What is Web3XR?
Web3XR is a community of people committed towards building a more decentralized, open and interoperable metaverse. We believe that the metaverse will manifest itself at the intersection of two technologies that are hurling into existence and soon about to change the way people interact with the Internet and with each other.
We use the term web3 to describe a paradigm shift occurring right now in technology usage, where distributed ledgers and blockchains enable decentralized ownership of digital goods and identities. Bitcoin normalized the idea that something only accessible on the web and completely intangible could have value, after which Ethereum made valuable Internet things programmable through smart contracts.
Web3 is the changing of the guard from centralized FAANG (now MANGA) companies to decentralized communities that share in the sense of ownership through tokens. It’s an expression of the frustration felt by the earliest users of web2 technologies who were left out from the economic value creation while contributing heavily to the success of the platforms.
What NFTs have enabled is a new form of digital commerce, where unlike physical goods, delivery of the digital good can complete in the speed of the blockchain’s confirmation time. This can range from 400 ms to 15 minutes. The ability to share your purchase just by sharing your wallet address or ENS domain is a web3-native way of doing social commerce. We believe new merchants and entrepreneurs will quickly come to occupy this niche, and their storefronts will be in the metaverse.
XR describes a set of technologies that enable people to be able to feel a sense of presence in cyberspace that is unlike any other. At first, the mainstream adoption of XR centred around gaming, but the future applications expand far beyond. The ability to virtually “hold” digital goods inside an immersive environment will make it easier for users to be able to believe that they truly own the good. Being able to walk around within a virtual world, navigate to a set of coordinates, browse through virtual products, and discuss important decisions with others in a spatial setting will have positive effects on relationship-building and associative memory.