Web 3? What about Web 4?

Updated: May 31


George Khalife (1) has helpfully unpacked the Web 3 market opportunity: Web 3, NFTs, and the Metaverse: What to Make Of It. Have a read (TabbFORUM registration required).



 

There are two economic worlds:

  • the real world, and

  • the quasi-real insubstantial metaverse

Grayscale's estimate of the metaverse market opportunity is >$US 1 trillion (2): "That doesn’t seem far-fetched given today, approximately one-third of our lives (or around eight hours/day) is already spent watching TV, playing games, or on social media. So it’s only reasonable to assume that the things we value are shifting with technology. It’s not so much how or what we value, but rather how it’s represented.

Art is a good illustration of this; the painting itself is not necessarily what we value, it’s who the artist is behind the piece, the story behind the work, what the image represents, and how much people (collectively) are willing to pay for it.

Because owning something special that people recognize and ascribe value to is social currency. That currency is now digital."

This is a near match to our estimate of global market demand for data quality improvement. Consider all of the companies that depend on data delivering profitable results. It gets interesting!
 

The metaverse economic conversation

The metaverse represents a lived world constructed from digitally-flowing data.


Let's call this "the metaverse economic conversation".


Since "(social) currency is now digital," the element that is missing that holds back the economy of the metaverse from realizing its full potential is a construct that allows us to realize the social value of exchange . There is need of a medium of exchange that permits financial value exchange (currencies) between the realworld and lived metaworlds. Today the exchange is "to/from".


For this, we have intermediary digital ATMs and forex that transact digicash and realcash.


To realize the true potentiality of the metaverse, we need seamless transactioning.


The method to execute this requires the ability to digitally seamlessly transact realworld cash value to-and-from the inhabitants of metaverse metaworlds. This is hard to do; when there must be a common medium of exchange. The challenge gets harder when there is need to provide "a way for two parties to transact directly without a middle person." Further, we will need to digitally track, account for, and audit the digicash flows.


What if the medium of interlocutory value exchange is data itself?


It is hard to imagine since Data is an intangible asset. It becomes easier with acceptance that ORBintel© processing rapidly converts data from the intangible state to the monetized Current Data Asset (CDA) state.


Private businesses can book the internal value into the General Ledger by citing the value in financial statement footnotes. In time, mid-market and public companies also. In time, we will be able to say that these internal CDA's will become externally transactable Digital Cash Assets that are freely exchanged for goods and services. Which means that we are not far from being able to say that:

Web 3 and Web 4 = made practical today.

 

(1) Web 3, NFTs, and the Metaverse: What to Make Of It, May 16, 2022 by George Khalife : VP, Midwest U.S. at Toronto Stock Exchange | Host of Let's Grab Coffee Podcast.

(2) JPMorgan Chase independently forecasts the same annual scale of revenue.


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