NFTs’ Inevitability, the Metaverse, and Web3
They’re not just here to stay, as a fresh type of digital art but they’ll also be serve as a fundamental technology that will determine how the world operates in the near future.
It could sound as if I’m over-dramatic but I’m here to assure you that I am completely sincere about that statement.
The meteoric rise of NFTs is the result of the first technology in 2017, the long-running infrastructure of exchanges and wallets as well as macro tailwinds.
It’s the final set of macro tailwinds which eventually led me to be very optimistic about NFTs’ future. NFTs.
I believe that two major developments will impact the world in the coming 10 to 15 years:
The Metaverse and its ubiquity on every aspect of society
Web3 and the decentralization of the Internet
In the future, both trends will heavily rely on the NFT technology for their success.
The Metaverse is a vast area with various definitions.
According to Wikipedia The Metaverse can be described as an “collective, shared virtual space that is created when the physical realm converges with the virtual realm, which includes virtual reality, augmented reality and the internet.”
The author Neal Stephenson coined the term in his sci-fi novel Snow Crash. Humans in the form of avatars interact with one another in a 3-dimensional world.
The word “meta” comes in the form of “meta” — meaning “beyond” — in addition to “universe”.
Thus, the Metaverse is an expansion of the present existence.
Imagine it as a virtual universe that is the same world as our physical one — a virtual world is accessible to us via the internet and other compatible hardware devices.
The most famous representations of Metaverses in pop culture is Spielberg’s film of the year, “Ready Player One, and Spy Kids 3-D: Game Over.
Although the Metaverse is often thought of as a place to play but it could also be a different realm of existence, in which we are able to communicate with each other.
Metaverse is Evitable
I think we’re getting closer to a world in which the Metaverse isn’t only real, but is an integral part of our daily lives.
The concept behind the concept of Metaverse is to create an online space in which we can interact, socialize and work in — that transcends the boundaries of the physical realm.
Doesn’t it sound something like… an Zoom meeting? or an FaceTime with your friends?
Maybe even posting a message on Twitter? What about playing Fortnite with your buddies while you chat on Discord?
As a result of the pandemic lockdown many of us were called upon to make social connections online, whether that’s via video calls with friends or at work, using Zoom.
Personally, I’ve spent spent more time spent on Twitter and making connections with people in the crypto and tech areas.
It has led me to recognize that things that I used to do IRL can be moved into the digital world including networking, working socializing, and working.
However, that doesn’t mean that there’s no need for IRL meetings. Personal connections will remain vital, particularly in the coming year of Covid travel restrictions that were imposed by the Covid pandemic.
It’s not difficult to imagine that our world is moving toward this direction considering the various patterns I’ve discussed up to now.
What is Web 3.0?
Before we can define Web3 first, we must gain a solid understanding of the definitions of web 1.0 is and what Web 2.0 are.
Web 1.0 was the period in time that was the beginning of Internet. The World Wide Web was still an extremely popular term and dial-up sounds were not a popular and undesirable event.
We saw the initial spike of interest in online shopping which led to the eventual dot-com boom. Also, we saw the first period of Internet browsers like Netscape as well as messaging services such as AOL.
Web 2.0 is a term that Web 2.0 was coined by O’Reilly and other people in the years 1999-2004 the first years after Web 1.0.
Web 2.0 catapulted the world from static desktop pages primarily designed for news, to engaging experiences and user-generated material and market economics that brought us NASDAQ giants such as Uber, Facebook and Twitter. Web 2.0 was mobile-first, cloud-only, and social-first.
Web 2.0 opened up trillions of dollars in worth for the world economy, but as a result we, as consumers — lost the power to control our lives in favour of the benefits of the services that a few companies offer us.
Today, we are suffering the consequences of this trade-off of sacrificing our individual liberties in favour centralized services.
Every move we make is monitored by big tech companies. They track what we do online or shop and even where we are physically. They make use of this information to promote their products to us and influence our behavior to serve their primary client, the advertisers.
Furthermore, we permit these companies to hold our data, leading to one risk in the event of an attack on security.
We’ve seen our financial and personal data exposed in those hacks at Target as well as Equifax hacks just a few years ago, without any apparent repercussions from our government.
It will be a constant battle in a arms race between hackers who are black-hat along with security specialists.
In the process, we’re in a new age of the internet called web 3.0 (or Web3) for short. An era that promotes open, trustworthy and unrestricted networks.
“Open” — meaning built upon open standards that are developed by an accessible and open community of developers , and carried out with complete transparency
“Trustless”– meaning that the participants can engage in confidence that the information they provide is accurate and authenticated without having to trust an external third party to confirm
“Permission less” — meaning that no person can be excluded from participating, even an authority figure such as an official from a government
Bitcoin, Ethereum, and other blockchain-related protocols are the main driving of the Web3 movement, with the goal of creating an unrestricted financial system which anyone is able to build and join without the need for gatekeepers such as traditional financial institutions.
Digital Ownership is the term used to describe NFTs.
Let’s reminisce on the two subjects we’ve just talked about that is the Metaverse as well as Web3.
In the Metaverse there is an additional digital life where they can earn money and enjoy their time at leisure free of physical restrictions. world.
If the Metaverse existed in the Web 2.0 scenario, the large central organizations like Facebook and Google will be the only ones to experience of living within their own data centres which can be shut down at their discretion, and collecting the information about our lives in order to market it to make money.
Imagine that your entire digital existence was based in Facebook and you only provided with information that Facebook wanted you to view. If you made a comment in the metaverse that Facebook did not want you to be able to see (i.e. working in conjunction with an oppressive government) it could turn off your entire life which is similar to deleting your Instagram account, if that account represented your entire digital existence.
If you’re likely to spend for a significant portion of your time in the Metaverse You might be able to own the digital objects.
With Web3 users, consumers can get back control of their personal data. Instead of transferring their personal data and privacy to large tech companies, they’re now able to manage their own data, which is stored in a decentralized, cryptographic web of computers that combines to create a distributed data center that is a direct competitor to GCP or AWS.
Instead of Facebook as the digital home of your home You actually control the digital home. You are the owner of the digital landscape to top it off. All the digital pieces of furniture.
And you can achieve this with the help of NFTs.
The cryptographic proofs of the NFTs reveal your true identity, which is you, the owner of the digital objects. They are all yours. Take them away from you.
And now I’m a fervent fan of NFTs however, not for its use as an art.
Indeed, the NFTs have solved the issue of digital scarcity. They allow authors for the first to precisely price and securely distribute their work.
Yes, as the result, NFTs permit artists to make money from their work in an innovative way, which allows artists to eliminate money-sucking middlemen and establish direct connections with their followers and supporters.
However, honestly I’m not a fan of art, never did. This is probably the reason I was so naive to adopt NFTs at all in the first place.
Everything came together after I realized that the metaverse is inevitably linked to web3 was inevitable. Metaverse along with Web3.
NFTs are the link between these two movements. They are a method to provide open, untrustworthy, decentralized control over the Metaverse.