What is web3 and what role do NFTs play?

What is web3?

The rise of web3

Over the past two decades the internet has been monopolized by a few centralized corporations (Facebook, Google, Amazon, Spotify), which decide what content should and should not be allowed.

Web3 is the decentralized solution that puts the power in the hands of individuals rather than corporations. Web3 is being built, used, and owned by its users, using blockchain technology, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. On top of the decentralized rails of public blockchains NFTs is what provides users direct ownership.

The internet most of us know today is very different from the origin of the internet. To understand this better, we break the internet’s short history, web1 and web2.

Web1: read only (1990-2004)

Web1, the first inception of the internet from 1990 to 2004, was mainly static websites owned by companies, and there was very limited interaction between users as individuals hardly ever produced content.

Web2: reading and writing (2005-present)

Web2 began with the emergence of social media platforms in 2004. The internet evolved from read-only to read-write. As more people came online, a few corporations began to control an unbalanced amount of the traffic and value generated on the internet. Content and value were created by the users, which they had no entitlement to. Everything circled down to the centralized corporations.

Web3: read, write and own (today-future)

Web3 is read-write-own, where ownership is the key feature, giving users control over digital assets in an unprecedented way. Web3 relies on a few core principles, differentiating web3 from the centralized web1 and web2; decentralization, native payments permissionless, trustlessnes.

Web3 is decentralized, meaning that instead of large swathes of the internet being controlled and owned by corporations, ownership is distributed amongst its builders and users.

Web3 is permissionless, so everyone has equal access to participate, and no one gets excluded.

Web3 is trustless, as it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

Web3 use native payments such as cryptocurrencies for spending and sending money online instead of relying on banks and payment processors.

NakamotoFreedom, created by The Memes by 6529

The importance of web3 and NFTs

Today the power dynamic between platforms and content creators is imbalanced, the creators have no choice than to adapt according to the corporations policies and their high take rates. In web3, your data lives immutably on the blockchain, and when you decide to leave a platform, you can take your reputation with you, plugging it into another platform of your choice.

We are still on the journey towards living a large part of our lives digitally. In the coming years, this world will become more immersive, more 3D, more real. You will be able to go to school in the metaverse, shop, travel. In this future, you need to have identity and assets that are verifiable, which is a core feature of the NFT technology.

NFTs has started with art, but that’s just one of the stories of how you create persistent value in a digital world. Anything you can make endless amounts of in a digital world goes to zero in value. NFTs enable any digital object to be stored and can be verified as authentic by anyone, without needing the need to establish trust outside the blockchain.

Web3 gives you a single secure login on all platforms, a digital identity

In web2 you have to create an account for every platform you use and if you want to change your display name or profile picture you have to do it across every account and platform. In a single click, these platforms can lock you out of your entire online life while they also require you to trust them with personally identifiable information.

Web3 solves these problems by allowing you to control your digital identity. Using an Ethereum address provides a single login across platforms that is secure, uncensored and confidential. Web3 and NFTs are the future, discover it today with NFTPORTAL.


Don't fall behind

Discover the opportunities in the NFT space today. Sign up below. Newsletter incoming.