In the last decade, the internet has seen a plethora of significant innovations. These innovations include but are not limited to Cloud Computing, Artificial Intelligence, the Internet of Things, Blockchain Technology, and Augmented Reality (AR). However, there has been a lot of talks recently about Web 3.0, Metaverse, and NFTs, and one cannot help but wonder if the internet’s future is finally here. Continue reading to discover the full meaning of these tech concepts that have taken over the internet.
WEB 3.0: The Third Generation Internet
Web3 introduces the open and intelligent internet that uses technologies such as machine learning (ML), big data, and decentralized ledger technology (DLT), and is referred to as the Semantic Web by the World Wide Web’s inventor, Tim Berners-Lee. In contrast to the current internet (Web 2.0), which uses a centralized data system, the web 3.0 internet will use a decentralized data storage system. Semantics and artificial intelligence (AI) are the two most important aspects of web 3.0. While Web 3.0 has yet to be fully explored, AI assistants such as Apple’s Siri, Amazon’s Alexa, and Samsung’s Bixby already make use of the technology.
Metaverse: What it Really Means
Consider the possibility of being able to leave your current reality and enter another. That is the essence of the Metaverse. The Metaverse is a network of virtual worlds in which users interact with one another, play games, and have real-world experiences. Neal Stephenson coined the term “metaverse” in his novel “Snow Crash.” While the Metaverse has not yet been fully realised, it has the potential to assist people in performing activities such as attending virtual events, meeting people, purchasing virtual properties, and, of course, playing games using augmented reality (AR) and virtual reality (VR) technology.
NFTs are non-fungible digital tokens stored on a blockchain (e.g., the Ethereum blockchain). Blockchain is a type of digital ledger that can be bought or sold based on its value and market demand. The non-fungible in NFT means that, unlike Bitcoin and other fungible tokens, these tokens are one-of-a-kind and cannot be replaced. NFTs can be used to sell any digital asset, such as music, GIFs, tweets, selfies, drawings, or videos; however, the recent buzz has been about using the technology to sell digital art. NFTs can be traded on Opensea, the largest NFT trading platform, as well as other platforms such as Binance and Superrare.