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"This tulip-mania de nos jours has been happening with cryptocurrencies for a while, but is about to become more frenzied as the notion that blockchain - the cryptographic technology that underpins bitcoin, Ethereum et al - can become the basis for something called Web3: a new, properly decentralised version of the world wide web (as compared with the current version in which control has become effectively centralised in a small number of giant corporations)."

"The problem with digital technology is that, for engineers, it is both intrinsically fascinating and seductively challenging, which means that they acquire a kind of tunnel vision: they are so focused on finding solutions to the technical problems that they are blinded to the wider context. At the moment, for example, the consensus-establishing processes for verifying blockchain transactions requires intensive computation, with a correspondingly heavy carbon footprint. Reducing that poses intriguing technical challenges, but focusing on them means that the engineering community isn't thinking about the governance issues raised by the technology. There may not be any central authority in a blockchain but, as Vili Lehdonvirta pointed out years ago, there are rules for what constitutes a consensus and, therefore, a question about who exactly sets those rules. The engineers? The owners of the biggest supercomputers on the chain? Goldman Sachs? These are ultimately political questions, not technical ones."

"Cathy Hackl: I think it's important to state that there is really no agreed-upon definition right now. Every morning-it's become a bit of a ritual-I go to the Merriam-Webster dictionary and type in the word metaverse. And every day it says this word is not in the dictionary. But if we needed to define it, I tend to have a pretty expansive view of what the metaverse is. I believe it's a convergence of our physical and digital lives. It's our digital lifestyles, which we've been living on phones or computers, slowly catching up to our physical lives in some way, so that full convergence. It is enabled by many different technologies, like AR [augmented reality] and VR [virtual reality], which are the ones that most people tend to think about. But they're not the only entry points. There's also blockchain, which is a big component, there's 5G, there's edge computing, and many, many other technologies. To me, the metaverse is also about our identity and digital ownership. It's about a new extension of human creativity in some ways. But it's not going to be like one day we're going to wake up and exclaim, "The metaverse is here!" It's going to be an evolution."