In the last decade, there has been a change in how we use our computers. Web 2.0 was all about social media and blogs with a focus on connecting people over the internet. Today, we are
entering the age of Web 3.0 which is defined as an internet that is decentralized and uses blockchain technology to power it through cryptocurrencies like Bitcoin and Ethereum, NFTs (Non-Fungible Tokens).
So I'll tell you about these technologies more deeply and show you the ways how you can be part of it.
Blockchain is a technology that was created to store immutable data, ensure security and make this world more decentralized. It has become very popular because of its use in cryptocurrencies like Bitcoin and Ethereum however, it can be used for many other applications as well. For example, Companies are using blockchain tech to change the way we buy music or how our internet service providers work. And it's called NFT and we'll talk about it a little bit later
To understand what Web 3.0 is we first need to understand how the most famous usage of blockchain, and I'm talking about Cryptocurrency. The first stage of cryptocurrency was Bitcoin, you can imagine that Bitcoin is just a digital gold that people can buy from anywhere and anytime what they want. It brought the technology of Decentralization and Blockchain itself and over time people started making Cryptocurrencies that are much better than Bitcoin and we're calling that the second stage of Cryptoccunrecies or Blockchain. One example of that is Ethereum. Ethereum is not already just a digital gold, it brings an open-source platform where other people can easily build their own cryptos. Also, Ethereum can take more transactions per second and that's why most people loved Ethereum, however, there's even one more crucial technology called Smart Contracts that reduces all internet crime and help people to say their digital assets (NFT) without any problems. There's another stage of the Crypto Industry that uses the technology of PoS rather than PoW but we'll stay at the second stage for now.
NFT or Non-Fungible Token is a cryptocurrency that can be used in gaming, art, and many other fields where it's important who the token belongs to.
What does that mean? For instance, Mona Liza is some sort of NFT too, because it stores information into it, so you'll never pay the same price for a copy of Mona Lisa rather than for the original itself. That's the simple definition of NFT - you can sell and buy something that stores information into it and you can be the only owner of it.
NFTs have some unique features which make them different from standard digital assets like Cryptocurrencies. Alright, now we know that there's can be only one NFT for your specific topic and that means each NFT is different from others and each of them has it's own unique thus you can't make copies of them.
Web-based NFT tokens are the next generation of NFTs - they will be stored on a decentralized ledger where all transactions made with this token will reflect on NFTs themselves. Web-based NFT will bring the next revolution to the NFT market and we can expect a lot of new NFT products in this space which opens up opportunities for many people, not only blockchain developers or gamers but also artists who can sell their art online without intermediaries like Amazon or eBay.
What does that mean for NFTs?
NFTs are already used in gaming and other fields, but their real potential has not been unleashed yet. One of the main reasons for that is the low number of NFT transactions per day which shows how popular this technology is starting to be. That's why we can expect big growth in the NFT market because there will be more products from different people and that will mean the growth in NFT transactions per day and will increase demand in this sphere.
Thanks to Web-based NFT which allows us to buy NFTs on websites, not only with Ethereum or Bitcoin but also using your local currency like Dollars or Euros which makes it even easier for non-crypto users and contributes to the spread of this to the masses.
NFT has a unique feature which is that it can be described as a self-sovereign identity. That means NFT owners have full control over their information and they won't need to disclose any personal data or even use any intermediaries in order to sell NFTs as they do on eBay or Amazon. NFT owners can take full advantage of this technology and sell NFTs worldwide without any restrictions which makes it even more interesting for entrepreneurs who want to expand their business globally. NFTs will also give you more opportunities to get financing for your idea because of the unique features they have.
Now it's time for NFT entrepreneurs and Blockchain developers who want to be part of this revolution, so if you are thinking about creating some kind of product that has NFTs in it then start working on them right now, because NFTs are becoming more and more popular every day.
As we see NFTs have great potential which has not been unleashed yet and NFT entrepreneurs have a great opportunity to become successful in the NFT industry. We can expect more products that will bring changes into our daily lives just like smartphones did 20 years ago, so don't miss this chance of being among NFT's first movers because it's worth it!
That was an explanation of Web 3.0 and now you need to understand that it's a new technology and sphere which includes many years of development and marketing, so now we're at the pick of popularity and anyone can be part of it before it will be too late. If you have something to add while reading this, then you can surely leave a comment and I'll answer it as fast as I can. Hope you enjoyed :)