The buzzword “non-fungible tokens” (NFT) has been around for a while now on the Internet. If you’ve seen the word “Web3,” chances are you’ve also seen it. Both words are made up by people who support blockchain technology and people who think the Internet will be better with it.
In spite of what some people like Elon Musk have said, the word could have far-reaching effects on both the Internet and the world’s economy if we study it more. Before I say that Musk might be wrong and sound like I’m a crypto expert, I want to know what Web3 is.
What is Web3?
Web3 refers to the Internet that everyone can use. There is no one person who owns the World Wide Web in Web3. Instead, everyone decides how Web3 is run and how it should be run.
Web3’s history and why it was made are very important to know. This includes the first and second web generations and how they are different from the third that is coming.
Web1: The beginning
This is how Web1 looked when it first came out. This is according to a paper written in 2014 by Nupur Choudhury. Tim Berners Lee first came up with the Web in late 1989. It was thought of by him in three different ways: Web of documents, Web of people, and Web of data (Web3).
Because there were very few things to look at other than text, it is called “read-only internet.” Users could not interact with information on the Web1 as they can now on the Internet, which allows them to do so. People who used Web 1 instead had to be passive and could only read online.
Berners–Lee was a British scientist. He worked for the Organization for European Nuclear Research, which was based in France. The idea for the Internet that we use today came from him. He sent it to CERN.
Berners-Lee realized that his idea was not just for CERN, but for the whole world. It all started when a computer scientist from Belgium named Robert Cailliau decided to link information on the Web with hypertext. The Internet was born.
It is interesting to note that the first version was very different from the one we have now. People in Generation Z and millennials didn’t see Web1 very often, but it was still important to them.
Web2: Current dispensation
A lot of people were moving away from Web 1 and the second version was well on its way. A person would start to make their own content at this point. When Web3 came out, people were very angry about it. Web2 did the same thing. People used to call it a movement or a new wave in social service.
It is Tim O’Reilly, the co-founder of O’Riley media as well as the man who came up with the term “Web 2.0,” who says that “Web 2.0” is a term that comes from the move to the Internet and tries to figure out how to be successful on this new platform.
“Chief among these rules is this: Make apps that use network effects to make them better for more people to use. This will make them better.”
Web2 was truly a game changer. Birthed social media networks like Facebook and Twitter, which are still the most popular ways to connect with people on the web today. We now have cloud computing, financial services, and many other things that we can do online thanks to Web2. Web2 was the only way to make these things.
In the beginning, people were excited about Web2, but when Web2 became a normal thing, they became less excited.
This is Web3
Web3 is the foundation for the idea of making cryptocurrencies, which is to make them not be controlled by any one person or group. Web 3 will also include the technologies that make cryptocurrencies work, like cryptography and the blockchain.
This is how Web3 is different from Web2. It makes the Internet more accessible, but it also takes control from big companies like Amazon and Google, so they can’t run it. It will do this by putting the Internet in one place.
This person is a Berlin-based artist and advocate for the Web3 revolution. A few companies own all this stuff, and then there are people like us who use it, but even though we help these companies, we don’t have any proof.
People will be able to control the Internet with Web 3. Even now, we can see a glimpse of how Web3 will work with the rise of cryptocurrency. Because bitcoin is not owned by anyone, it doesn’t belong to anyone. This means that there isn’t one place where you can find everything on the Bitcoin network.
What to prepare for with Web3
With Web3, no one owns the data that people put on the Internet, like Google or Facebook. It’s on a blockchain that everyone owns. BIA says you only need one account to do everything on the Internet. You’ll be able to use the same account for everything from Twitter to Facebook to Amazon to Spotify to Jumia to Bolt.
Basically, all of the applications and websites that are online will be spread out. In other words, we’ll use the Web3 wallet, Metamask, the same way we use Metamask to log into blockchain platforms, like decentralized finance, to get into these apps as well.
Connect your Metamask wallet to OpenSea, an NFT market, to buy or upload an NFT. The Metamask wallet then tells OpenSea who you are and how much money you have. Rarible and SuperRare are both NFT marketplaces that use Metamask. You can use the same wallet to log in to both. As a matter of fact, decentralized finance platforms (DeFi), decentralized exchanges (DEX), and almost every Web3-enabled app will work with the same wallet.
Another big part of Web 3 is going to be artificial intelligence (AI). AI can work with Web2, but the third generation of the Internet will help AI understand the content on the web the same way humans do. This will make AI a lot smarter than it is now. A writing standard on the web called the Semantic Web will help AI and machines read online content. This standard makes online content understandable for AI and machines. CoinMarketCap used this example to show how AI will be able to understand not just words but the emotions behind them.
a lot of what Web3 is said to be able to hasn’t been seen or tried out yet. Venture capitalists, on the other hand, seem to be very excited about the Web3 future.
$27 billion has been raised by Web3-related startups this year alone. That’s a whopping 1,200 times more than what the whole African startup ecosystem raised in 2019 and 2020.
In 2022, Web3 will be a thing.
Web3 isn’t fully formed yet, but there are already platforms that look like Web3 and people are using them to work together and make money. Platforms like these include decentralized autonomous organizations (DAO), DeFi platforms, crypto gaming platforms, and even the metaverse, which is a whole other world.
However, there are financial and educational barriers to getting into these platforms because they’re very new and difficult to learn about and use. So, the first thing you’ll need to learn about Web3 is how to get into the world of non-fungible tokens.
A quick search on Google could help you learn more about Web 3.
With Web3, though, a quick search on the Internet might not be enough to find out how to make money. However, it looks like the least risky way to make money from the new Internet version is to play games.
Platforms like Metaverse Magna have made it easy to make money from crypto gaming in Africa by giving scholarships to people who play crypto games. People who play on crypto gaming platforms like Axie Infinity can earn up to $2,000 a month. This gives them the resources they need to compete.
Another way to make money from Web3 in 2022 is to get a job in Web3. Many people are looking for people who know a lot about Web3 and blockchain because the field is still very new, Dapp University is a good place to start learning about jobs in Web3. There is no way to know for sure if Web3 will live up to all of its promises right now.