By Vanessa Abou Zeid | Staff Writer
How capitalism is yet again the emblem of the digital world.
If you still have not jumped onto the up-and-coming digital bandwagon taking over the worldwide web, do not worry, as a simple click floods you with a plethora of unscrutinized content ready to inform — or misinform — you on the Metaverse, cryptocurrency, non-fungible tokens and a promise of a new immersive utopia, emblematic of the next phase of human innovation. However, this tale seems far too familiar, a vicious cycle of overestimating human capabilities. Weren’t we just 20 years ago fooled by the promise of flying cars?
First off, it is important to highlight on the transitional phase that the internet is currently being subjected to, as we are moving from Web 2.0 to Web 3.0. Web 2.0 is the internet as we know it, the familiar interconnectivity, the social platforms, the aesthetically pleasing and user-friendly engineered web pages that have been developed after the primitive days of the dotcom bubble. Having swam in this creator friendly interactive frenzy for too long, businesses have bloomed and developed from interactivity to utility, leading to a new wave which is currently on the verge of flourishing.
In a normal cyclic manner, new ideas have sparked and evolution is now a concept that can be translated from the biological realm to the digital one. The next era of the internet is known as Web 3.0, with decentralization as its slogan, the head of the movement. In brief, this new iteration of the internet relies on blockchain technology and token-based currencies. Data and information will be scattered and not centralized in the databases of the “BigTech” giants like Meta and Google. Ownership will be redefined, as individuals will be guaranteed their property by the distribution of wealth as an equitable commodity rather than grants given by traditional governments and banks.
However, and as previously mentioned, all these aspirational visuals represent just mere promises that put way too much ambition in one’s individual capabilities. This statement seems as if it is a far-fetched pessimistic manner of looking at possible innovation, however a recent occurrence illustrated it to perfection. In a segment on The Tonight Show Starring Jimmy Fallon featuring Paris Hilton, both individuals shared their enthusiasm over recently purchased NFTs. However, a double entendre behind this ‘quirky’ interaction was obvious to the general public, as both celebrities were merely promoting crazily expensive digital pictures to the general public, whose actual physical value is not yet to be even confirmed.
What’s striking about this whole interaction, is that it illustrates how capitalism is being translated from the physical world, to the digital one. The privilege of celebrities going on national TV to promote their NFTs is not a form of artist activism, where the art in and of itself is being appreciated by a community of likeminded people. It is simply a ploy, where the likelihood of the value of said NFTs for example, will simply be influenced by this publicity stunt and thus increased by the recruitment of new money. This behavior renders the contradictory aspect behind the whole aspect of this new tech wave far too blatant. Is it really a promise of decentralization, if the medium is still held and influenced by ones who seek it the least? Or is it simply shifting the puppet of control from one center to another, further exploiting the capitalistic face of today’s society, while simultaneously hiding behind an idealistic, unreachable standard.
Looking at the bigger picture, this leaves much to think about, as the commonwealth of the people is at stake yet again, threatened by a scam and polished lies. Can the Web 3.0 be designed in a manner where it will truly deliver what it originally came to be for? Or will it simply follow the cycle of repeatedly being left at the mercy of wrong hands?