Web 3.0 is undoubtedly the new wave of technology and whether it’s here to stay is entirely up to its constituents and main proponents. Even without a universally accepted definition, Web 3.0 is an industry that continues to experience massive investment. Cryptocurrencies, an integral part of the Web 3.0 movement, for example, have a market cap of over 1.3 Trillion USD.
It is, without the shadow of a doubt, a ludicrous market that should be taken advantage of by anyone even remotely interested in tech. By 2027, for example, the concept of Blockchain integration is predicted to reach $69.04 billion as spurred on by the development of many advanced platforms - all of which are making significant headwinds in the Web 3.0 space. The opportunities for investment have never been as numerous.
That said, not many people are entirely sure of what constitutes Web 3.0. So in this article, we aim to clear that up.
Of course, it goes without saying that cryptocurrency is what is thought to be the financing arm of Web 3.0. Crypto is already used to purchase NFT domains, land, and other objects within the metaverse (more on that later) and Web 3.0 believers see this tool as the financial engine of the future. Fintechs envision a future parallel banking system in the metaverse, where you can use cryptocurrency to buy or fund anything in the physical world. The end goal of this project is to use it as you would any other form of currency with the bonus features of course
Next, we have non-fungible tokens, or NFTs, as these are the first building blocks of Web 3.0. The primary purpose of this utility is to imbue inherent value within digital assets by establishing code that establishes ownership of an asset. NFTs are particularly prominent in the art space, with works from notable artists fetching high prices. Most prominently, the artist Beeple sold a digital artwork “Everydays - The First 5000 Days” for a whopping $69.3 million. One of the more recent developments is domain tokenization, which allows you to establish true ownership of a domain backed by the blockchain. To that end, you are able to fragment ownership of a domain as well as add liquidity, faster settlements, and reduced costs.
All in all, the metaverse is currently the description of the worlds and utility that Web 3.0 will create. Of course, an extent of this already exists in the online gaming world but big-name companies are already lining up to move out of the gaming culture and establish it as a more all-encompassing utility.
Published by Samantha Brown