Web 3.0: lessons from the past and the possibilities that lie ahead

Computers & TechnologyTechnology

  • Author Sanjib Kumar Das
  • Published June 25, 2022
  • Word count 973

In this article, we discuss the emergence of the metaverse, as well as other advanced technologies that are emerging and the ways that companies can benefit from them.

Web 3.0, the third version of the web (Web 3.0) will be an upgrade that includes the application of technology like blockchain and intelligent techniques like artificial intelligence (AI) and virtual reality (VR) providing immersive experiences that blur the boundaries between the physical and virtual worlds.

The outcome when interacting with the metaverse results in a decentralised, fully-decentralised version made entirely of blockchain. Secure environments are that is not controlled by a single entity, instead of placing the creation of content back to the creators and not the platform's owners by means of digital ownership like cryptocurrency, and the possibility to purchase non-fungible tokens (NFTs).

Learn from our mistakes

The most important thing now is to ensure that the past is not repeated by taking lessons from the mistakes that were made with Web 1.0 or Web 2.0.

The internet initially offered open and unrestricted communication between creators and users. We saw centralisation slipping back into the hands of an oligarchy of technology companies that controlled the entire landscape making it very difficult for innovative and new ideas of ordinary people to make it through.

Venture capital (VC) has created large companies such as YouTube and Facebook by sheer force of investment. The process of creating a unicorn is as simple as this to invest in the amount of a billion dollars, and then make a large part of the value of user-generated content as well as engagement and data, and create a few multi-billion-dollar businesses and multi-billionaires.

The challenge for the tech industry is to deal with decentralisation. This means open and free access to information as well as a right to privacy and IP as well as data ownership and transparency at the centre.

The possibilities are the Web 3.0

Web 3.0 and related technologies are poised to transform the look of the internet. It also offers many opportunities, including:

Secure, sophisticated data collection web 3.0 is actively collecting data by using the blockchain technology that is within it so that the data is distributed and transparent, possessing significance and value.

Enhanced user experience web browsing experience will be great personal because Web 3.0 recognizes user preferences, which will result in an efficient and productive browsing experience.

Greater accountability for every transaction will be recorded in the ledger decentralised so that all parties involved can be able to see, which results in the businesses being directly accountable to their customers, and data not being altered.

Innovation via NFTsThere is several smart companies creatives, artists and artists employing them as a fresh method to connect with people and increase the sales of a specific item.

Internet 3.0 along with the metaverse: a perfect match

• 3.0 on the Web 3.0 is all about ownership and control

• Metaverse is all about the user experience on the internet.

The metaverse is a mix of VR, AR, (AR) games, cryptocurrency as well as social media. It allows users to travel between different virtual worlds by way of virtual avatars. Every virtual world is a metaverse.

Major brands like Meta as well as Google are creating applications and tools that will be part of the new virtual world, which is resulting in the creation of a new financial market built on blockchain and cryptocurrencies.

Although they are not identical the technology that comprises Web 3.0 and the metaverse serve the same purpose and will surely meet in the near future. Together, the development of a new metaverse that is built on Web 3.0 is a dazzling decentralised, asymmetrical combination.

What can brands do with web 3.0?

The community that is being created isn't to be taken lightly. Brands are doomed if they consider this to be an opportunity to make some quick cash, using their existing products and digitalizing them, then offering nothing in return to the people who purchase tokens. It's not the same as using an actor with an enormous fan base in order to start the NFT collection.

To be successful, brands need to understand their customers, their technology as well as the metaverse, and provide real value and memorable experiences.

Brands that are like:

• Nike recently joined forces with the RTKFT, a digital studio RTKFT to launch its first Nike-branded collection of trainers. The collection, titled 'CryptoKicks', will be auctioned off under the name NFTs, with some of the pairs going at over 100,000 dollars.

• ASICS is one of the first brands to adopt within the Web 3.0 space - surprised many by their metaverse success in the launch of their range of virtual footwear that is currently retailing between $11,000 and $17,000. It is a markup of their physical products of approximately 10,000 percent.

Naturally, not all are able to get it right the first time around:

• Apes Kids Football ClubNFTs was the result of a partnership between Ape Kids Club with football trainer and ex-player John Terry. The idea behind the collection was to tap into the international football market but instead, the project's value fell by 90percent! Why? The NFT did not provide any kind of utility, game or a clear plan for a roadmap.

• Crockpot NFT was a puddle of Crock! On the heels of its 50th birthday celebration, Crockpot jumped into the world of metaphysics to show new designs as well as how the company had evolved throughout the years. The problem is that the people who buy NFTs today and also have crypto wallets don't possess a desire for cookware.

The future is ahead

While still in the development stage, Web 3.0 is a crucial moment in the history of mankind and technology has the potential to alter the dynamics of industries, sectors as well as creatives and consumers. If done correctly it will create an environment where all can make and share the benefits of this business activity.

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