Manu Alzuru, better known as pplpleasr, a 3D artist, told ULTCOIN365 that Web 3 technology is not nearly as secure as enthusiasts believe.
Many people believe that Web 3 is the next phase of the Internet, which is still being built. In contrast to Web 2, the Internet as we know it today, the Web 3 Internet seeks to define itself through decentralization. An innovation that results in platforms that are not controlled by a single entity but, crucially, can still be trusted by users.
“Right now, Web 3.0 is being held together by duct tape, and things are breaking all the time,” pplpleasr told ULTCOIN365 during the conference.
Last week, I attended a conference in London.
“There are so many technological hurdles that we need to overcome before we even get to a truly decentralized state,” she added.
pplpleasr’s remarks come amid a revival of NFTs, the digital artwork that has made her a household name in the crypto industry.
NFTs awoke from the doldrums of a summer lull after exceeding $2 billion in sales in the first half of 2021, when big brands like Visa and Budweiser waded into the market. Nonetheless, the digital art industry where pplpleasr spends her time, like traditional art, is fundamentally subjective, in her words.
“This goes back to the importance of community.” “It’s just a bunch of people witnessing and agreeing on certain ideas,” she explained.
NFT sales volumes exceed $2.5 billion in the first half of 2021.
So, if value in the NFT world is in the eye of the beholder, how can anyone predict whether NFTs will become mainstream, or even remain relevant within the niche crypto industry, in the coming years?
The future of NFTs, Web 3.0, and the Internet
Despite the millions of dollars spent on NFTs, the technology that underpins those digital works of art is not yet up to par.
“Nothing feels immersive,” pplpleasr said, adding that platforms like Decentraland run “really slowly” on her computer and Metamask is a “bad product.”
If and when Web 3 technology finds a home, many people believe that NFTs will have far more applications than just digital art.
“The NFT made this initial explosion with art, and I shouldn’t say this because I’m a visual artist, but NFTs could be so much more than that,” she added, speculating on the future of literature and music in the NFT subculture.
Furthermore, pplpleasr believes that people would like to store their assets as NFTs, including their property. “This concept of flexing has probably been known since humans have existed,” pplpleasr said.
What about the bad guys?
The traditional art world has long struggled, mostly in vain, to keep the industry clean and free of bad actors looking to launder money. In theory, NFTs could exacerbate the problem by transferring financial crime risks from the physical to the digital world—but not according to pplpleasr.
“At the very least, the blockchain is much more transparent,” pplpleasr said.
Money Laundering is a problem in the arts. NFTs have the potential to exacerbate the situation.
The open nature of blockchains is a common argument in favor of the integrity of blockchain-based trading, but not everyone is convinced. The London Metropolitan Police (MET) previously told ULTCOIN365 that it is “very aware” of the risks associated with NFTs, which include money laundering.
“We know that blockchain anonymity allows ultimate beneficial owners to conceal their identity,” one member of the MET Police’s Art and Antiques Unit told ULTCOIN365.
“It is also possible that the exchange of NFTs between users could result in money laundering through layering or integration,” the spokesperson added.
Nonetheless, some people are skeptical that the problem is that serious. “I don’t see us having drug rings that are solely fueled by cryptocurrency,” she added.