What is Web 3.0?
Web 3.0 sounds new and technical and a little futuristic but in reality, it is just a new way of doing things on the World Wide Web.
Web 1.0 refers to the formation and development of the internet in the 1990’s. It was the age of static web pages and email.
Web 2.0 saw exponential growth with key innovations such as mobile internet access & social channels in the mid-2000’s. These new applications to the world wide web encouraged users to engage and interact with each other.
Web 3.0 is now the next phase that we are entering on the World Wide Web and refers to a decentralised ecosystem which is based on blockchain technology.
The benefits of Web 3.0
Web 3 technologies will dramatically improve upon web 2.0. Here is a list of just a few of the benefits of web 3.0 we can expect to see
- More Privacy. Web 3.0 will focus on privacy and security instead of control and surveillance. It will empower users to choose which data they would like to share. Personal data will be owned by you and nobody else.
- More Security. Web 3.0 will be more secure than previous iterations of the internet. This will be made possible through blockchain technology and its decentralised nature.
- Decentralisation. Web 3.0 will not incentivise centralised networks. This is key to a fair and trustless democracy of any kind. It will be transparent. It will give less power to the big tech companies such as Facebook, Google, Netflix, Amazon.
- Data ownership. Trust will be more natural in web 3.0. You won’t need to give your data away to big corporations at every turn. Instead, you will own it for yourself.
- Ubiquity. We can access the same information and data from multiple applications without the need for one specific device. There’s no need to upgrade your phone from a web 2.0 device to web 3.0 one. Integration will be automatic and the vast majority of users will connect without even realising it.
- Interoperability. Developers will find it increasingly easy to build new dApps, which will work on all smart devices, from televisions to laptops to phones, and even smart cities.
- No Interruptions. Distributed systems are less likely to face service outages because there is no central authority, so no single point of failure. If one node fails, the rest continue.
- Semantic Web. The semantic web enables data to be shared across a multitude of platforms, systems and communities. It will act as a bridge for different data formats, leading to enhanced connection.
- Permissionless Blockchains. Anyone can join and contribute. All users can access services because code does not discriminate.
“We are excited about Web3 because the future of work is all digital, and the resources of Web3 are data created by users. As such, we are the creators of our own equity, which provides everyone with a form of universal basic equity.” - Yat Siu
The challenges Web 3.0 faces right now
One of the biggest challenges that Web 3.0 faces right now is that it's not mainstream. If you own any NFT right now as of 1st June 2022 you are ahead of the curve, only 5% of the population know about NFT’s and even less actually own an NFT. The challenge is getting mass adoption.
Without mass adoption Web 3.0 applications and initiatives will not work seamlessly across devices. There are walled gardens stopping crypto apps and blockchain games from being able to list on app stores. This is a real challenge and it limits the entry point for new users.
What is the Metaverse?
The Metaverse refers to a virtual world on the internet, a place that is parallel to the real world. Whilst the gaming community has been adopting this for years, it has become far more expansive in recent years where users can now buy land, host parties, attend concerts, shop for real and virtual products, meet with friends or work colleagues.
Who is in the Metaverse?
Big and emerging brands are taking advantage of this new way to engage with their customers. Some notable Metaverse attendees include McDonalds, Nike, Adidas, Prada and The Sandbox.
Musicians are also using the opportunity to interact with their fans. Universal Music Group have recently launched avatars for some of its artists including Justin Bieber, Shawn Mendes and Rihanna.
How AFL Mint will expand into the metaverse
The Genesis Ball will be a very valuable asset. One of the benefits of Animoca Brands being a partner in this project is the expanded ecosystem and the opportunity to open the doors to the Metaverse for AFL Mint Genesis Ball holders.
With Metaverse worlds like The Sandbox, Decentraland, ThirdVerse, OliveX Dustland Runner, and many more backed by Animoca Brands, there will be an open invitation for Genesis Ball holders to participate in special events and activations in the Metaverse.