The Fuss about Web3, Metaverse, and NFT (In Non-Tech Lingo)
The world is going through a sea change in terms of technology! People are talking about NFTs, Metaverse, and Web3.0, but to be fair, most people do not understand these terms, which are more tech in nature, or only could sci-fi nerds understand these langs. A few days back, I was chatting with some of my friends who are into other domains, and they asked what all these Metaverses, NFTs, and Web3.0 are. Few, even, could not be able to utter the words. Then, I thought perhaps this was the time to share my thoughts in a non-tech way. To increase the adoption rate of these latest technologies, we must also focus on the lingo/terms we generally use. My article is focused on this. I have tried my best to use very natural terms so that more and more people can understand about NFTs, Metaverse, and Web3.0.
Before decoding the realm of Web3.0 and Metaverse, it’s essential to go back to the history of the Internet. You can refer to my article for more detail about the history (30 & Still Young – World Wide Web) https://www.linkedin.com/pulse/30-still-young-world-wideweb-aditya-ranjan-patro/) In 1991, the web’s initial version, commonly referred to as web 1.0 or the Classic Web, was launched. Tim Berners-Lee created the Internet, and the web 1.0 era persisted until 2004. During the Classic Web era, the Internet concentrated on providing read-only access, Forex: Google, MSN, Yahoo, etc.
Then came web 2.0, which included corporations in the discussion. As corporations were primarily responsible for creating the second phase of the web, web 2.0 was visibly different from web 1.0. The web now focuses on enabling people to read and generate and deliver content, and applications have supplanted browsers. As a result, we saw how e-commerce and social media both grew. So, read/write functionalities have been successfully added to the Internet by web 2.0, Ex: Gmail, LinkedIn, Facebook, Twitter, Amazon Web Services, Netflix, etc.
Now comes Web3.0, and what does it mean? Users will truly own their data with Web3, making it a more personalized experience, trust, and verifiable. Internet users will be able to manage what is shared, including where and why thanks to the usage of blockchain technology and the unique user identifiers that go along with it. Ex: OpenSea, Coinbase, Ledger and MetaMas. Many of these networks and platforms sell NFTs or cryptocurrencies like Bitcoin. Popular Web3 networks include Ethereum, Solana, Polygon, and Cosmos. However, there is no proper definition of Web3.0; It’s the third generation of the web.
The Blockchain is more into the decentralized web, but a logical question is why decentralization when the entire world is connected through the Internet? In addition to decentralization, web 3.0 covers various essential subjects, including non-fungible tokens, decentralized finance, decentralized autonomous organizations, and DAOs.
Entering the world of Metaverse ….
Metaverse should be a phrase you hear every day. Is it not? You should search for this phrase at least twice if you don’t believe it. Facebook recently rebranded itself as Meta. But do you understand why? What’s so tricky about Metaverse, and why is it so popular these days? Metaverse was first introduced in 1992. Many people consider Metaverse to be a new term. The Metaverse concept is not a new term. Zuckerberg’s role as the promulgator of the Metaverse is a significant attraction. Digital education and sales are exploring this field. Metaverse could most likely enter many areas of our life within 15-20 years. We can shape our lives using the possibilities of technology. This article outlines the economics of the Metaverse and its impact on the United States. When used correctly, Metaverse can significantly impact people and businesses.
Metaverse combines the words “meta” and “universe.” “Meta” means “beyond.” Therefore, the Metaverse is a universe beyond the universe we know it. It exists in the virtual realm but seems just as accurate. Metaverse is not a new term – it has been used and researched extensively in movies, comics, games, books, etc., and by writer Neal. Stephenson, then a science fiction writer, coined the term “metaverse” in 1992 to describe a 3D virtual space.
Simply put, a metaverse is a virtual world, but what does a virtual world have? The Metaverse is a virtual world where people interact through their digital avatars! In this virtual world, people can do almost anything: shopping, attending meetings, playing games with their friends, etc. This virtual universe is accessible from devices such as smartphones or computers. However, to have a fully immersive experience, some hardware devices, such as virtual reality headsets, augmented reality glasses, game consoles, etc., are recommended. You can call it platform, environment, ecosystem, world, or universe.
If you are a Hollywood fan, you must have already seen blockbusters like Avatar, Matrix, Inception, Minority Report, and many more Metaverse movies.
Big tech companies like Apple, Google, Meta Platforms (Facebook), Microsoft, Niantic, and Valve are developing the technology that will shape the future of the Metaverse. Nike, JP Morgan Chase, Adidas, Gucci, and many companies have already started investing in Metaverse. According to InsightAce Analytic, the global metaverse healthcare market was valued at $5.06 billion in 2021 and is expected to reach $71.97 billion by 2030, growing at a CAGR of 34.8 percent during the forecast period. However, we need to wait and watch how this space evolves. More analytics you will find in my upcoming blog. Watch out for that.
NFT: Non-fungible token
Before jumping about NFTs, Let’s try to understand fungible and non-fungible assets. Fungible means which is easy to exchange or trade for something else of the same type and value, Gold, Silver, Wheat, Currencies, Oil, are all fungible goods.
So NFT stands for Non-Fungible Token; now you might have a good idea of what it is. Like any other non fungible asset, a non-fungible token or NFT is fundamentally unique and irreplaceable. NFT allows you to buy and sell ownership of unique digital items. NFTs are blockchain tokens that represent a single digital item. NFT can represent almost anything, like art, graphics, music, videos, images, etc. There are many NFT marketplace where you can buy, sell, and trade.
NFTs are part of the Ethereum blockchain, a type of cryptocurrency. These tokens store additional information and come to life as digital content in the form of drawings, music, videos, and graphics. NFTs could be a game-changer for digital content creators, who are currently undervalued in the digital ecosystem. This is due to content ownership and media buying practices that ultimately belong to the platforms, not the creators themselves. I trust that NFTs will allow creators to protect, own and monetize their digital content in a way that is impossible in today’s platform world.
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