The metaverse is an ecosystem of communication interaction. The metaverse is singular, and within the metaverse itself, there are functions that are constantly and consistently being carried out. There are frameworks within frameworks and each has a specific function and purpose within the metaverse. Web 3.0, the internet, is one such example.
It's not separate and apart from the metaverse. The internet as a framework operates within the larger ecosystem of the metaverse. When we go back and look at what we call Web 1.0, the beginning phase of the internet, the majority of what we see is static content that leads the end user toward information.
When we take a leap over into Web2.0 or what we might call the social internet, we see far more dynamic activity happening in communication and the centralization of technology platforms big and small. Within Web 2.0 you have the prolific rise of the evolution of the app.
Now bursting on the scene, we have Web 3.0. This is where we'll find a greater sense of ownership, greater use of semi-intelligent software, and possibly the long-awaited realization of the open internet.
There are many components in the early use cases that we are seeing in the world of Web 3.0.
Some may tell you that for them Web 3.0 is primarily about decentralization. Others may say non-fungible tokens or NFTs, whilst many audiences are advocating for crypto assets, and there are many that believe the fundamental basis of Web 3.0 is blockchain technology.
All these components and more make up Web 3.0 and carry out their processes, functions, and methods within the metaverse.
Also within the Web 3.0 metaverse, we can expect to see high consumption of land and items. These transactions will happen on the blockchain.
Currently, blockchain technologies are in an early phase and are still sorting themselves out. Some have yet to earn global trust, others have a real worry and concern about environmental impact. Blockchains come in several categories determined by their central organizing protocol. We have proof of work, proof of history, and proof of stake.
Every day more brands and platforms are figuring out the best ways to use blockchain technology and integrate it through their own platforms. There's been an explosive rise in crypto assets, blockchain technology, and non-fungible tokens.
A big factor in this is the growth of the virtual world. Virtual spacesare popping up all over the place. What else can we do in these virtual spacesbeyond communicating and sharing information?
Here comes the perfect opportunity for Web 3.0 to showcase itself. It'sfilled with opportunities for buying, sells, and trade systems. What many areadvocating for is a decentralized and more autonomous approach to ownership oftheir data.
Right now some feel as if data is not in the control of the end user.We currently have the rise of decentralized apps and DOWs that are addressingthese issues and more.
We are undoubtedly in a Renaissance-era where we can expect to see alot of emerging technologies leap onto the scene. Some are ready right now, andthey are coming off the shelf because there's more power that's issued todevices that are able to get it to mass consumption and enterprise consumption.
What the metaverse does is create a lens to consider which waysconsumers will interact with technology platforms and any other platformoutside of the technical vertical that offers services. That list is long.
What Web 3.0 officially does is allow more people to be more creative,which expands what we can achieve by breaking through traditional Web 2.0standards and norms. Allowing us to accelerate even further into what might bepossible. If the metaverse is a pie, then Web 3.0 is a set of its mostessential ingredients. The two together are almost symbiotic.
