Dubbed the third generation of the World Wide Web, Web 3.0 is deemed the future of the internet space.
Tim Berners Lee originally coined the term Web 3.0. It’s described as the future of technology where the internet is more interactive, intelligent, and decentralized compared to what we have in the present.
Web 3.0 is believed to be the space where everybody owns their information and is not centralized by various big corporations and media entities. Anyone with internet access can freely share information and create content without censorship and limitations, thus creating a more interactive and community-based platform.
Behind the concept of Web 3.0 is blockchain technology, on which cryptocurrencies like Bitcoin and Ethereum are built.
Blockchain offers a decentralized system. It is a ledger that facilitates the process of recording transactions and tracking assets without needing a central authority. This digital ledger is maintained by a network of computers, making it difficult to change, hack, or alter.
Is the future here?
While it seems surreal, the era of Web 3.0 envisions the future of content creation as decentralized and will be shared by all. It also foresees a new economy where user engagement and attention are prioritized.
Content creators will be rewarded for their work through non-fungible tokens (NFTs) more than just what we have today: likes, shares, and views.
NFTs are substantial developments in the New Creator Economy (NCE). Before, creators were rewarded with fame and money in exchange for their work. With Web 3.0, content creators will be rewarded with crypto tokens.
The rise of the new economy offers advantages for content creators; they will monetize their work while doing what they love; they can earn money and keep ownership of their work and share their content without worrying about others taking credit. All these are believed to be possible through blockchain technology.
AI writing assistants, blockchain for the creative economy, creative commons for the creative economy, and data democracy for the creative economy are the four fundamental pillars of Web 3.0’s revolution.
The future is promising with Web 3.0. The new blockchain-based economy opens new possibilities and benefits for everyone; content creators will be rewarded, consumers can access low-priced products, and society can benefit from increased innovation.
Web 3.0 is becoming a buzzword in the tech world, driving conversations among experts if this thing is a real deal. But if this becomes a reality, Web 3.0 will change the way people live.