Over the past few years, there have been a few different terms that continue to dominate almost every conversation about tech that we have. These include the likes of crypto, NFT, and Web3, but what do they mean? Well, all is going to be discussed in more detail below.
The Appeal of Decentralization
When you consider the above terms, they are all surrounded by the same thing: decentralization. Crypto allows people to pay for goods using a currency that doesn’t have any kind of central authority. In other words, it is completely independent and not subject to the regulation of a government. The same goes for NFTs. A lot of people have been using websites, such as https://www.okx.com/web3/nft/featured, to learn more about the NFT marketplace, both purchasing and selling them. NFT stands for non-fungible token, and they refer to a unique digital identifier that is unable to be copied. Essentially, it means that someone has ownership over something digital and they are not subject to the prying eyes of nationwide governments. The appeal of decentralization is one of the reasons why so many people believe Web3 is the future.
The History Leading to Web3
To better understand Web3, it is easiest to discuss the history leading up to its development.
This was the first version of the internet before we moved to a more interactive model. The original internet was more somewhere just for information – essentially a space where people could read about different things but were unable to post themselves. There was growth in companies that used the internet up until about the year 2000 when the dot com bubble burst.
Web2 is what we use today and is a much more interactive way to use the internet. When you consider the first iterations of social media, it can be seen that there is a lot more communication and interaction between the end-user and the creator. This is still the case now as you do not simply get people creating content using the internet anymore. Rather, those who consume the content can interact. Consider the likes of Facebook and Instagram where you can upload posts and comments. The whole process is just a lot more interactive and easier for people to access.
Thanks to the likes of blockchain and NFT, we now have much better ownership of what we have online and web3 wants to stay up to date with the same values. Essentially, when people use web2, they leave an online footprint, so that businesses can use their data to sell to them. Web3 means that when people log off the internet, they will take their digital footprint with them, meaning they own all their content and other people are not going to be able to see what they have been using the internet for. Like to crypto, using web3 will come with a lot more privacy than its alternative, which is seen as a major bonus for many people, who would rather their lives remain private.