When you get home from work, you go to your favorite website, log in, control your avatar, which is a digital version of you, and run to Snoop Dogg’s house, where he’s about to do a sort-of live show.
At Sandbox, which makes 3D virtual reality worlds where people can buy a plot of land, build a house, or even open a casino, this is just one of many possible situations. They can find digital works of art and go to strange new places.
There are a lot of businesses in the metaverse like Sandbox. And the so-called Web3, which some people think of as the next step in technology, is what makes all of this possible. Even though the idea for Web3 was first presented eight years ago, it is still in its early stages of development.
Even though Web3’s growth depends on entertainment, not everything on it is entertainment. There are now a number of business applications that use the metaverse.
In the future, the economy will be worth a lot of money:
People have different ideas about what Web3 is, but most people think of it as the way to a third generation of the internet. It’s also where the company that owns Facebook, Meta Platforms (FB), hopes the metaverse will take root. In October, Facebook changed its name to Meta Platforms to show that it was moving toward the metaverse. Analysts say that Web3 and the metaverse will get tens of billions of dollars in funding. They believe that the economy could grow to be worth a lot of money.
Gavin Wood, who helped start the cryptocurrency Ethereum and came up with the idea for Web3, came up with the idea in 2014. It was first called Web 3.0, but it was shortened to Web3 over time. Big Tech companies like Alphabet, which owns Google, Apple (AAPL), Amazon (AMZN), Twitter (TWTR), and others had too much power over Web 2.0, the latest version of the internet (GOOGLE). He thought they were collecting a lot of personal information about their customers, which was then used to make user profiles, make targeted advertising possible, and make money. There are also worries about censorship and privacy invasions.
Not having faith in big tech
Many big tech companies today can’t be trusted to protect their customers’ privacy or keep their data from being used in bad ways.
He also thought that industry regulators might not be able to keep the public’s trust in the internet or keep data secure. Today, many people feel the same way he did.
The goal of Web3 was to give the consumer back control. They planned to do this by making the internet less centralised so that Big Tech wouldn’t have as much control over users’ personal information. In fact, Web3 would let people make money off of their original works, like games and artwork, as well as their personal information.
Web3 is taking off right now because the right technologies are coming together at the right time.
Not everyone thinks Web3 will go in this direction. Big Tech and the biggest venture capital firms won’t stay quiet while their Golden Goose is being cooked.
Kevin Werbach, author of “The Blockchain and the New Architecture of Trust,” says that many so-called “Web 3” solutions are not as decentralised as they seem, and others have not yet shown that they are scalable, safe, and easy to use enough for the mass market.
There’s no guarantee that these rules will be lifted, but that could change.
Using cutting-edge technology that changes things –
For the Web3 metaverse to work as planned, it needs blockchain ledgers, cryptocurrencies, and non-fungible tokens. NFTs are unique digital assets that are recorded on a blockchain, or persistent digital ledger. They are often works of art, video game characters, or other creative products.
Web3 will also rely heavily on the development of 5G wireless, edge computing, and cloud storage to get data to users as quickly and close to them as possible. When augmented reality and virtual reality gear are added to the mix of technologies, users can enter the metaverse.
Technologists say that the metaverse is a shared 3D virtual reality world. People can meet up in a virtual world to play games, do business, or just hang out with friends. Web3 and the metaverse are both types of technology, but they are not the same. This year, metaverse hype was everywhere at the CES trade show in Las Vegas.
Avivah Litan, an analyst at Gartner, says that “we are moving quickly into the future.” “Web3 innovations will make the internet more useful and allow for new applications.”
About Public Businesses Adopt Web3, Metaverse:-
The Web3 metaverse is still young, and use cases and applications are still changing. This is shown by the fact that more and more well-known brands are moving into the metaverse.
At the moment, the best way to see Web3 and the metaverse is in the 3D virtual worlds that internet companies like Sandbox make. Sandbox is a place to buy and sell digital real estate. When a user buys a piece of virtual land, they can do whatever they want with it.
All of the things in the Sandbox were made by users. But there are different games to play. The Sandbox has a lot of different games, settings, and other experiences that can be used on their own. Some of these are virtual reality shopping malls, theme parks, and zoos.
In a virtual world, you can make anything you want:
People buy things with cryptocurrency, which works like cash. An NFT is used to prove who owns a digital asset. This group includes things like artwork, memes, music, and digital collectibles. There are also independent NFT marketers, the largest of which is OpenSea.
The most well-known example of an NFT is the digital art made by the American artist Beeple. One of his collages sold for $69.3 million a year ago. Depending on the item, an NFT could sell for either $100 or $100,000 in cryptocurrency.
A study by NonFungible.com and BNP Paribas found that global NFT sales went from $82.5 million in 2020 to $17.7 billion in 2021, which is a 200-fold increase.
Web3 is good for tech businesses.
Analysts say that the switch to the Web3 metaverse will be good for which types of businesses? Unity Software, Apple, Google, Snap, Qualcomm, Roblox, and Meta are some of them (U). Nvidia is also going after the market very hard (NVDA).
Web3 makes it possible to build applications that don’t run from one place (dApps). These decentralised applications (dApps) are based on blockchain technology, which allows them to work without a central server. Users can talk to each other without giving out personal information, which makes them less likely to be censored.