Web3 is in chaos and metaverses are in their own walled gardens, says Randi Zuckerberg

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A smooth and «complete decentralization» of Web3 is not yet a reality, said Randi Zuckerberg, referring to a system in which users rather than companies have control of services.

The sister of Meta CEO Mark Zuckerberg was speaking at the Global Supertrends Conference 2022 on Wednesday.

The Web3 is a hypothetical, future version of the internet based on blockchain technology — an «ideal utopia,» said Zuckerberg.

«But … that's not what's happening. What's happening in reality, is chaos.»

The founder and CEO of Zuckerberg Media, a production company and marketing consultancy, added, «You're the only one watching your own back and your own assets, people are spending time protecting themselves by setting up so many different wallets and protecting their identity and that's not contributing to development in the area.»

Zuckerberg, who was an early employee at Meta — formerly known as Facebook — explained that various metaverses are now acting as «their own walled garden,» in which users are unable to use their assets across platforms.

The metaverse can be loosely defined as a virtual world where people live, work and play. With cryptocurrency, users can buy and develop virtual land or dress their own avatars.

«Right now, I'm on Decentraland, my son is on Roblox, my other son is on Fortnite. That's great — we're all in the metaverse. [But] we have no interaction with one another,» she said.

«In order to really unlock the potential [of Web3], we're going to need to figure out a system where there's interoperability. What you have goes with you wherever you are, [and] we're not there yet,» Zuckerberg added.

However, according to Zuckerberg, that's easier said than done because no company running a metaverse right