What is Web 3.0 and NFTs? Explaining Web 3.0 and NFTs
What is Web 3.0? What were Web 1.0 and 2.0 anyway? Were NFTs invented only for trading? In what forms is the new digital age represented and being developed?
The first time I was allowed to visit the digital world of the Internet, I had to tell my parents that they wouldn’t be able to receive any phone calls for the next few hours because I was occupying their line with my 56k modem. Since then, a lot has changed. There are no more floppy disk drives, but there are NFTs and Web 3.0. But what do these fancy words mean anyway?
Web 1.0 vs Web 2.0 vs Web 3.0
Everything began with Web 1.0. The majority of users could only consume content. Websites were mainly comprised of static pages and were anything but user-friendly.
Web 2.0 was far more advanced and focused more on UGC (user-generated content). Users could share their posts and opinions with the world. The Internet came alive!
Web 2.0 is also referred to as the participative social web.
Web 3.0 is transforming Internet consumption into a completely new experience that is more interactive and more complex. 3D spaces, metaverse, smart contracts, blockchain, etc. form a combination of technologies that make Web 3.0 infinite. Although the technology is currently at no more than 5 percent of its total potential, it is already having a strong impact on our lives.
People can for instance attend an international meeting in the metaverse instead of in Zurich, have real estate projects presented visually with a VR headset or take part in a digital fashion show with a concert.
What is an NFT?
An NFT (non-fungible token), or a non-exchangeable token, is a digital asset that cannot be exchanged against another because the token’s serial number is only generated once.
Most web users have certainly heard of the lucrative trade in Bored Ape Yacht Club pictures or Japanese mangas (Azukis). The launch price of Bored Apes was set at USD 200. Today, these digital works of art are sometimes traded at seven-figure prices. This is beneficial for the collection’s artist, as they earn money with each trade.
There’s more you can do with NFTs than just trading them. They can easily be used as a ticketing system that gives the holder of the token access to different events, communities and websites.
You could sell NFTs today as tickets to a popular concert. Each time the ticket is resold, the organizer would earn extra money by charging a fee. Popular tickets are currently being sold on the black market at inflated prices, which means the organizers are missing out on these sales.
Web 3.0 opens up a whole range of new possibilities for us, limited only by our own creativity and imagination. Whether gaming, virtual real estate, parties, exhibitions, shows or much more, technical progress is becoming more exciting and more user-friendly by the day.
I look forward to the future while enjoying the present.
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