What Is Web3 and What Is Its Role in NFTs?

by AryanArtnews
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What Is Web3 and What Is Its Role in NFTs?

Web3 (or Web 3.0) will revolutionize the way we use the Internet by incorporating decentralization via blockchain technology. Some believe it will change the internet the way bitcoin (BTC) and other cryptos have changed the financial paradigm. To understand Web3, it is helpful to understand Web1 and Web2:

Web1 (or Web 1.0) is what we now call the early days of the Internet. Web1 allowed you to consume Internet content, but little else. Internet sites were static and non-interactive; you can simply send simple one-way messages or emails. Companies started building their own websites, but largely as a glorified press release; it was not a way to communicate with the public.

This way you can compare Web1 with a physical newspaper. Consisting of paper and ink, you are only a content consumer. There’s no way to transparently see how popular an article is or who’s reading it – and you can’t interact with fellow readers.

Web2 (or Web 2.0) is what most people simply think of as the current internet. Web2 is interactive and allows you to create your own content, comment and respond to content, and interact with other users. This enabled the creation of social media networks and other interactive sites such as Facebook, Twitter, Reddit, etc. Using our previous comparison, you can think of Web2 as our newspaper migrating to a website that allows you to interact in ways that weren’t possible before.

Web3 is a response to concerns about personal data use and internet privacy. In Web2, user data is largely controlled by major social media platforms, web browsers and websites. Web3, conversely, was designed to be a more transparent and censorship-resistant version of the Internet. It is more democratic than its Web2 predecessor, putting people in control of both Internet architecture and user data.

Using blockchain-based protocols in conjunction with AI,

Did you know?

Web3 is a decentralized version of the Internet that allows users to own their own data.

Additionally, Web3 embraces the crypto ethos and is designed to be permissionless (no centralized gatekeepers), trustless (no need to place trust in a third party), and open to all (little-to-no censorship of individuals/ ideas).

NFTs and Web3

Non-fungible tokens (NFTs) have many blockchain features that make them useful and integrable with Web3. As unique blockchain tokens, NFTs allow you to provide transparent proof of ownership for things like digital art, music, data, in-game assets, personal records, and more.

Some social media platforms now feature NFT verification systems that allow you to use a crypto wallet to prove NFT ownership – and use it as your profile picture (PFP). Furthermore, NFTs allow you to control your digital identity and can also grant you membership and voting rights. For example, a voting NFT could allow you to vote on where charitable funds are directed, how a blockchain operates, or even change the features of an NFT platform itself (such as which artists are featured and what fees are charged).

Did you know?

NFT use cases continue to expand; you can even use it to create Web3 website domains

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When you register or sell a Web2 address like “examplezyx.com”, you usually pay a third party to provide these services. Web2 uses a centralized database called the Domain Name Service (DNS). Decentralized Web3 domain options like Crypto Name Service (CNS) and Ethereum Name Service (ENS) allow you to connect your domain to a crypto wallet to accept cryptocurrency. You can even trade your Web3 domain on an NFT market – just like any other NFT.

The increasingly deeper intertwining between NFTs and Web3 expands what is possible on the Internet through the promises of decentralization. NFT and crypto use on the Internet will likely become ubiquitous to take advantage of the above possibilities – and the solutions yet to be developed that will make the Web2-to-Web3 transition even more dramatic than the migration from Web1 to Web2.

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