The Dream of Digital Ownership, Powered by the Metaverse | Yat Siu | TED

Technologist Yat Siu believes the "open metaverse" -- a decentralized version of the internet also known as web3 -- is laying the foundation for a freer, fairer, more prosperous society. In a future-focused talk, he explores the transformative possibilities of web3, from enabling digital ownership and the creator economy to providing a much-needed update to capitalism.

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[maxziebell]

The appeal to "true digital ownership" in web3 and the metaverse carries the assumption that ownership inherently translates to freedom and prosperity. However, this overlooks the potential for digital ownership to create exclusivity barriers and transform public goods like knowledge into commodities. A shift to a marketplace model could undermine the internet's original promise as a free, open space for sharing human knowledge.

Moreover, the idea that digital property rights will safeguard against control by platforms or future AIs is not necessarily substantiated. Ownership could just shift power dynamics from corporations to those with significant digital assets, leaving the average user still under a form of control. Rather than unquestioningly endorsing digital ownership, we should scrutinize its limitations and explore more equitable alternatives.

[DarkoNomad]

From metaverse to glorification of capitalism and property rights... it can only look like an expensive video game for people who'd rather escape reality then face it.

[unixtreme]

We’ve had the metaverse for decades in the form of MMOs. This isn’t a new thing, people have actually been more immersed in these things than his new scam designed to own your virtual life/reality.

Grifters everywhere.

[dside_ru]

Thank you for having the decency to provide a definition of the metaverse that you're talking about. The fact that you have to do that is a brilliant showcase of immaturity of the term.
Most of the industry folks I talked to used the term Web3 for what you defined.

[Boris]

NFT and Metaverse promoters always ignore the most obvious problem - the implementation.

[LeungOn-mvpg]

Great speech! This phenomenon essentially mirrors the real world, but it's now seamlessly integrating into the digital realm. With so many people shaping their lives through their computers, the protection of personal data, online creations, and digital purchases is rapidly gaining importance. Exciting times are on the horizon

[MarieSwan]

It's an incredible view of the future. Definitely. Places like the Middle East, France, Southeast Asia, and Latin America are already getting on that train. Surprisingly, there are a lot of people that still don't understand the capabilities, and where this is all going in a couple of years. I think this man is way ahead of his time, hence why this is not very easy to understand for so many people.
It's exactly a mirror of what the real world is, but now it's translating into the digital world, as many many people live their lives through their computers, and will start to protect their personal data, their creations online, and the stuff that they buy online as well.
Fun times ahead.

[mariotorrecilla]

I get a feeling that metaverse mostly interests the companies, and not the regular Joes

[vienlacrose]

DRM, copyright, nfts...

Imagine engaging in fantasy escapism while bringing the worst parts of the real world with you.

[nirui.o]

This is like watching someone talks about why KMT is great and why you should join it right before the year of 1945.

[ianlister]

oh thank goodness, "more capitalism"

[hungrymusicwolf]

I am pretty sure that to most people that's a nightmare not a dream.

[expall]

This would only works if there is a enough believers for web 3 and nfts. Right now, there isn't. This is why they are trying to recruit more people to become believers. This is why it's currently a dream.

[tommypain]

The emperor is wearing no clothes. Wake up, people!

[falloutfreeman]

I-I-I JUST BOUGHT MORE LAND IN THE METAVERSE!

[name-ugxq]

All of this sounds really good only if you know nothing about tech/gaming/internet

[sachamm]

This is the same vision we had for the internet itself back in the 90s. The problem now is the same problem then: companies are not incentivized in any way to allow their assets to be used on other platforms or to share or play nice with anybody. These assets -- whether you "own" them or not -- are not useful outside the walled gardens built by the corporations and never will be.

Think of it this way: if you're a corporation, are you going to spend money on a building a feature into your product who's only goal is to take control and money away from you?

The only way around it is to build a separate economy of Open Source games and digital assets that could interoperate through NFT and the like in a meaningful way.

[YetiCoolBrother]

They keep trying to make digital scarcity a thing, like the word "fetch" in Mean Girls

[turbyoulance]

where two world's clash, that of reality and insanity. The material and the Imaginary. Like a real Ice Cream and a cartoon Ice cream, one that can never be eaten.

[BrianPeiris]

In 2023 Yat Siu has been appointed to the Task Force on Promoting Web3 Development newly established by the Government of the Hong Kong Special Administrative Region