Snow Crash is a book on Web3 and it has forecasted innumerable events relevant to the digital market.
Crypto users are highly recommended to read this book since it covers a wide variety of topics and situations. Although, it failed to portray the happenings of NFTs speculation, which is witnessed quite often lately.
None of the personalities in Stephenson’s novel has been portrayed as altering their positions for markets relying on gains, e.g. Blur. Albeit, the author of this book is not quite incorrect when it comes to this.
In an interview, Stephenson said that he saw a gradual move from the monetary behavior of digital commodities.
This will be a rudimentary alteration in order to create a thriving style of the metaverse, a new sensation amongst individuals.
On this platform, users will be able to ask for a much higher price for digital commodities as compared to their inherent value. The author wants people to shift from the conventional association with monetary value.
Instead, he wants people to divert their attention to other alternative ways, which will prove to be much more stable and reliable.
The Metaverse in ‘Snow Crash’
Stephenson’s book on the metaverse was released in 1992. It portrays a virtual reality where people can interact with commodities.
The book highlights the metaverse as a famous society-approved idea, entrenched with ideas such as the status of users.
It encapsulates the idea of youngsters using computer games in order to buy basic things such as pairs of shoes.
Though at this point nobody is purchasing WalMart’s NFTs as yet, several aspects of the book resemble the aspects of the current world.
In relevance to both individuality and possession, the book depicts similarities with the digital world at this point.
Just like the way NFTs can be used to display pictures and for portraying a user’s id on social platforms, virtual avatars can do the same.
They can be used for ownership, renting, or even coded from the beginning, as depicted in Stephenson’s book. Although, because of decreased meaning attached to assets, shaky conditions can develop.
This kind of situation can lead to NFTs being sold quickly, hence, leading to volatile prices of digital commodities.
Stephenson compared digital commodities to Tulip Mania, which took place in Holland around the 17th century regarding speculation.
How Personal Connections Can Bring Stability to Digital Assets
He said that users dump anything they have into the market as soon as they find out that it is possible to crash.
Nowadays, there is no sort of meaning attached to assets, which people can think of before selling them without even thinking twice.
Stephenson believes that digital commodities should play a significant role in determining the behavior of assets owned.
This should be the case because it would invoke sentimental value within the crypto users and embed speculation. Hence, this would create a connection with assets and bring stability to users’ motives to receive profits.
Moreover, he said that, at this point, the stability of the metaverse economy can be developed by people creating portions of UGC.
He thinks that people have the potential to sell them, but it is highly unlikely. To give an example, he used a base – Valheim. This is a survival-based game that he created with the help of his friends.
He said that they could sell the game, but one thing that would not let them would be the emotional value attached to making it.
He said that virtual reality being explored by people creates a similar deprivation. Stephenson added that such places can create sentimental values with their digital commodities, turning them into private property.
This is akin to books that are quite old but have value and meaning attached to them. For him, such books have more value compared to their monetary value. They can be used by several people and be returned whenever.
Hence, to the author, sentimental meaning plays a massive role not just in one’s personal life, but in the digital world too.