. The writer explained that: “You know, financial institutions emerged slowly over time out of existing markets, and businesses that were functional, and they were making money for people. And then, over time, people constructed banks and stock markets and so on.” According to the author, this approach skips a ve...