Web3 is still like Schrödinger’s cat. He exists in an overlay, and we don’t know what consequences await him. With a different volume of decentralization, regulations, blockchain implementation, and NFT art, the final form of the beast may be something we cannot yet imagine.

The Web3: Impact the Future Summit, held on December 7 in Vilnius, tried to give a sneak peek into Schrödinger’s Box.

The event brought together industry professionals who tried to shed some light on the future of Web3. Among them were the representatives of industry giants such as Binance and Chainanalysis and the highest government officials of the Republic of Lithuania.

The summit took place throughout the day in two stages simultaneously. The main room discussed innovation and Web3 visions, while the second room focused on compliance and regulations.

Metaverse Cheats and Cheats

For starters, the summit spawned a funny meme that could be called “coming from the metaverse.” During a panel on the openness and accessibility of the metaverse, the AI ​​wallpaper began to “suck in” one of the speakers, René Schulte of Valorem Reply, who was connected via video call. Other panelists said that Rene already lived in the “true metaverse.”

Since there’s a grain of truth in every joke, let’s admit that the metaverse is full of quirks and tricks. These are not limited to the absence of legs in Meta’s ‘Horizon Worlds’. Some of them are practical and beneficial.

Aragorn Meulendijks, aka ItsMrMetaverse, began his speech by showing the pre-installation license agreement page for the software. The audience fell silent when he asked if many people had read it. In fact, there is one important point in every software agreement: everything created within the game world is owned by the game publisher or development studio.

In decentralized metaverses, you own anything you’ve created or bought. You also get royalties through smart contracts if someone uses your creation or resells your NFTs.

Some speakers even admitted that creators and designers will play the same important role as developers in Web3. For example, fashion journalist and creator of the metaverse, Lina Survila, said:

“Although there is a lot of technology involved, artists are the ones making it accessible to users by building their NFTs on top of it.”
Also, art can be a deal breaker if the metaverse changes to an AR address. Meulendijks provided an interesting guess. He guessed that wallpapers might disappear in the future because everyone could select a virtual wallpaper. This would not only provide more jobs for artists, but also reduce the carbon footprint.

“What we are going to see is a true manifestation of the imagination,” he summarized.
That’s why the wallpaper hack meme became such a hit in the living room!

Speaking of more metaverse hacks, another fashion tech maven, Storyfounders’ Odeta Jacė, asked people to scan a QR code claiming their proof of event attendance. It turned out to work like a location record on a blockchain. That is quite useful!

Looking at these examples, an average reader might feel that the vision and innovation stage was appropriately packed with dreamers and visionaries. However, some more serious regulatory issues were also discussed.

Meulendijks responded to the question of regulations in a rather radical way.

“By the end of the century, we will no longer have countries. Jurisdictions are tied to particular territories. In the future, people will connect to the metaverse of the whole world.”

Are you ready to regulate, Europe?

Although there are still countries, the issue of regulation is still important.

After the recent FTX fiasco, the security issue came up again. Regular Web3 is like walking on thin ice: it’s important not to let scammers in while keeping the space decentralized. That is why half of the conference discussions were devoted to this dilemma.

On the other hand, the question was not answered definitively, since different people had different opinions on how to do it correctly. I would like to highlight some interesting thoughts shared at the conference.

First of all, Martin Bruncko, Binance’s Executive Vice President for Europe, expressed his opinion this way:

“Regulations cannot be good or bad. It’s like a marriage. It all depends on both partners and how they cooperate.”
In other words, the number of regulations should be equal to the amount of need for them in the sphere. Additionally, Dusk.Network’s head of business development, Ryan King, mentioned:

“Welcoming regulation is a sign of maturity.”
He admitted that the media abused the cryptographic representation of the ‘Wild West’. However, he urged taming this same Wild West, as was done in the past to create the United States of today.

On the other hand, some government officials were not as radical about strict regulations. Karolis Žemaitis, Deputy Minister of Economy and Innovation of the Republic of Lithuania, said:

“I don’t see us as policy makers but as accelerators. We are here to speed up the process, to help web3. But of course, at some point, we set the rules.”
He used the quote from Alice in Wonderland to describe his work:

“…here we must run as fast as we can, just to stay in place. And if you want to go anywhere, you have to run twice as fast as that.”
Therefore, regulations are not just restrictions. They need to encourage companies to experiment while keeping people safe.

To sum up

The Web3: Impact the Future Summit was intense and diverse. In fact, he tried to cover various aspects of Web3 to shed light on such a futuristic topic as the metaverse. The 45 guest speakers touched on the economies of Web3, CBDCs, crypto gaming, metaverse hype, fashion, regulations, cybersecurity, and more. The field is expanding exponentially. Let’s hope that the next summit will take more than a day to cover the new peculiarities of the future that we will experience very soon.

See original on DailyCoin