- Cryptocurrencies have brought in a lot of terms with them throughout the years; Web3, Metaverse, NFTs, etc., are among them.
- Various entities aren’t hesitating before betting big on Web3 as they see vast potential in this next internet iteration.
- Web3 is basically a foundation where NFTs, Metaverse, and Gaming will come together as a whole to offer a cutting-edge experience to the users.
The cryptocurrency space has grown by leaps and bounds in recent years. But along with that, the concepts like Web3, Metaverse, and Non-Fungible Tokens (NFTs) have also witnessed a high ride as they have brought about significant enthusiasm from various entities in the business and tech industry.
They have opened a whole new level of opportunities for the users to enhance their experiences. NFTs, Metaverse, and Web3 are striving to change the way users socialize, interact, create digital collections, transact, etc.
But What Exactly Is Web3 And The Related Concepts?
But despite these terms being used widely now, some folks might be simply unaware of what exactly Web3, Metaverse, and NFTs are. The similarity between all of them is that they all set a base for the new iteration of the internet. Let’s try to understand the concepts.
Web3 is a term being randomly heard almost everywhere now. It is the decentralized internet functioning on blockchain technology.
Web3, or as many call it, “Serenity,” is said to be the evolution of the internet we are using currently (Web2). To better understand it, Web1 enabled users to witness the information (read-Only), Web2 allowed users to interact with the information, i.e., chatting, editing information, etc. But the data here is owned by organizations, with them having the power to use it as per their accords.
Web3 takes a twist here, giving folks the power to own their data, and none of the organizations out there have possession over it. And due to its vast possibilities, venture capital firms and others aren’t hesitating before betting big on Web3.
Non-Fungible Tokens (NFTs) are unique digital collectible items widely popular in the cryptocurrency space. They are similar to cryptocurrencies in terms of trade, storing, or selling without the need of an intermediary but what makes them distinct is that they are unique.
They are resistant to thefts and are easily trackable and immutable like virtual assets. NFTs can represent a wide range of things like artwork, real estate, music, etc. This tokenizing of tangible things from the real world has become a frenzy now, with various entities constantly entering the space.
Metaverse, the term has been considerably popular recently, specifically after Facebook rebranded itself as Meta. A metaverse is a place where real merges digitally. The virtual world is said to change the world. Imagine how it would feel like watching Steve Aoki performing live in front of you while you are sitting on a couch. Feels Exciting? Well, that’s how Web3 would Roll Out.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/25/web3-understanding-the-future/