Web 3 is not a new idea, but as interest in cryptocurrencies, NFTs, and the “metaverse” grows, so does its popularity. In Web 3.0, the next version of the internet, Artificial Intelligence (AI), Machine Learning, and Decentralized Ledger Technologies (DLT) will be used to make websites, technologies, and apps that work like humans.
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Gavin Wood, the founder of Etherium, came up with the term “web3.” In 2021, big tech companies started to become interested in the idea.
Will Web3 be what everyone does?
Experts say that the best case scenario for Web3 supporters would be for the technology to coexist with Web 2.0 instead of completely replacing it.
With this system, innovations like blockchain encryption will give Internet users more control over their data and privacy. Web3 combines the benefits of data policy with the fact that you own your data, assets, and digital identities. When the government has control over users’ data, like it does now, Web 2 can’t protect users’ data fully.
Growth of web3 in the future
Market Research Future says that by the year 2023, the market for Web3.0 blockchain technology will be worth more than $6 trillion. Web3.0 will grow by 44.6% per year on average between 2023 and 2030. The theory says that Web3 gives power back to users instead of giving it to big tech companies.
Users of Web3 are now given tokens as a reward. These tokens can be traded for money or used to vote on the direction of technology. The value of Web3 will be shared by a much larger group of people.
What NFTs have to do with Web3
Both NFTs and the Web3 vision go hand in hand. You’ve probably heard of NFTs before. They are a way to give permanent ownership of a digital object. You may have noticed that there is a boom in NFT for digital art, from music to sketching. For the purposes of this discussion, the blockchain is the link between cryptocurrencies and non-fiat currencies.
Many well-known experts are also excited about what Web3 can do and how strong it is. It’s hard to say how things will turn out in the years to come. There are problems with how Web3 technologies are being used right now, but there is a lot of hope that some of the problems with Web 2.0 will be fixed in the next generation.
Source: Google Trend