Crypto, web3, metaverse, etc.

Personal thoughts & reading list

On this page, I document my evolving thoughts on “crypto,” “web3,” etc., as well as most of the sources I have read so far to make up my mind on these topics. While I recognise the former won’t be of much interest to others, I hope that the brief introduction at the beginning of this document and the reading list further below benefits those who haven’t already made up their mind.

Balanced view or balancing act?

Many observes of the world of “crypto” have already made up their mind. There are those loudly promoting investment opportunities, thus feeding what some may refer to as yet another crypto-related “ponzi scheme.” Then there are those shouting from on the other side of the fence, highlighting everything they believe is wrong with crypto/web3.

A good start is to “follow the money” … It is not difficult to see how vocal proponents on both side of the fence benefit from taking (and promoting) a strong position. A ponzi scheme exists so that those already in it benefit financially from those joining it. It is perhaps not unfair to assume that most crypto promoter expect to gain financially from what they promote. But those taking a strong position against crypto/web3 also benefit financially, either directly or by building and promoting their personal brand, which is then monetised through speaker fees and/or advertising on social media. Building a personal brand becomes much easier when one takes a dogmatic position, as opposed to a pragmatic one. As someone who strongly believes in pragmatism, I continue to think it is important that we take a balanced view on most things technology-related; especially those where the jury is still “out there” in terms of the potential to become either a net positive or net negative.

Photo by Mauricio Santanna on Unsplash.

The case against “crypto”

For those still unsure about the current state of “crypto,” I recommend to begin with four videos. While each video is clearly aimed at people without a particular enthusiasm for the topic, they have in common that they explain the ideas/concepts/technologies they are criticising.

The first is a short talk by Andrew Keen on the promise of crypto:

The remaining three videos are also worth watching in full–but be warned … they are long!

Key criticism:

“Cryptocurrency is a socially destructive experiment.” –Dan Olson

Like many “dot-com” projects during the late 1990s, many crypto projects are scams and should be called out as such. These are often bred by euphoria, which appears to be widespread amongst the community of those advocating crypto-related products and services. (A good resource to stay up-to-date on the dangers of getting actively involved in the space is the “Web3 is going just great” website.)

The case for “crypto”

Clearly, there is a lot in the world that deserves to be criticised, including many crypto-related projects and even some of the technologies being developed. (In fact, as of November 2022, one may be forgiven for thinking that the number of crypto projects, products, and services that have harmed those not on the “inside” (i.e., retail investors), is increasing exponentially.) Despite this, I try to maintain a healthy respect for those building stuff, perhaps for the simple fact that I never managed to built much myself.

Of course, building stuff is hard and, at times, even those building what we disagree with and/or believe could result in harm deserve credit for trying. In fact, I may be reasonably described as an ageing pessimist, but even I assume that most software engineers prefer to build what benefits users rather than what harms them. Moreover, we can only criticise them and their creations because they have build them in the first place. This also applies to my deeply held disdain for social media. I am confident that, at least for the first couple of years of their existence, most people employed at those social media firms were not trying to build something intentionally harmful.

Should you have made it through the first set of videos, I recommend looking at three more. These have in common that they are (a) much shorter (I leave it to you to ponder on that), and (b) more optimistic about the potential of “web3” and/or the “metaverse”:

Well, “optimistic” is perhaps not the best way to describe these videos; they are very different. While the first one (left) aims to offer a fairly nuanced introduction to “web3,” including putting it into a historic perspective, the second video (centre) is an example of a bullish case for the “metaverse;” and perhaps the kind of video münecat and Dan Olson had in mind when they prepared their critical reflections. The third video (right) is an interview with a prominent figure in the “crypto”/“blockchain” space. While I must admit that I am not entirely comfortable with the atmosphere this conference appears to emanate, I usually enjoy listening to people explaining their rationale for what they have helped to create.

Reading list

Beyond these videos, there are many more sources worth evaluationg. The following list documents what I have read and felt worth keeping a record of. While I haven’t added anything I didn’t find useful while thinking about these topics, many won’t be of interest to most people. (Articles and discussions by investors and/or marketers are a case in point.)

A word of warning: This page remains work in progress. I use keywords to generate headings and sub-headings for this list. I often assign more than one keyword to a source, which I do on purpose. What I don’t do on purpose is attached the wrong keyword to a source. But it happens, with the consequence that a source ends up under a headline it doesn’t belong to. I remain hopeful that I will spot these mistakes over time. (Please email suggestions on how to improve this list.)

Blockchain

Introduction

Voshmgir, Shermin (2018). Web3, blockchain, cryptocurrency: a threat or an opportunity? YouTube channel. URL: https://youtu.be/JPGNvKy6DTA (visited on Apr. 15, 2022).

Foundation

BTC Studios (2017). Trustlessness in action: Particl’s model. Bitcoin Magazine. URL: https://bitcoinmagazine.com/press-releases/trustlessness-action-particls-model (visited on Jan. 13, 2022).

Buterin, Vitalik (2021). Why sharding is great: Demystifying the technical properties. vitalik.ca. URL: https://vitalik.ca/general/2021/04/07/sharding.html (visited on Jan. 13, 2022).

Dixon, Chris and Packy McCormick (2022). “There’s more to crypto than currency”. In: The Economist (The World In 2022 Supplement) 442, p. 130.

Finley, Klint (2014). Out in the open: Teenage hacker transforms web into one giant Bitcoin network. WIRED. URL: https://www.wired.com/2014/01/ethereum/ (visited on Jan. 11, 2022).

Hyatt, John (2021). Decoding crypto: What it is, how it works, and how to get started. Nasdaq. URL: https://www.nasdaq.com/articles/news-and-insights/what-is-cryptocurrency-and-how-it-works (visited on Jan. 10, 2022).

Yang, Stephanie (2018). Want to keep up with Bitcoin enthusiasts? Learn the lingo. The Wall Street Journal. URL: https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601 (visited on Jan. 11, 2022).

Criticism

Diehl, Stephen (2021a). Bitcoin: The postmodern ponzi. stephendiehl.com. URL: https://www.stephendiehl.com/blog/blockchainism.html (visited on Jan. 13, 2022).

--- (2021b). Blockchainism. stephendiehl.com. URL: https://www.stephendiehl.com/blog/blockchainism.html (visited on Jan. 13, 2022).

--- (2021c). The case against crypto. stephendiehl.com. URL: https://www.stephendiehl.com/blog/against-crypto.html (visited on Jan. 13, 2022).

Dillinger, Ray (2020). [Cryptography] Bitcoin is a disaster. Cryptography mailinglist at Metzger, Dowdeswell & Co. LLC. URL: https://www.metzdowd.com/pipermail/cryptography/2020-December/036510.html (visited on Jan. 13, 2022).

Fulwood, Alice (2022). “High five, DeFi: Decentralised finance is booming. But it has yet to find its purpose”. In: The Economist (The World In 2022 Supplement) 442, pp. 123-124.

Hoffman, Reid (2021). Human nature in vices and virtues: An Adam Smith approach to building internet ecosystems and communities. Knight Foundation. URL: https://knightfoundation.org/human-nature-in-vices-and-virtues-an-adam-smith-approach-to-building-internet-ecosystems-and-communities/ (visited on Jan. 13, 2022).

Keen, Andrew (2022). The promise of crypto? DLDconference YouTube channel. URL: https://youtu.be/rXYFwDYFwxM (visited on Aug. 29, 2022).

McGinty, Patrick (2022). Everywhere in blockchains. The Baffler. URL: https://thebaffler.com/salvos/everywhere-in-blockchains-mcginty (visited on Jan. 13, 2022).

Nolan, Hamilton (2022). The ticking bomb of crypto fascism. In these Times. URL: https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism (visited on Jan. 28, 2022).

Rizzo, Jessica (2022). The Dune NFT fiasco Is the least of crypto’s legal worries. WIRED. URL: https://www.wired.com/story/nft-cryptocurrency-art-regulation-law/ (visited on Jan. 22, 2022).

Stoller, Matt (2021). Cryptocurrencies: A necessary scam? BIG by Matt Stoller. URL: https://mattstoller.substack.com/p/cryptocurrencies-a-necessary-scam (visited on Jan. 13, 2022).

The Financial Diet (2022). Hank Green on cryptocurrency, Big Tech censorship, & online radicalization. YouTube channel. URL: https://youtu.be/8xRLgufqbII (visited on Apr. 12, 2022).

Zachariadis, Markos, Garrick Hileman, and Susan V. Scott (2019). “Governance and control in distributed ledgers: Understanding the challenges facing blockchain technology in financial services”. In: Information and Organization 29.2, pp. 105-117. DOI: 10.1016/j.infoandorg.2019.03.001.

Evidence

Garc'ia-Monleón, Fernando, Ignacio Danvila-del-Valle, and Francisco J. Lara (2021). “Intrinsic value in crypto currencies”. In: Technological Forecasting and Social Change 162, p. 120393. DOI: 10.1016/j.techfore.2020.120393.

Application

Cagigas, Diego, Judith Clifton, Daniel Diaz-Fuentes, et al. (2021). “Blockchain for public services: A systematic literature review”. In: IEEE Access 9, pp. 13904-13921. DOI: 10.1109/ACCESS.2021.3052019.

Daley, Sam (2021). 15 companies utilizing blockchain in music to reshape a changing industry. builtin. URL: https://builtin.com/blockchain/blockchain-music-innovation-examples (visited on Feb. 08, 2022).

Schuetz, Sebastian and Viswanath Venkatesh (2020). “Blockchain, adoption, and financial inclusion in India: Research opportunities”. In: International Journal of Information Management 52, p. 101936. DOI: 10.1016/j.ijinfomgt.2019.04.009.

Steinmetz, Fred, Marc von Meduna, Lennart Ante, et al. (2021). “Ownership, uses and perceptions of cryptocurrency: Results from a population survey”. In: Technological Forecasting and Social Change 173, p. (online first). DOI: 10.1016/j.techfore.2021.121073.

Opinion

Elliott, Stacy (2022). Ethereum founder Vitalik Buterin muses on crypto-skeptic letter to Washington. Decrypt. URL: https://decrypt.co/101913/ethereum-founder-vitalik-buterin-muses-on-crypto-skeptic-letter-to-washington (visited on Aug. 11, 2022).

Prediction

Dixon, Chris and Packy McCormick (2021). Chris Dixon and Packy McCormick on the future of crypto. Economist.com. URL: https://www.economist.com/the-world-ahead/2021/11/08/chris-dixon-and-packy-mccormick-on-the-future-of-crypto (visited on Jan. 13, 2022).

Galash, Maxim (2022). Web3 is not dead. Here’s what the crypto space will look like in 2030. Fortune. URL: https://fortune.com/2022/06/07/web3-crypto-crash-tech-finance-price-future-outlook-coinchange-maxim-galash/ (visited on Aug. 11, 2022).

Mims, Christopher (2022). Adam Neumann’s `goddess nature token’ is the future of crypto-for better or worse. The Wall Street Journal. URL: https://www.wsj.com/articles/adam-neumanns-goddess-nature-token-is-the-future-of-cryptofor-better-or-worse-11654315241 (visited on Aug. 11, 2022).

Schiller, Anna-Lena, Eli Breuing, and Anna Fritsche (2017). The future of the web is decentralized. Blockhainhub Berlin [Live-Drawing of Shermin’s talk on `Blockchain & The Future of the Web’]. URL: https://blockchainhub.net/blog/infographics/future-web-decentralized/ (visited on Jan. 17, 2022).

Selkis, Ryan (2021). Crypto theses for 2022. Messari. URL: https://messari.io/crypto-theses-for-2022.

Van Vliet, Ben (2018). “An alternative model of Metcalfe’s Law for valuing Bitcoin”. In: Economics Letters 165, pp. 70-72. DOI: 10.1016/j.econlet.2018.02.007.

Technology

BTC Studios (2017). Trustlessness in action: Particl’s model. Bitcoin Magazine. URL: https://bitcoinmagazine.com/press-releases/trustlessness-action-particls-model (visited on Jan. 13, 2022).

Buterin, Vitalik (2021). Why sharding is great: Demystifying the technical properties. vitalik.ca. URL: https://vitalik.ca/general/2021/04/07/sharding.html (visited on Jan. 13, 2022).

Rauchs, Michel, Andrew Glidden, Brian Gordon, et al. (2018). Distributed ledger technology systems: A conceptual framework. Cambridge Centre for Alternative Finance, Judge Business School, University of Cambridge. DOI: 10.2139/ssrn.3230013.

Szabo, Nick (1997). Formalizing and securing relationships on public networks. First Monday. URL: https://firstmonday.org/article/view/548/469 (visited on Jan. 17, 2022).

The Physics arXiv Blog (2022). Why Bitcoin’s anonymity could soon collapse like a house of cards. Discover Magazine. URL: https://www.discovermagazine.com/technology/why-bitcoins-anonymity-could-soon-collapse-like-a-house-of-cards (visited on Aug. 03, 2022).

Web3

Introduction

Becker, Toni (2022). What is the difference between web 3.0 and the metaverse? Nexa. URL: https://blog.digitalnexa.com/what-is-the-difference-between-web-3.0-and-the-metaverse (visited on Aug. 10, 2022).

Browne, Ryan (2022). Crypto enthusiasts want to remake the internet with `web3.’ Here’s what that means. CNBC. URL: https://www.cnbc.com/video/2022/06/06/what-is-web3-silicon-valleys-favorite-new-buzzword-explained.html (visited on Aug. 11, 2022).

Calandra, Carla (2022). Tech experts define web3 in their own words. Wunderman Thompson. URL: https://www.wundermanthompson.com/insight/web3-expertise (visited on Aug. 11, 2022).

Carey, Scott (2022). What is web3? A new decentralized web, or the latest marketing buzzword. InfoWorld. URL: https://www.infoworld.com/article/3646597/what-is-web3-a-new-decentralized-web-or-the-latest-marketing-buzzword.html (visited on Jan. 13, 2022).

CNBC International TV (2022). What is web3? We ask the man who invented the word. YouTube channel. URL: https://youtu.be/_b_X2cqNKPE (visited on Apr. 15, 2022).

Dabit, Nader (2021). What is web3? The decentralized internet of the future explained. freeCodeCamp. URL: https://www.freecodecamp.org/news/what-is-web3/ (visited on Dec. 29, 2021).

David, Derick (2021). What is web3? Explained simply to a 12-year-old. Medium. URL: https://drckangelo.medium.com/what-is-web3-explained-simply-to-a-12-year-old-486bbc509ac7 (visited on Jan. 13, 2022).

Eshita (2021). Web3: In a nutshell. eshita.mirror.xyz. URL: https://eshita.mirror.xyz/H5bNIXATsWUv_QbbEz6lckYcgAa2rhXEPDRkecOlCOI (visited on Jan. 19, 2022).

Livni, Ephrat (2021). Welcome to `web3.’ What’s that? The New York Times. URL: https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html (visited on Dec. 29, 2021).

Marr, Bernard (2022a). The important difference between web3 and the metaverse. Bernard Marr & Co. URL: https://bernardmarr.com/the-important-difference-between-web3-and-the-metaverse/ (visited on Aug. 10, 2022).

--- (2022b). What is the difference between web3 and the metaverse? YouTube channel. URL: https://youtu.be/BCr6XxOd9eE (visited on Apr. 15, 2022).

Voshmgir, Shermin (2018). Web3, blockchain, cryptocurrency: a threat or an opportunity? YouTube channel. URL: https://youtu.be/JPGNvKy6DTA (visited on Apr. 15, 2022).

Foundation

Austin, Sarah (2021). The new wave of web 3.0 metaverse innovations. Entrepreneur (Europe). URL: https://www.entrepreneur.com/article/380250 (visited on Jan. 13, 2022).

Canvas Ventures (2022). The web3 world. Canvas Ventures: News & Insights [Presentation]. URL: https://www.canvas.vc/blog/the-web3-world/ (visited on Jan. 19, 2022).

Coin Bureau (2022). Web 3: The future or All HYPE?? What you NEED to know!! YouTube channel. URL: https://youtu.be/bpaKQ3CZpVs (visited on Jan. 17, 2022).

Dempsey, Connor, Angie Wang, and Justin Mart (2022). A simple guide to the web3 stack. The Coinbase Blog. URL: https://blog.coinbase.com/a-simple-guide-to-the-web3-stack-785240e557f0 (visited on Jan. 13, 2022).

Edelman, Gilad (2021). The father of web3 wants you to trust less. WIRED. URL: https://www.wired.com/story/web3-gavin-wood-interview/ (visited on Dec. 28, 2021).

Kasireddy, Preethi (2021). The architecture of a web 3.0 application. preethikasireddy.com. URL: https://www.preethikasireddy.com/post/the-architecture-of-a-web-3-0-application (visited on Jan. 13, 2022).

Mak, Aaron (2021). What Is web3 and why are all the crypto people suddenly talking about it? Slate. URL: https://slate.com/technology/2021/11/web3-explained-crypto-nfts-bored-apes.html (visited on Dec. 29, 2021).

Meunier, Thibault and In-Young Jo (2021). Web3 - a vision for a decentralized web. The Cloudflare Blog. URL: https://blog.cloudflare.com/what-is-web3/ (visited on Dec. 29, 2021).

Wood, Gavin (2014). Less-techy: What is web 3.0? gavwood.com [originally published in: Insights into a Modern World]. URL: https://gavwood.com/web3lt.html (visited on Jan. 13, 2022).

Classification

Criticism

Brunstein, Joshua (2022). Web3, Silicon Valley’s new obsession, looks a lot like its last one. Bloomberg BusinessWeek. URL: https://www.bloomberg.com/news/articles/2022-01-12/web3-silicon-valley-s-new-obsession-looks-a-lot-like-last-one (visited on Jan. 13, 2022).

Buterin, Vitalik (2022). Reply to “My first impressions of web3. reddit. URL: https://www.reddit.com/r/ethereum/comments/ryk3it/comment/hrrz15r/ (visited on Jan. 13, 2022).

Coin Bureau (2022). Web 3: The future or All HYPE?? What you NEED to know!! YouTube channel. URL: https://youtu.be/bpaKQ3CZpVs (visited on Jan. 17, 2022).

CoinYuppie (2021). You don’t own web3, use data to debunk a16z and Coinbase investment myths. CoinYuppie. URL: https://coinyuppie.com/you-dont-own-web3-use-data-to-debunk-a16z-and-coinbase-investment-myths/ (visited on Jan. 13, 2022).

Diehl, Stephen (2021). Web3 is bullshit. stephendiehl.com. URL: https://www.stephendiehl.com/blog/web3-bullshit.html (visited on Jan. 13, 2022).

Galloway, Scott (2022). Web3. No Mercy / No Malice. URL: https://www.profgalloway.com/web3/ (visited on Jan. 13, 2022).

Guo, Sarah (2022). are we doomed to repeat web2 history? sarahguo.com. URL: https://sarahguo.com/blog/gm_moxie (visited on Jan. 19, 2022).

Kirk, Ewan (2022). Don’t believe the hype: Web3 is not going to change the world. sifted. URL: https://sifted.eu/articles/web3-blockchain-internet-bitcoin-environment/ (visited on Feb. 08, 2022).

Marlinspike, Moxie (2022). My first impressions of web3. moxie.org. URL: https://moxie.org/2022/01/07/web3-first-impressions.html (visited on Jan. 11, 2022).

McDuke (2021). Response to “Cryptocurrencies: A necessary scam”? by Matt Stoller. BIG by Matt Stoller. URL: https://mattstoller.substack.com/p/cryptocurrencies-a-necessary-scam/comment/3923073 (visited on Jan. 13, 2022).

münecat (2022). Web3.0: A libertarian dystopia. YouTube channel. URL: https://youtu.be/u-sNSjS8cq0 (visited on Mar. 19, 2022).

O’Reilly, Tim (2021). Why it’s too early to get excited about web3. O’REILLY Radar. URL: https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/ (visited on Jan. 13, 2022).

Popper, Nathaniel (2021). They found a way to limit Big Tech’s power: Using the design of Bitcoin. The New York Times. URL: https://www.nytimes.com/2021/01/26/technology/big-tech-power-bitcoin.html (visited on Dec. 29, 2021).

Robertson, Harry (2022). The Signal app creator is just one influential expert slamming crypto tech - and investors have taken notice. Business Insider (Markets Insider). URL: https://markets.businessinsider.com/news/currencies/crypto-technology-critics-bitcoin-price-investors-signal-moxie-marlinspike-ubs-2022-1 (visited on Jan. 19, 2022).

Stoller, Matt (2021). Cryptocurrencies: A necessary scam? BIG by Matt Stoller. URL: https://mattstoller.substack.com/p/cryptocurrencies-a-necessary-scam (visited on Jan. 13, 2022).

Thompson, Ben (2022). NPM sabotage, convenience matters, Moxie Marlinspike on web3. Stratechery. URL: https://stratechery.com/2022/npm-sabotage-convenience-matters-moxie-marlinspike-on-web3/ (visited on Jan. 11, 2022).

Tiffany, Kaitlyn (2022). The crypto backlash is booming. The Atlantic. URL: https://www.theatlantic.com/technology/archive/2022/02/crypto-nft-web3-internet-future/621479/ (visited on Feb. 08, 2022).

Application

Thompson, Ben (2022). Passport update, independence and interoperability, web3 use cases. Stratechery. URL: https://stratechery.com/2022/passport-update-independence-and-interoperability-web3-use-cases/ (visited on Aug. 10, 2022).

Vo, Tram (2021). Web3 digital infrastructure for connected vehicle and IoT commerce in the new economy of movement. Ledger Insights. URL: https://www.ledgerinsights.com/web3-blockchain-connected-vehicle-iot-commerce-in-the-new-economy-of-movement/ (visited on Jan. 13, 2022).

Opinion

Andreessen-Horowitz (2021). How to win the future: An agenda for the third generation of the internet. Andreessen-Horowitz (a16z). URL: https://a16z.com/wp-content/uploads/2021/10/How-to-Win-the-Future-Deck.pdf.

cdixon.eth (2021). cdixon thread. Twitter. URL: https://twitter.com/cdixon/status/1442201621266534402 (visited on Jan. 11, 2021).

Cimaglia, Matt (2022). Web3 Is the future of the creator economy. Entrepreneur (Europe). URL: https://www.entrepreneur.com/article/403948 (visited on Jan. 13, 2022).

Dixon, Chris (2021). Why web3 matters. Future. URL: https://future.a16z.com/why-web3-matters/ (visited on Jan. 11, 2022).

Edelman, Gilad (2021). The father of web3 wants you to trust less. WIRED. URL: https://www.wired.com/story/web3-gavin-wood-interview/ (visited on Dec. 28, 2021).

Guo, Sarah (2022). are we doomed to repeat web2 history? sarahguo.com. URL: https://sarahguo.com/blog/gm_moxie (visited on Jan. 19, 2022).

Kirk, Ewan (2022). Don’t believe the hype: Web3 is not going to change the world. sifted. URL: https://sifted.eu/articles/web3-blockchain-internet-bitcoin-environment/ (visited on Feb. 08, 2022).

Prediction

cdixon.eth (2021). cdixon thread. Twitter. URL: https://twitter.com/cdixon/status/1442201621266534402 (visited on Jan. 11, 2021).

Dabit, Nader (2021). What is web3? The decentralized internet of the future explained. freeCodeCamp. URL: https://www.freecodecamp.org/news/what-is-web3/ (visited on Dec. 29, 2021).

Grasmayer, Bas (2021). Three Web3 principles that will permeate online culture in the next 10 years. MUSIC x. URL: https://www.musicxtechxfuture.com/2021/12/14/three-web3-principles-that-will-permeate-online-culture-in-the-next-10-years/ (visited on Jan. 13, 2022).

Selkis, Ryan (2021). Crypto theses for 2022. Messari. URL: https://messari.io/crypto-theses-for-2022.

Sheridan, Eric, Michael Ng, Lane Czura, et al. (2021). Framing the future of web 3.0: Metaverse edition. Goldman Sachs. URL: https://www.goldmansachs.com/insights/pages/gs-research/framing-the-future-of-web-3.0-metaverse-edition/report.pdf (visited on Aug. 10, 2022).

Decentralisation

Application

CoinYuppie (2021). Arweave: An experiment in permanent storage. CoinYuppie. URL: https://coinyuppie.com/arweave-an-experiment-in-permanent-storage/ (visited on Jan. 13, 2022).

Trustlessness

Evidence

Chipolina, Scott (2022). Crypto firms launch coalition to crack down on market manipulation. Decrypt. URL: https://decrypt.co/92264/crypto-firms-launch-coalition-to-crack-down-market-manipulation (visited on Feb. 08, 2022).

Edelman (2020). 2020 Edelman trust barometer. Global report. Edelman. URL: https://www.edelman.com/trust/2020-trust-barometer (visited on Jan. 01, 2022).

--- (2021). 2021 Edelman trust barometer. Global report. Edelman. URL: https://www.edelman.com/trust/2021-trust-barometer (visited on Jan. 01, 2022).

Metaverse

Introduction

BBC News (2021). Apparently, it’s the next big thing. What is the metaverse? BBC News. URL: https://www.bbc.co.uk/news/technology-58749529 (visited on Jan. 25, 2022).

Hackl, Cathy (2021). Metaverse marketing. URL: https://podcasts.apple.com/gb/podcast/metaverse-marketing/id1586989316.

--- (2022b). What is the difference between web3 and the metaverse? YouTube channel. URL: https://youtu.be/BCr6XxOd9eE (visited on Apr. 15, 2022).

Marshall, Matt (2022). The metaverse: Where we are and where we’re headed. VentureBeat. URL: https://venturebeat.com/2022/01/26/the-metaverse-where-we-are-and-where-wed-headed/ (visited on Jan. 27, 2022).

Mystakidis, Stylianos (2022). “Metaverse”. In: Encyclopedia 2.1, pp. 486-497. DOI: 10.3390/encyclopedia2010031.

Sparkes, Matthew (2021). “What is a metaverse”. In: New Scientist 251.3348, p. 18. DOI: 10.1016/S0262-4079(21)01450-0.

Stackpole, Thomas (2022). “Exploring the metaverse”. In: Harvard Business Review 100.4, pp. 146-147.

Stokel-Walker, Chris (2022). “Welcome to the metaverse”. In: New Scientist 253.3368, pp. 39-43. DOI: 10.1016/S0262-4079(22)00018-5.

VentureBeat (2022). The metaverse: How close are we? VentureBeat Special Issue-Exploring and defining the metaverse. URL: https://venturebeat.com/vb-special-issue-metaverse/ (visited on Jan. 27, 2022).

Foundation

Austin, Sarah (2021). The new wave of web 3.0 metaverse innovations. Entrepreneur (Europe). URL: https://www.entrepreneur.com/article/380250 (visited on Jan. 13, 2022).

Ball, James (2022a). What is the metaverse, actually? The Spectator. URL: https://www.spectator.co.uk/article/what-is-the-metaverse-actually- (visited on Aug. 03, 2022).

Ball, Matthew (2020). The metaverse: What it is, where to find it, and who will build it. MatthewBall.vc. URL: https://www.matthewball.vc/all/forwardtothemetaverseprimer (visited on Aug. 02, 2022).

--- (2021). Framework for the metaverse. MatthewBall.vc. URL: https://www.matthewball.vc/all/forwardtothemetaverseprimer (visited on Aug. 02, 2022).

--- (2022b). The metaverse and how it will revolutionize everything. New York, NY: Liveright Publishing.

Dionisio, John David N., William G. Burns III, and Richard Gilbert (2013). “3D virtual worlds and the metaverse: Current status and future possibilities”. In: ACM Computing Survey 45.3. DOI: 10.1145/2480741.2480751.

Dwivedi, Yogesh K., Laurie Hughes, Abdullah M. Baabdullah, et al. (2022). “Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy”. In: International Journal of Information Management 66, p. 102542. DOI: 10.1016/j.ijinfomgt.2022.102542.

Gadekallu, Thippa Reddy, Thien Huynh-The, Weizheng Wang, et al. (2022). Blockchain for the metaverse: A review. DOI: 10.48550/ARXIV.2203.09738. URL: https://arxiv.org/abs/2203.09738.

Hendaoui, Adel, Moez Limayem, and Craig W. Thompson (2008). “3D social virtual worlds: Research issues and challenges”. In: IEEE Internet Computing 12.1, pp. 88-92. DOI: 10.1109/MIC.2008.1.

Hollensen, Svend, Philip Kotler, and Marc Oliver Opresnik (2022). “Metaverse - the new marketing universe”. In: Journal of Business Strategy. DOI: 10.1108/JBS-01-2022-0014.

Huynh-The, Thien, Quoc-Viet Pham, Xuan-Qui Pham, et al. (2022). “Artificial Intelligence for the Metaverse: A Survey”. In: preprint arXiv:2202.10336. DOI: 10.48550/arXiv.2202.10336.

Jaynes, C., W. B. Seales, K. Calvert, et al. (2003). “The metaverse: A networked collection of inexpensive, self-configuring, immersive environments”. In: Proceedings of the Workshop on Virtual Environments 2003. Ed. by A. Kunz J. Deisinger. EGVE ’03. The Eurographics Association. Zurich, Switzerland: Association for Computing Machinery, pp. 115-124. DOI: 10.1145/769953.769967.

Kelly, Nicholas M. (2018). “Works like magic”: Metaphor, meaning, and the GUI in Snow Crash”. In: Science Fiction Studies 45.1, pp. 69-90. URL: http://www.jstor.org/stable/10.5621/sciefictstud.45.1.0069.

Kicks, Piers (2021). Into the void: Where crypto meets the metaverse. Metaversed. URL: https://metaversed.net/into-the-void (visited on Jan. 13, 2022).

Kim, Jooyoung (2021). “Advertising in the metaverse: Research agenda”. In: Journal of Interactive Advertising 21.3, pp. 141-144. DOI: 10.1080/15252019.2021.2001273.

Lee, Lik-Hang, Tristan Braud, Pengyuan Zhou, et al. (2021). “All one needs to know about metaverse: A complete survey on technological singularity, virtual ecosystem, and research agenda”. In: preprint arXiv:2110.05352. DOI: 10.48550/arXiv.2110.05352.

Ning, Huansheng, Hang Wang, Yujia Lin, et al. (2021). “A Survey on Metaverse: the State-of-the-art, Technologies, Applications, and Challenges”. In: eprint arXiv:2111.09673. DOI: 10.48550/arXiv.2111.09673.

Ondrejka, Cory (2005). “Escaping the gilded cage: User created content and building the metaverse”. In: New York Law School Law Review 49, pp. 81-101.

The Economist (2022). In ``The Metaverse’’, Matthew Ball explains where the idea came from. The Economist. URL: https://www.economist.com/culture/2022/07/27/in-the-metaverse-matthew-ball-explains-where-the-idea-came-from (visited on Aug. 03, 2022).

Thompson, Ben (2022). An interview with The Metaverse author Matthew Ball. Stratechery. URL: https://stratechery.com/2022/an-interview-with-the-metaverse-author-matthew-ball/ (visited on Aug. 10, 2022).

Classification

Wang, Yuntao, Zhou Su, Ning Zhang, et al. (2022). A survey on metaverse: Fundamentals, security, and privacy. DOI: 10.48550/ARXIV.2203.02662. URL: https://arxiv.org/abs/2203.02662.

Criticism

Adeyemo, Breigha (2021a). I’m a Black woman and the metaverse scares me - here’s how to make the next iteration of the internet inclusive. The Conversation. URL: https://theconversation.com/im-a-black-woman-and-the-metaverse-scares-me-heres-how-to-make-the-next-iteration-of-the-internet-inclusive-173310 (visited on Jan. 25, 2022).

--- (2021b). The metaverse is shaping up to be a racist hellscape. It doesn’t have to be that way. FastCompany. URL: https://www.fastcompany.com/90706466/the-metaverse-is-shaping-up-to-be-a-racist-hellscape-it-doesnt-have-to-be-that-way (visited on Jan. 25, 2022).

Cantor, Matthew (2022). It’s christmas in the metaverse: Welcome to your Zuckerbergian nightmare. The Guardian. URL: https://www.theguardian.com/technology/2021/dec/24/mark-zuckerberg-meta-virtual-reality (visited on Jan. 25, 2022).

der Merwe, David van (2021). “The Metaverse as Virtual Heterotopia”. In: 3rd World Conference on Research in Social Sciences. Vienna, Austria, p. 11.

Eccles, Louise (2022). My journey into the metaverse - already a home to sex predators. The Times. URL: https://www.thetimes.co.uk/article/my-journey-into-the-metaverse-already-a-home-to-sex-predators-sdkms5nd3 (visited on Jan. 25, 2022).

Heath, Alex, Vjeran Pavic, and Phil Esposito (2021). Keanu Reeves and Carrie-Anne Moss on making The Matrix Awakens with Epic Games. The Verge. URL: https://www.theverge.com/22825102/keanu-reeves-carrie-anne-moss-interview-matrix-awakens-epic-games (visited on Jan. 13, 2022).

Hendaoui, Adel, Moez Limayem, and Craig W. Thompson (2008). “3D social virtual worlds: Research issues and challenges”. In: IEEE Internet Computing 12.1, pp. 88-92. DOI: 10.1109/MIC.2008.1.

Irwin, Veronica (2022). Meta is looking into eye-tracking and product placement to make money in the metaverse. protocol. URL: https://www.protocol.com/bulletins/metas-tracking-you (visited on Jan. 18, 2022).

Krotoski, Aleks (2022). Don’t be fooled - there’s nothing new about the metaverse. Science Focus. URL: https://www.sciencefocus.com/comment/dont-be-fooled-theres-nothing-new-about-the-metaverse/ (visited on Feb. 08, 2022).

MacDonald, Keza (2022). I’ve seen the metaverse - and I don’t want it. The Guardian. URL: https://www.theguardian.com/games/2022/jan/25/ive-seen-the-metaverse-and-i-dont-want-it (visited on Jan. 25, 2022).

Milmo, Dan (2021). Enter the metaverse: the digital future Mark Zuckerberg is steering us toward. The Guardian. URL: https://www.theguardian.com/technology/2021/oct/28/facebook-mark-zuckerberg-meta-metaverse (visited on Oct. 28, 2021).

Wong, Queenie (2021). As Facebook plans the metaverse, it struggles to combat harassment in VR. CNET. URL: https://www.cnet.com/tech/gaming/features/as-facebook-plans-the-metaverse-it-struggles-to-combat-harassment-in-vr/ (visited on Dec. 09, 2021).

Yang, Maya (2021). `A weird meta experience’: artist has metaverse handle restored after Meta disables it. The Guardian. URL: https://www.theguardian.com/technology/2021/dec/15/weird-meta-experience-artist-metaverse-instagram-restored (visited on Jan. 25, 2022).

Application

Bourlakis, Michael, Savvas Papagiannidis, and Feng Li (2009). “Retail spatial evolution: Paving the way from traditional to metaverse retailing”. In: Electronic Commerce Research 9.1, pp. 135-148. DOI: 10.1007/s10660-009-9030-8.

CoinYuppie (2022). Kissing in the metaverse: CMU launches VR headset plug-in, replicating the lifelike touch of lips. CoinYuppie. URL: https://coinyuppie.com/kissing-in-the-metaverse-cmu-launches-vr-headset-plug-in-replicating-the-lifelike-touch-of-lips/ (visited on May. 01, 2022).

Duan, Haihan, Jiaye Li, Sizheng Fan, et al. (2021). “Metaverse for social good: A university campus prototype”. In: Proceedings of the 29th ACM International Conference on Multimedia. New York, NY: Association for Computing Machinery, pp. 153-161. DOI: 10.1145/3474085.3479238.

Joy, Annamma, Ying Zhu, Camilo Peña, et al. (2022). “Digital future of luxury brands: Metaverse, digital fashion, and non-fungible tokens”. In: Strategic Change 31.3, pp. 337-343. DOI: 10.1002/jsc.2502.

Kampfner, Constance (2022). Refugees open the door to the metaverse in Britain. The Times. URL: https://www.thetimes.co.uk/article/refugees-open-the-door-to-the-metaverse-in-britain-gzx5gph93 (visited on Aug. 10, 2022).

Kidwai, Aman (2022). Procter & Gamble is placing a big bet on the metaverse to support its suite of brands. Fortune. URL: https://fortune.com/2022/05/25/procter-gamble-metaverse-gaming-virtual-worlds-design/ (visited on Aug. 03, 2022).

Lee, Jinkyung and Ki Han Kwon (2022). “Future value and direction of cosmetics in the era of metaverse”. In: Journal of Cosmetic Dermatology 21.2, pp. 1-8. DOI: /10.1111/jocd.14794.

Leenes, Ronald (2008). “Privacy in the metaverse”. In: The Future of Identity in the Information Society. Ed. by Simone Fischer-Hübner, Penny Duquenoy, Albin Zuccato and Leonardo Martucci. Boston, MA: Springer, pp. 95-112. ISBN: 978-0-387-79026-8.

Miller, Hannah (2021). A second life for crypto and NFTs in the metaverse; another Meta exec quits. The Information. URL: https://www.theinformation.com/articles/a-second-life-for-crypto-and-nfts-in-the-metaverse-another-meta-exec-quits (visited on Jan. 13, 2022).

Needleman, Sarah E. and Kathryn Dill (2022). Why the metaverse will change the way you work. The Wall Street Journal. URL: https://www.wsj.com/articles/why-the-metaverse-will-change-the-way-you-work-11644229800 (visited on Feb. 08, 2022).

Palmer, Maija (2022). Who’s investing in the metaverse? We sat down with the top VCs. sifted. URL: https://sifted.eu/articles/europes-top-metaverse-investors/ (visited on Aug. 03, 2022).

Quiroz-Gutierrez, Marco (2022a). Tour the metaverse: An inside look from people building the $8 trillion virtual reality that’s changing the world. Fortune. URL: https://fortune.com/2022/03/18/metaverse-buzz-meta-zuckerberg-n3w-lands/ (visited on Aug. 03, 2022).

--- (2022b). Wharton launches the first Ivy League crash course on the metaverse for business executives. Fortune. URL: https://fortune.com/2022/07/26/wharton-metaverse-course-blockchain-ivy-league/ (visited on Aug. 03, 2022).

Thompson, Ben (2021). Metaverses. Stratechery. URL: https://stratechery.com/2021/metaverses/ (visited on Aug. 04, 2021).

VentureBeat (2022). From industry to economy: How web3 is transforming gaming. VentureBeat DataDecisionMakers. URL: https://venturebeat.com/2022/05/01/from-industry-to-economy-how-web3-is-transforming-gaming/ (visited on May. 02, 2022).

Wharton (2022). Business in the metaverse economy. The Wharton School of the University of Pennsylvania. URL: https://www.web3.wharton.upenn.edu/metaverse (visited on Aug. 03, 2022).

Opinion

Allen, Christopher (2022). Self-sovereign identity: Expectations & reality. Indicio YouTube channel. URL: https://youtu.be/JAeNQsCFgBg?t=2701 (visited on Aug. 07, 2022).

Arlidge, John (2022). My metaverse is better than yours, Mark Zuckerberg. The Times. URL: https://www.thetimes.co.uk/article/a5e9c352-0845-11ed-8404-8342b19c3a65 (visited on Aug. 03, 2022).

Ball, Matthew (2021a). Apple, its control over the iPhone, the internet, and yes, the metaverse. Ball Metaverse Index. URL: https://www.ballmetaverse.co/research/apple-its-control-over-the-iphone-the-internet-and (visited on Aug. 02, 2022).

--- (2021b). Framework for the metaverse. MatthewBall.vc. URL: https://www.matthewball.vc/all/forwardtothemetaverseprimer (visited on Aug. 02, 2022).

--- (2022). The metaverse will reshape our lives. Let’s make sure it’s for the better. Time Magazine. URL: https://time.com/6197849/metaverse-future-matthew-ball/ (visited on Aug. 03, 2022).

Beganski, André (2022). Vitalik: Metaverse Is Going to Happen' but Meta'sWill Misfire’. Decrypt. URL: https://decrypt.co/106328/vitalik-metaverse-is-going-to-happen-but-metas-will-misfire (visited on Aug. 03, 2022).

Casey, Michael J. (2022). Who writes the story of the metaverse? CoinDesk. URL: https://www.coindesk.com/layer2/2022/01/21/who-writes-the-story-of-the-metaverse/ (visited on Jan. 26, 2022).

Herrman, John and Kellen Browning (2021). Are we in the metaverse yet? The New York Times. URL: https://www.nytimes.com/2021/07/10/style/metaverse-virtual-worlds.html (visited on Sep. 04, 2021).

Irwin, Kate (2022). NFTs and crypto key to an open metaverse: Former Amazon exec Matthew Ball. Decrypt. URL: https://decrypt.co/105615/nfts-crypto-key-open-metaverse-matthew-ball-amazon (visited on Aug. 11, 2022).

Metaverse Policy Lab (2022). Metaverse dialogue: Digital identities in the metaverse [Webinar]. Access Partnership. URL: https://accesspartnership.com/digital-identities-in-the-metaverse/ (visited on Aug. 11, 2022).

Morrison, Pete (2022). The U.S. Army, not Meta, is building the metaverse. VentureBeat. URL: https://venturebeat.com/2022/07/31/the-u-s-army-not-meta-is-building-the-metaverse/ (visited on Aug. 03, 2022).

Newton, Casey (2021). Mark in the metaverse. The Verge. URL: https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview (visited on Aug. 29, 2022).

Patel, Nilay (2022). Is the metaverse going to suck? A conversation with Matthew Ball. The Verge. URL: https://www.theverge.com/23269170/what-is-the-metaverse-matthew-ball-interview-decoder-podcast (visited on Aug. 11, 2022).

Peaster, William M. (2021). Connecting Metagalaxies with Ethereum. Bankless. URL: https://metaversal.banklesshq.com/p/connecting-metagalaxies-with-ethereum (visited on Aug. 03, 2022).

Real Vision Finance (2022). The metaverse opportunities previously unimaginable. YouTube channel. URL: https://youtu.be/NNKqOMSkkUg (visited on Jan. 19, 2022).

Safari, Yuliana (2022). Exploring identity in the metaverse. Shots. URL: https://shots.net/news/view/exploring-identity-in-the-metaverse (visited on Aug. 11, 2022).

Sawers, Paul (2022). Identity and authentication in the metaverse. VentureBeat. URL: https://venturebeat.com/security/identity-and-authentication-in-the-metaverse/ (visited on Aug. 11, 2022).

Strachan, Maxwell (2022). ‘We’re all speculating’: Inside the wildly hyped metaverse real estate rush. Motherboard. URL: https://www.vice.com/en/article/z3nz7y/were-all-speculating-inside-the-wildly-hyped-metaverse-real-estate-rush (visited on Jan. 19, 2022).

Thompson, Ben (2022a). DALL-E, the metaverse, and zero marginal content. Stratechery. URL: https://stratechery.com/2022/dall-e-the-metaverse-and-zero-marginal-content/ (visited on Sep. 13, 2022).

--- (2022b). An interview with The Metaverse author Matthew Ball. Stratechery. URL: https://stratechery.com/2022/an-interview-with-the-metaverse-author-matthew-ball/ (visited on Aug. 10, 2022).

Venis, Sam (2022). Could new countries be founded - on the internet? The Guardian. URL: https://www.theguardian.com/commentisfree/2022/jul/05/could-new-countries-be-founded-on-the-internet (visited on Aug. 10, 2022).

VERIDAS (2022). The identity in the metaverse. VERIDAS. URL: https://veridas.com/en/the-identity-in-the-metaverse/ (visited on Aug. 11, 2022).

Warren, Sheila and Michael J. Casey (2022). Media in the metaverse: NYT’s Kevin Roose on the future of crypto. CoinDesk@s Money Reimagined Podcast. URL: https://www.coindesk.com/podcasts/coindesks-money-reimagined/media-in-the-metaverse-nyts-kevin-roose-on-the-future-of-crypto/ (visited on Jan. 26, 2022).

Wiederhold, Brenda K. (2022). “Ready (or not) player one: Initial musings on the metaverse”. In: Cyberpsychology, Behavior, and Social Networking 25.1, pp. 1-2. DOI: 10.1089/cyber.2021.29234.editorial.

Prediction

Ball, Matthew (2020). The metaverse: What it is, where to find it, and who will build it. MatthewBall.vc. URL: https://www.matthewball.vc/all/forwardtothemetaverseprimer (visited on Aug. 02, 2022).

--- (2022). The metaverse will reshape our lives. Let’s make sure it’s for the better. Time Magazine. URL: https://time.com/6197849/metaverse-future-matthew-ball/ (visited on Aug. 03, 2022).

Butler, Chris (2022). Identity problems get bigger in the metaverse. O’REILLY Radar. URL: https://www.oreilly.com/radar/identity-problems-get-bigger-in-the-metaverse/ (visited on Aug. 10, 2022).

Elmasry, Tarek, Eric Hazan, Hamza Khan, et al. (2022). Value creation in the metaverse: The real business of the virtual world. McKinsey & Company. URL: https://www.mckinsey.com/business-functions/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse (visited on Aug. 10, 2022).

Hazan, Eric, Greg Kelly, Hamza Khan, et al. (2022). “Marketing in the metaverse: An opportunity for innovation and experimentation”. In: McKinsey Insights.

Ondrejka, Cory (2005). “Escaping the gilded cage: User created content and building the metaverse”. In: New York Law School Law Review 49, pp. 81-101.

Robertson, Harry (2021). The fight to control the metaverse: Crypto die-hards prepare for battle with Facebook and Big Tech. Business Insider (Markets Insider). URL: https://markets.businessinsider.com/news/currencies/metaverse-crypto-blockchain-battle-facebook-meta-big-tech-axie-sandbox-2021-12 (visited on Dec. 29, 2021).

Safian-Demers, Emily (2022). Insight: Liam Young, speculative architect and director. Wunderman Thompson. URL: https://www.wundermanthompson.com/insight/liam-young-speculative-architect-and-director (visited on Jul. 22, 2022).

Technology

OpenAI (2022). DALL·E 2. OpenAI. URL: https://openai.com/dall-e-2/ (visited on Sep. 13, 2022).

Ramesh, Aditya, Prafulla Dhariwal, Alex Nichol, et al. (2022). “Hierarchical text-conditional image generation with CLIP latents”. In: arXiv. DOI: 10.48550/ARXIV.2204.06125.

DeFi

Foundation

Lagna, Andrea and M. N. Ravishankar (2022). “Making the world a better place with fintech research”. In: Information Systems Journal 32.1, pp. 61-102. DOI: 10.1111/isj.12333.

Application

Fulwood, Alice (2022). “High five, DeFi: Decentralised finance is booming. But it has yet to find its purpose”. In: The Economist (The World In 2022 Supplement) 442, pp. 123-124.

NFTs

Introduction

Applied Blockchain (2022). Physical NFTs. Applied Blockchain Blog. URL: https://appliedblockchain.com/physical-nfts (visited on Aug. 03, 2022).

Breia, Rachel (2022). Physical NFTs Explained. Sensorium. URL: https://sensoriumxr.com/articles/physical-nfts-explained (visited on Aug. 03, 2022).

Chokshi, Sonal, Chris Dixon, Denis Nazarov, et al. (2021). NFT canon. Future. URL: https://future.a16z.com/nft-canon/ (visited on Dec. 29, 2021).

gbaci (2022). A brief overview of NFT 2.0. Medium. URL: https://medium.com/coinmonks/a-brief-overview-of-nft-2-0-e7bff4155533 (visited on Aug. 10, 2022).

Vasile, Iulia (2021). How to create an NFT - A step-by-step guide for beginners. BeInCrypto. URL: https://beincrypto.com/learn/how-to-make-an-nft/#h-video-nfts (visited on Dec. 29, 2021).

Foundation

Collins English Dictionary (2022). NFT definition and meaning. HarperCollins Publishers. URL: https://www.collinsdictionary.com/dictionary/english/nft (visited on Jan. 31, 2022).

The Financial Diet (2022). An honest conversation on the problem with NFTs & cryptocurrency, with Folding Ideas. YouTube channel. URL: https://youtu.be/8St36RjHd2E (visited on Feb. 07, 2022).

Classification

0xAllen.eth (2021). RealAllenHena thread. Twitter. URL: https://twitter.com/realallenhena/status/1409595944023334914 (visited on Dec. 28, 2021).

Cowdrey, Ryan (2021). NFT categories: The simple guide on types of NFTs. NFTQT. URL: https://www.nftqt.com/nft-categories-the-simple-guide-on-types-of-nfts/ (visited on Dec. 29, 2021).

Criticism

Dicker, Jarrod (2021). NFTs need an audience: Utility, consumption and building new worlds. darkstar.mirror.xyz. URL: https://darkstar.mirror.xyz/bOWhYyX4u5mY0AfY-ObnQSOOcMVEmJQPVUFSw1qJsdc (visited on Jan. 13, 2022).

Kahan, Dan (2021). Do you really* own your NFT? Chances are, you don’t. The Defiant. URL: https://thedefiant.io/do-you-really-own-your-nft-chances-are-you-dont/ (visited on Jan. 13, 2022).

Marlinspike, Moxie (2022). My first impressions of web3. moxie.org. URL: https://moxie.org/2022/01/07/web3-first-impressions.html (visited on Jan. 11, 2022).

Reyburn, Scott (2021). Art’s NFT question: Next frontier in trading, or a new form of tulip? The New York Times. URL: https://www.nytimes.com/2021/03/30/arts/design/nft-bubble.html (visited on Dec. 29, 2021).

Rizzo, Jessica (2022). The Dune NFT fiasco Is the least of crypto’s legal worries. WIRED. URL: https://www.wired.com/story/nft-cryptocurrency-art-regulation-law/ (visited on Jan. 22, 2022).

Small, Zacharz (2021). As auctioneers and artists rush into NFTs, many collectors stay away. The New York Times. URL: https://www.nytimes.com/2021/04/28/arts/design/nfts-art-collectors-copyright.html (visited on Dec. 29, 2021).

The Financial Diet (2022). An honest conversation on the problem with NFTs & cryptocurrency, with Folding Ideas. YouTube channel. URL: https://youtu.be/8St36RjHd2E (visited on Feb. 07, 2022).

WIRED Currents (2021). How meme detectives stop NFT fraud. WIRED Videos. URL: https://www.wired.com/video/watch/how-meme-detectives-stop-nft-fraud (visited on Jan. 19, 2022).

Zittrain, Jonathan and Will Marks (2021). What critics don’t understand about NFTs. The Atlantic. URL: https://www.theatlantic.com/ideas/archive/2021/04/nfts-show-value-owning-unownable/618525/ (visited on Jan. 17, 2022).

Application

Autograph (2022). Welcome to the future of fandom. LFG NFTs Corp. URL: https://autograph.io/ (visited on Aug. 11, 2022).

Coinsider (2022). Digital NFTs ➡️ Physical objects! (Uniqly). YouTube channel. URL: https://youtu.be/tAEAuNEuw20 (visited on Aug. 10, 2022).

MyPhysicalNFT (2022). Custom printed NFTs | physical NFT store. Bring your NFT from the digital to the physical. URL: https://www.myphysicalnft.com/ (visited on Aug. 03, 2022).

NFTON (2022). NFTon homepage. Ransoft SRL. URL: https://nfton.market/ (visited on Aug. 10, 2022).

OneOf (2022). OneOf homepage. OneOf. URL: https://www.oneof.com/ (visited on Aug. 10, 2022).

Rivera, Patrick (2022). Crypto fundamentals and NFTs. Google Slides [Presentation]. URL: https://docs.google.com/presentation/d/1sUpk0gbvRQelH0MUIOqjNeGe8nwRH4mhrhDHmI6qh4M/edit?usp=sharing (visited on Jan. 13, 2022).

Schebesta, Fred (2022). 3 ways NFT gaming is building new wealth opportunities. Entrepreneur (Europe). URL: https://www.entrepreneur.com/article/412245 (visited on Jan. 28, 2022).

Uniqly (2022). Physical items linked to digital assets across metaverses. Uniqly OÜ. URL: https://www.uniqly.io/ (visited on Aug. 10, 2022).

Xie, Linda (2021). A beginner’s guide to NFTs. linda.mirror.xyz. URL: https://linda.mirror.xyz/df649d61efb92c910464a4e74ae213c4cab150b9cbcc4b7fb6090fc77881a95d (visited on Jan. 13, 2022).

YelloHeart (2022). YellowHeart homepage. YellowHeart. URL: https://yh.io/ (visited on Aug. 10, 2022).

Opinion

Ferriss, Tim (2021). The Tim Ferriss Show transcripts: Katie Haun on the dark web, gangs, investigating Bitcoin, and the new magic of ``Nifties’’ (NFTs). The Tim Ferriss Show. URL: https://tim.blog/2021/02/24/katie-haun-transcript/ (visited on Jan. 17, 2022).

Marr, Bernard (2022). The biggest future NFTs trends everyone needs to know about. Forbes. URL: https://www.forbes.com/sites/bernardmarr/2022/01/31/the-biggest-future-nfts-trends-everyone-needs-to-know-about (visited on Jan. 31, 2022).

Peaster, William M. (2021). Connecting Metagalaxies with Ethereum. Bankless. URL: https://metaversal.banklesshq.com/p/connecting-metagalaxies-with-ethereum (visited on Aug. 03, 2022).

Walden, Jesse, Linda Xie, and Sonal Chokshi (2021). All about NFTs. a16z Podcast. URL: https://future.a16z.com/podcasts/nfts-explainer/ (visited on Jan. 17, 2022).

Prediction

Cowdrey, Ryan (2021). The future of NFTs (over the next year). NFTQT. URL: https://www.nftqt.com/the-future-of-nfts-over-the-next-year/ (visited on Dec. 29, 2021).

Dean, Ian (2021). 10 NFT trends that could change the world in 2022. CreativeBloq. URL: https://www.creativebloq.com/features/nft-trends-2022 (visited on Dec. 29, 2021).

Eckenrode, Annika (2021). The future of NFTs. Volunteer Lawyer and Accountants for the Arts (VLAA). URL: https://vlaa.org/the-future-of-nfts/ (visited on Dec. 29, 2021).

Ehrlich, Steven (2021). Kevin O’Leary: NFTs are going to be bigger than Bitcoin. Forbes. URL: https://www.forbes.com/sites/stevenehrlich/2021/12/31/kevin-oleary-nfts-are-going-to-be-bigger-than-bitcoin/ (visited on Jan. 01, 2022).

Identity

Introduction

Young, Kaliya (2014). Field guide to internet trust models: Introduction. Identity Woman. URL: https://identitywoman.net/field-guide-to-internet-trust-models-introduction/ (visited on Sep. 20, 2022).

--- (2018). Identifiers: A field guide. Identity Woman. URL: https://identitywoman.net/identifiers-a-field-guide/ (visited on Sep. 20, 2022).

Theory

Abrams, Dominic and Michael A. Hogg (1990). “An introduction to the social identity approach”. In: Social identity theory: Constructive and critical advances. Ed. by Dominic Abrams and Michael A. Hogg. London: Harvester-Wheatsheaf, pp. 1-9. ISBN: 978-0-7450-0750-2.

Baumeister, Roy F. (2011). “Self and identity: a brief overview of what they are, what they do, and how they work”. In: Annals of the New York Academy of Sciences 1234.1, pp. 48-55. DOI: 10.1111/j.1749-6632.2011.06224.x.

Chester, Andrea and Di Bretherton (2009). “Impression management and identity online”. In: The Oxford Handbook of Internet Psychology. Ed. by Adam Joinson, Katelyn McKenna, Tom Postmes and Ulf-Dietrich Reips. paperback. Oxford: Oxford University Press. Chap. 15, pp. 223-236. DOI: 10.1093/oxfordhb/9780199561803.001.0001.

Ellemers, Naomi, Russell Spears, and Bertjan Doosje (2002). “Self and social identity”. In: Annual Review of Psychology 53.1, pp. 161-186. DOI: 10.1146/annurev.psych.53.100901.135228.

Ghaempanah, Babak and Svetlana N. Khapova (2020). “Identity play and the stories we live by”. In: Journal of Organizational Change Management 33.5, pp. 683-695. DOI: 10.1108/JOCM-07-2019-0238.

Hogg, Michael A. and Kipling D. Williams (2000). “From I to we: Social identity and the collective self”. In: Group Dynamics 4.1, pp. 81-97. DOI: 10.1037/1089-2699.4.1.81.

Jenkins, Richard (2008). Social identity. 3rd. Oxford: Routledge. DOI: 10.4324/9780203463352.

Swann, jr., William B. and Jennifer K. Bosson (2010). Self and identity. Ed. by Susan T. Fiske, Daniel T. Gilbert and Gardner Lindzey. 5th. Vol. 1. Hoboken, NJ: John Wiley.

Evidence

Cho, Daegon, Soodong Kim, and Alessandro Acquisti (2012). “Empirical analysis of online anonymity and user behaviors: the impact of real name policy”. In: 2012 45$^th$ Hawaii International Conference on System Sciences. , pp. 3041-3050. DOI: 10.1109/HICSS.2012.241.

Dijck, José van (2013). “`You have one identity’: performing the self on Facebook and LinkedIn”. In: Media, Culture & Society 35.2, pp. 199-215. DOI: 10.1177/0163443712468605.

Green, Raquel, Paul H. Delfabbro, and Daniel L. King (2021). “Avatar identification and problematic gaming: The role of self-concept clarity”. In: Addictive Behaviors 113, p. 106694. ISSN: 0306-4603. DOI: 10.1016/j.addbeh.2020.106694.

Haimson, Oliver L. and Anna Lauren Hoffmann (2016). “Constructing and enforcing”authentic” identity online: Facebook, real names, and non-normative identities”. In: First Monday 21.6. DOI: 10.5210/fm.v21i6.6791. URL: https://journals.uic.edu/ojs/index.php/fm/article/view/6791.

Jin, Seung-A. Annie (2012). “The virtual malleable self and the virtual identity discrepancy model: Investigative frameworks for virtual possible selves and others in avatar-based identity construction and social interaction”. In: Computers in Human Behavior 28.6, pp. 2160-2168. ISSN: 0747-5632. DOI: 10.1016/j.chb.2012.06.022.

Ko, Dong Woo and Jihye Park (2021). “I am you, you are me: Game character congruence with the ideal self”. In: Internet Research 31.2, pp. 613-634. DOI: 10.1108/INTR-05-2020-0294.

Kokkos, Athanasios, Theodoros Tzouramanis, and Yannis Manolopoulos (2017). “A hybrid model for linking multiple social identities across heterogeneous online social networks”. In: SOFSEM 2017: Theory and Practice of Computer Science. Ed. by Bernhard Steffen, Christel Baier, Mark van den Brand, Johann Eder, Mike Hinchey and Tiziana Margaria. Berlin: Springer, pp. 423-435. ISBN: 978-3-319-51963-0.

Pathak, Arjunil, Navid Madani, and Kenneth Joseph (2021). “A method to analyze multiple social identities in Twitter bios”. In: Proceedings of the ACM on Human-Computer Interaction 5.CSCW2. DOI: 10.1145/3479502.

Petroni, Sandra (2019). “How social media shape identities and discourses in professional digital settings: Self-communication or self-branding?” In: Analyzing digital discourse. Ed. by Patricia Bou-Franch and Pilar Garcés-Conejos Blitvich. Cham: Springer. Chap. 9, pp. 251-281. DOI: 10.1007/978-3-319-92663-6_9.

Rahill, Katherine M. and Marc M. Sebrechts (2021). “Effects of avatar player-similarity and player-construction on gaming performance”. In: Computers in Human Behavior Reports 4, p. 100131. ISSN: 2451-9588. DOI: 10.1016/j.chbr.2021.100131.

Schultze, Ulrike (2014). “Performing embodied identity in virtual worlds”. In: European Journal of Information Systems 23.1, pp. 84-95. DOI: 10.1057/ejis.2012.52.

--- (2015). How social media shapes identity. YouTube channel. URL: https://youtu.be/CSpyZor-Byk (visited on Aug. 11, 2022).

Sieger, Philipp, Marc Gruber, Emmanuelle Fauchart, et al. (2016). “Measuring the social identity of entrepreneurs: Scale development and international validation”. In: Journal of Business Venturing 31.5, pp. 542-572. DOI: 10.1016/j.jbusvent.2016.07.001.

The Government Office for Science (2013). Foresight future identities: Final project report. The Government Office for Science. URL: https://www.gov.uk/government/publications/future-identities-changing-identities-in-the-uk (visited on Aug. 10, 2022).

Application

Sato, Mia (2022). Facebook’s new test allows people to have up to five profiles. The Verge. URL: https://www.theverge.com/2022/7/14/23219030/facebook-multiple-profiles-meta-active-users (visited on Aug. 10, 2022).

Opinion

Averous, Jeremie (2011). Multiple identities on internet: why debate? The trend is obvious! The Fourth Revolution Blog. URL: https://thefourthrevolution.org/wordpress/archives/1463 (visited on Aug. 11, 2022).

Butler, Chris (2022). Identity problems get bigger in the metaverse. O’REILLY Radar. URL: https://www.oreilly.com/radar/identity-problems-get-bigger-in-the-metaverse/ (visited on Aug. 10, 2022).

Lee, N. (2016). Having multiple online identities is more normal than you think. Engadget. URL: https://www.engadget.com/2016-03-04-multiple-online-identities.html (visited on Aug. 10, 2022).

Pitman, Sophie (2015). One person, multiple identities - the pros and cons of having multiple online identities. Universyt of Southampton USOSM2033: Living and Working on the Web. URL: https://blog.soton.ac.uk/uosm2033/2015/topic-2-2015/2015/10/one-person-multiple-identities-the-pros-and-cons-of-having-multiple-online-identities-2/ (visited on Aug. 10, 2022).

Safari, Yuliana (2022). Exploring identity in the metaverse. Shots. URL: https://shots.net/news/view/exploring-identity-in-the-metaverse (visited on Aug. 11, 2022).

Sonpar, Nicki (2022). Multiple internet identities-more than just a hassle, it’s a risk! LinkedIN. URL: https://www.linkedin.com/pulse/multiple-internet-identities-more-than-just-hassle-its-nicki-sonpar/ (visited on Aug. 11, 2022).

Prediction

Butler, Chris (2022). Identity problems get bigger in the metaverse. O’REILLY Radar. URL: https://www.oreilly.com/radar/identity-problems-get-bigger-in-the-metaverse/ (visited on Aug. 10, 2022).

Tobin, Andrew and Drummond Reed (2017). The inevitable rise of self-sovereignn identity. Sovrin Foundation. URL: https://sovrin.org/wp-content/uploads/2017/06/The-Inevitable-Rise-of-Self-Sovereign-Identity.pdf (visited on Aug. 29, 2022).

DIDs

Application

MetaID (2022a). MetaID homepage. MetaID. URL: https://www.metaid.io/ (visited on Aug. 10, 2022).

--- (2022b). MetaID Medium channel. Medium. URL: https://medium.com/(metaid?) (visited on Aug. 10, 2022).

Rocco (2022). Decentralized identity and web3. Spruce Blog. URL: https://blog.spruceid.com/decentralized-identity-and-web3/ (visited on Aug. 10, 2022).

Spruce (2022). Spruce ID homepage. Spruce. URL: https://www.spruceid.com/ (visited on Aug. 10, 2022).

Self-sovereign identity

Introduction

Mühle, Alexander, Andreas Grüner, Tatiana Gayvoronskaya, et al. (2018). “A survey on essential components of a self-sovereign identity”. In: Computer Science Review 30, pp. 80-86. DOI: 10.1016/j.cosrev.2018.10.002.

Pakkath, Rajesh (2019). Self-sovereign identity: A distant dream or an immediate possibility? CyberArk. URL: https://www.cyberark.com/resources/blog/self-sovereign-identity-a-distant-dream-or-an-immediate-possibility (visited on Aug. 10, 2022).

Ruff, Timothy (2018). The three models of digital identity relationships. Medium. URL: https://medium.com/evernym/the-three-models-of-digital-identity-relationships-ca0727cb5186 (visited on Sep. 20, 2022).

Schwartzer, Daniel (2022). Decentralized identity on the blockchain promises a new era of consumer privacy. But can it deliver? CyberArk. URL: https://www.cyberark.com/resources/blog/decentralized-identity-on-the-blockchain-promises-a-new-era-of-consumer-privacy-but-can-it-deliver (visited on Aug. 29, 2022).

Foundation

Affinidi Pte. Ltd. (2021). What is the trust triangle? Affinidi Pte. Ltd. URL: https://academy.affinidi.com/what-is-the-trust-triangle-9a9caf36b321 (visited on Oct. 31, 2022).

Allen, Christopher (2016). The path to self-sovereign identity. Live With Alacrity. URL: http://www.lifewithalacrity.com/2016/04/the-path-to-self-soverereign-identity.html (visited on Aug. 29, 2022).

Application

bdr (2022). Self-sovereign identity: Data sovereignty in the digital world. Bundesdruckerei Group Innovation Hub. URL: https://www.bundesdruckerei.de/en/innovation-hub/self-sovereign-identity-data-sovereignty-digital-world (visited on Aug. 29, 2022).

T-Systems MMS (2022). Self-sovereign identity and confidential computing. T-Systems MMS YouTube channel. URL: https://youtu.be/TC5VKjBhPPQ (visited on Aug. 29, 2022).

Opinion

Allen, Christopher (2022). Self-sovereign identity: Expectations & reality. Indicio YouTube channel. URL: https://youtu.be/JAeNQsCFgBg?t=2701 (visited on Aug. 07, 2022).

Searls, Doc (2021). “Foreword”. In: Self-sovereign identity: Decentralized digital identity and verifiable credentials. Ed. by Alex Preukschat and Drummond Reed. Shelter Island, NY: Manning. Chap. 1, pp. xxi-xxii. ISBN: 9781617296598. URL: https://www.manning.com/books/self-sovereign-identity.

Tapscott, Don (2021). Creating self-sovereign identity for all citizens (Don Tapscott) | DLD All Stars. DLD YouTube channel. URL: https://youtu.be/UTnWr0yPyho (visited on Aug. 29, 2022).

Prediction

Personal thoughts

Most of those I regularly interact with have already made up their mind on “crypto” and “web3” … they either don’t like it or don’t see a reason for using it. This isn’t surprising given that the practical utility of web3 products and services remains limited, they tend to be difficult to use, and the wider cryptoe scene riddled with scams. This reminds me of a joke about Apple Computer during the 1990s: “Everyone knows Apple … what people know is that they don’t want one.” In other words, Apple had enormous brand recognition but very little market share. What people wanted was Microsoft Windows. Joking aside, I agree with much of the concerns around “crypto” and can’t think of a reason why I would, at this point, recommend anyone in my family to get involved. Having said that, it hasn’t stopped me from getting involved. While some may mock blockchain as “a slow database,” I see a lot of potential in a public ledger. Moreover, I consider the possibility of a decentralised internet that is owned and maintained by users very appealing, and am not particularly concerned that it may not be realistic to assume that it will ever become a reality. In the following, I would like to explain my reasons. As this document isn’t one that I expect anyone else to read, the thoughts expressed here remain, for the time being at least, an attempt to help me clarify why involvement in the space.

A photo forwarded to me by a friend. I was told Elon Musk posted it on Twitter in early 2022.

The potential to replace Web 2.0

My main argument for being involved in crypto/web3 is that it has the potential to develop into a net positive for individuals, as well as for society more broadly. Let me explain. My interests and concerns have always been with personal data, privacy, and how the use of personal data impacts our ability to be who we want to be. While I appreciate that “Web 2.0,” the so-called “social web,” offers convenience, distractions, and opportunities for self promotion, I personally never had much use for it. Moreover, I have come to realise over the years that social media has proven to be what I consider a “net negative” for society where positive effects do not outweigh detrimental ones. In other words, the convenience, distractions, and opportunity for self promotion that is made possible by social media do not outweigh the bullying, harassment, and racism enabled by those platforms. While social media services are free (as in “free beer”), they compete for their user’s attention, which research showns leads to a wide variety of harmful consequences.

While Web 2.0 has become a prime example of a technology that has done more harm to society than it has benefited society, this isn’t (yet) the case with “web3.” To me, it remains an appealing paradigm shift as it attempts to leave “Web 2.0” behind. Futile perhaps, but an attempt nevertheless. That is not to deny that the current crypto/web3 scene is riddled with hype, deception, and scams. As bad as this is (and it is bad), it should not lead us to conclude that crypto and web3 cannot make a positive contribution to society. Even the digital conglomerates who brought us Web 2.0 did not started with the intention to harm society. Quite the contrary in fact. I am sure that most of them shared the tech startup mantra of “making the world a better place.” Over time, these startups turned into today’s digital conglomerates … and got greedy. Greed and harm also exist in “crypto land,” where it is limited, despite the press coverage, by the fact that very few people use it. (Even the recent FTX disaster isn’t a Lehman-like event. “Crypto land” is simply to small for that.) In contrast to “crypto land,” “social media land” is huge. Greed and harm exists there, too, albeit on a much larger scale, thus causing much more harm to society. Why? Because digital conglomerates have learned to use their power to shape our economy, political landscape, and much of society.

My conclusion from this is that greed and harm in “crypto land” isn’t an argument against it’s potential to become a net positive. Instead, it is an opportunity to learn from it while it’s impact is only felt by very few people. The detrimental effects from social media are felt by many people across the world. The opportunity I see is that learning from those mistakes means that it is possible for web3 to avoid going down the path of Web 2.0 as a net negative. A net negative beyond repair. As much as I hope that web3 one day replaces Web 2.0, I don’t think it’s very likely. The power of digital conglomerates is now so huge that they will deliver every benefit web3 startups may come up with. Instead of DeFi (decentralised finance), we will get financial services offered by digital conglomerates. Instead of self-sovereign ownership of our personal data, such as our medical records, we will see Microsoft or others working directly with healthcare providers to manage them for us. None of which is a reason not to try.

A comparison with the early web

My optimism originates from the comparison of web3 to the original web of the 1990s, which remains one of the most convincing example of a net positive technology. While changes brought about by web3, positive or negative, won’t be anywhere near that scale, my argument remains that, in contrast to Web 2.0, web3 hasn’t failed society yet. Individual players in the space have already failed, with many more to follow, but once again, the idea of web3 hasn’t failed yet. Many of the same happened during the early days of the web, which developed and got better. For the time being at least, web3 is still in the running to follow that path, rather than that of Web 2.0, and thus to develop into a net positive for society.

In a recent episode of the Pivot podcast, Scott Galloway mentioned that, in contrast to the early web, crypto/web3 doesn’t have that many users. In other words, the euphoria around the early web was not only based on potential, but also on the fact that many people already used it. This is where the comparison between web3 and the early web ends. Perhaps web3 may forever remain a nice idea without users and thus without consequence. Still, that shouldn’t distract us from the potential. Consequently, I am less concerned about what’s wrong with crypto and web3 today or the number of people using it. While this is important so that we can learn from past mistakes, my focus remains with what’s wrong with Web 2.0, what could replace it, and, perhaps most importantly, the power it has given digital conglomerates. (Their power is perhaps best illustrated by the fact that both sides of the “crypto debate” use social media to promote their ideas, as well as themselves. It makes me smile when I see those calling out the crypto/web3 space relying on social media platforms to do so.)

The analogy I am currently exploring is that between web3 and the community memory project established during the early 1970s. I first came across this project from one of the books I read on the influence 1960s counterculture had on personal computing. At a time when access to computers was limited to the military, banks, and other large institutions, the idea of giving ordinary citizens access to it was revolutionary.

evan p. cordes from I A M A H O B O, etats unis, CC BY 2.0 https://creativecommons.org/licenses/by/2.0, via Wikimedia Commons.

In community memory, users could access content for free, but had to pay for posting messages. This is very different from social media networks competing for their user’s attention, where writing is free, but reading is paid for with attention that can be monetised. I plan to develop this comparison more fully in the future. For now, I maintain the hope, as unlikely as it may be, that once the dust settles, crypto, web3, et al. will play a role in overcoming at least some of the problems caused by the surveillance capitalism of social networks. “Famous final words” I hear you say? Well, “what could possibly go wrong?”

Crypto, web3, metaverse, etc.

Personal thoughts & reading list