History, current status, and key trends

Abstract

This introductory chapter provides an account of the current status and key trends in Web3 and the metaverse. It provides pointers to an increasing number of applications of Web3 and the metaverse in diverse areas. The chapter also looks at the developmental pattern of various metaverses. It provides a brief history and key events that have led to the development of Web3 and the metaverse. This chapter also looks at the debate about whether Web3 and the metaverse are only hype or the future of the digital economy. This chapter also delves into the recent rise and fall of Web3 and the metaverse. It examines the key factors contributing to the decline in Web3 and metaverse-related activities.