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The future of Twitter Spaces with Elon Musk in charge might be in jeopardy. 

The majority of the Web3 community's creators, investors, and enthusiasts use the Spaces feature to connect with other members of the community and share insights and developments in the Web3 space. Now that the feature may be in jeopardy, the community is wondering if Twitter will ever become the Web3 social media platform that was once predicted. 

Prospects for the audio feature already looked bleak as people emerged from pandemic lockdowns and hung out more in person. In September, Twitter discontinued paid tickets to conversations on Spaces, The Information previously reported.

The outlook look is even worse as of Friday 👉 Several employees who worked on Spaces lost their jobs, including Kim Le, a product designer, and Danny Singh, who worked on research and strategy and shared frequent updates about Spaces.

In a document listing critical projects updated Monday, Twitter staff noted that some employees working on Spaces are helping on other projects, such as its effort to revive Vine and charge for verification badges as part of Twitter Blue. It didn’t give further insight into the future of Spaces.

Musk, who isn’t a big user of Spaces himself, hasn't said much internally about the feature and seems more focused on money-making tools such as Twitter Blue and verification, according to a source familiar with the company’s plans. 

Changpeng Zhao, CEO of Binance (who helped Elon buy Twitter) said that 90% of the proposed features will fail. Zhao, who invested $500 million to acquire Twitter with the intention of transforming the platform into a Web3 social media platform, is now criticising Musk for his priorities.

Spaces may be left behind or even dropped in efforts to transform Twitter into a video platform and assist creators in monetising through videos. Will everyone rush to Clubhouse if this happens?

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Nearly $2bn has been spent on virtual land in the past 12 months, as people and companies race to get a foothold in the metaverse, research shows.

But we are years away from the metaverse emerging as a single immersive space online where people can live, work and play in virtual reality. So is the land grab one big gamble?

One of the most popular worlds is the cartoony Decentraland. Launched in 2020, parcels of land there are selling for thousands, sometimes millions of dollars. Samsung, UPS and Sotheby's are among those who have bought land and built shops and visitor centres there.

Luxury fashion brand Philipp Plein also owns a plot about the size of four football pitches, which it hopes will eventually contain a metaverse store and gallery.

In Sandbox, another of the crypto metaverses, Adidas, Atari, Ubisoft, Binance, Warner Music and Gucci are just some of the multinationals buying land, and building experiences to sell and promote their products and services.

Gucci has also built in Roblox, which alongside other big gaming platforms like Minecraft and Fortnite, is seen as the most mainstream of the fledgling metaverses.

These gaming corporations do not sell land and are run without the use of any blockchain technology. However, they already have some of the key ingredients that sci-fi writers say we need for a true metaverse:

• the ability to hang out and play
• their own in-world currencies
• the opportunity to make money on-platform
• huge thriving communities

Gucci Town has had more than 36 million visits in the year since it was launched, while Nike Land has recorded more than 25 million in 11 months. In Gucci Town, players can buy clothing for their avatars with real money. In Nike Land they can obtain T-shirts and shoes for avatars with points earned by playing games.

Go deeper (BBC)

• Retract royalties, reduce revenue: NFT creators are suffering and so are marketplaces. (Coindesk)
• NFTs are the key to turning passive fandom into an active community. (Cointelegraph)
• How to find your community in Web3. (Coindesk)