What Is Web 3 and What Does Its Future Hold?

Web 3 has been described as the next step in the evolution of the internet. But what exactly is Web 3, and why should you care? What doors will Web 3 open and what will it close? Here’s a quick rundown of everything you need to know about Web 3 in 2022.

Web 3 is believed to be the next logical step in the development of the internet.

What does this mean?

Well, the internet has gone through 2 stages of evolution so far. The first stage occurred in 1990 when the internet was primarily used for email and looking up information. This is now called Web 1.

We are currently in stage 2; Web 2. Around 2004, the internet was revolutionised and users were enabled to take a more interactive approach to the internet through social media, blogging, and online shopping.

Logically, the next step is Web 3.

How will Web 3 be different from Web 2?

Good question.

Web 2 was revolutionary because it changed the way users interacted with the web. Instead of just consuming information, users could now create their own content and share it with the world. Web 3 will be the same in that it will change the way users interact with the internet and content. However, it will be different because the web will be decentralised rather than centralised.

What does decentralised mean?

The problem with Web 2 is it allowed large corporations to control the internet, user data and the type of content users are allowed to see. For example, YouTube does not make the content on its platform, but it can choose to take down any video it deems inappropriate. This is a lot of control over a lot of content.

This is exactly what has led people to imagine an internet where the collective controls the web, rather than a selection of conglomerates.

Sounding good already? Read on to find out more.

What will a decentralised Web 3 look like?

In a decentralised web, users will be able to share information directly with each other rather than relying on a middleman platform. Users will instead transfer information via the blockchain. The blockchain is a public ledger that can be accessed by everyone and is not controlled by anyone. This means there is no one who controls your data, there is no corporate interest, and no middleman fees. The internet could be run by the collective and the focus could shift from corporate interest to user experience.

It is expected that certain elements will become prevalent in the next stage of the web. For example, artificial intelligence (AI) could allow monotonous tasks to be automated. Technologies such as virtual reality (VR) and augmented reality (AR) could also be important to Web 3 as they facilitate this seamless blend between the real world and the virtual one.

Others have speculated that digital assets can become the new form of currency, similar to how goods were traded before fiat currency. This is where the importance of NFTs comes in.

Why are NFTs important to the development of Web 3?

Non-fungible tokens (NFTs) are some of the most well-known innovations of Web 3 so far. Starting as a highly lucrative investment for strangers online, NFTs have become a topic of speculation and controversy.

Now, we are aware that NFTs have mixed reviews. Like most new forms of technology, it’s a breeding ground for scammers and con artists. The main focus of NFT lovers right now is to make money by creating, selling or flipping NFTs. This is because the price of an NFT changes through speculation and marketing demands, meaning some NFTs can sell for millions, while others go for pennies.

However, this is not all NFTs have to offer. Their true potential has been overlooked by most, leaving the ground wide open for innovators to change the space. Intellectual property has become increasingly valuable over the years, but most intellectual property, such as music, videos and art, can be found on the internet. Currently, there is no way to verify who owns that property and has the rights to its distribution. NFTs fix this problem and give users undeniable proof of their ownership.

Speculators argue NFTs can be also used for more than just intellectual property and can act as tradable assets. For example, users could be given a ticket to a concert in the form of an NFT. This means they own this ticket and can choose to sell it after the event to a collector. Similarly, virtual land can be owned and rented in the metaverse, allowing the owner to prove they own this land and property. NFTs may also be used to verify real-world transactions, such as homes or identities, and no one could dispute who owns it.

TEDx has posted a really good explanation of NFTs and their potential from Roop Singh’s speech.

Where could a decentralised internet lead us?

Web 3 has been described as the internet of the future and has already made huge strides in the crypto, NFT and tech industries.

But the advancements don’t stop there.

Experts predict we could see a rise in new social media platforms, social media and e-commerce. This could be made possible through the adoption of smart contracts, digital identity and proof of purchase protocols.

The main focus of the web right now is building a metaverse. The idea is no one controls this metaverse, but users and businesses join together in this space to buy, sell, interact, learn and share experiences.

What is the Metaverse?

The metaverse is a type of space where users can interact with each other in a 3D environment. It is like a blend between a social media platform and an open-world video game.

Its speculated you will be able to interact with the metaverse in virtual reality where you connect as an avatar and you will be able to buy and sell within this universe. This is a way of blending the digital world with the physical world.

Is Web 3 just speculation?

At the moment, yes.

No one really knows what Web 3 will look like and which ideas will pan out. There are plenty of parallels between Web 2 and Web 3. For example, many people criticised and dismissed Web 2 because they didn’t understand what it was for. It was only after companies, such as Microsoft, began developing mainstream uses, that it became fully understood.

The metaverse and NFTs in particular are criticised for having little to no use, believing they are just a fad that will pass. Speculators could argue that those who innovate and look at the space with an open mind will be ahead of the game.

However, Web 3 is not without flaws. With each new technological advancement, scammers emerge to disrupt the space and instill fear. There is also concern about the amount of energy consumed by NFTs and blockchain protocols, which may have an impact on the environment.

Others wonder if a truly decentralised internet would even be permitted, especially since there is money to be made in the space. Corporations have a vested interest in the technology, and it’s debatable whether governments should allow people to use technology they can’t control. This is all speculation for now, and it remains to be seen if Web 3 is the future, but its progress is definitely something to keep your eye on.

Conclusion

While the path for Web 3 is not entirely clear, this simply means that the land of opportunity is open to all. There is plenty of room for technological advancement in all areas, so now is an excellent time to get involved. Web 3 development, like Web 2, can be scary and confusing, but it is a blank slate waiting to be filled with the right ideas.

This is why Biker Babes have dedicated a part of our project to building a Web 3-orientated project. With so much room for growth, who knows where the possibilities could end? If you would like to get involved join us on our Discord and be part of the discussion. We are also on Medium, Twitter, Instagram, Reddit and YouTube if you want to keep updated on our progress and join in later.

If you have any questions or queries, you can also contact us directly and we will be happy to help.