It's Time for the Rise of Web3

Blogging Time

The state of Web3 and how the tech industry is becoming decentralized.

The Web 1.0 was the dawn of the internet, and back then the internet as we know it was just getting started. There were further advancements to what is commonly known as the Web 2.0 age in which the internet was focused on a richer experience that included social media, eCommerce, and personalization. But now, it’s 2022 and it is time to usher in the age of Web 3.0.

What does Web 3.0 include, exactly? The time has come for a more truly immersive experience that the prior web ages showed promise towards but fell short of in reality. The main point of Web3 revolves around the idea of decentralization which incorporates blockchain technologies. Everything from NFTs, DAOs, and DeFi is a part of this vision. It is thought to greatly improve the security, reliability, and privacy beyond Web 2.0 and its predecessors.

Let’s Talk About NFTs

NFTs represent an interesting intersection at this time. The ability to represent collectibles that are verifiable through an immutable record on the blockchain ledger is an advantage over physical only collectibles that can be easily faked and hard to verify.

No doubt you have seen endless arguments online about how NFTs won’t work as anyone can come along and right-click on them and / or take a screenshot. Let’s put these arguments to bed, finally. If you went into the Louvre and took a picture of the Mona Lisa, does that mean you own it? More education is needed to truly understand what ownership means in this brave new NFT world because owning an NFT doesn’t always mean you own the copyrights.

NFTs are growing in popularity thanks to significant sales on digital art and collectibles such as Beeple’s record breaking xyz, the Bored Ape Yacht Club, and more, but there’s other sides to NFTs than that. The future of ticketed events and experiences can just as easily be occurring through NFTs.

What Can Be Considered Collectibles?

Big brands are taking note. Consider Nike’s acquisition of RTFKT, for instance. Major gaming platforms continue to outpace the overall market continuing to sell skins and other digital only goods. Digital ownership can also take an important step to be a digital twin of a physical object as well.

The Bored Ape Yacht club, while one of the early collections to soar on OpenSea, has become of the newest obsessions that celebrities are buying, including Justin Beiber, Jordan Belfort, Jimmy Fallon, Snoop Dog, and many other A-list celebrities. The Bored Ape Yacht club comprises over 10,000 NFTs, each one representing a cartoon ape with various expressions, outfits, colors, and rarity. They represent more than just a jpg, however, as each attribute is associated to a rarity score that often reflects a monetary value with each. Additionally, there’s a certain sense of being a part of an elite community with members only access to events, such as much of what overtook NFT NYC several months ago, and several yacht parties in Miami.

NFTs and crypto certainly made a splash at the Super Bowl this year. The talk of the town was a one minute long simple QR code bouncing around the screen put on by popular cryptocurrency exchange, Coinbase, which was enough to crash their servers. It’s been estimated that in 1 minute before their servers went down that 20 million users had clicked on the QR code and it was enough to push them to the top positions of free apps on the iTues app store. There was even a clever ad from eToro that if you looked closely, they showed off Bored Ape #6189 in a window display.

What is the Metaverse?

The Metaverse is a virtual world like our own that allows users to experience life, interact and game with others using various technologies. It’s been a catchall name that has been given to include such technologies such as VR, AR, holograms, avatars, gaming, and NFTs.This world works to mirror our own on a grand scale creating a fully immersed experience. Already the metaverse is worth billions of dollars and the numbers are expected to continue to grow exponentially. Digital collectibles reign supreme here, and there are even pets in the metaverse.

NFT Avatars: Branding Beyond the Image

Many that are critical of NFTs worry that these sometimes pricey items are “just an image.” Part of the appeal of NFTs is the use of them as a user’s identity online that becomes an integral part of their brand. Twitter has fully embraced NFT avatars in which if you make your profile image into an NFT, it shows additional information such as the initial creator, collection, properties showing potential rarity, and contact address.

Pets in the Metaverse?

In the metaverse a growing trend is owning pets, either as an avatar representing a real pet or a fictional animal avatar. A metapet allows users with chipped pets in real life to monitor their pets remotely through their aviators which are created using holographic images and 3D imaging. Those wishing to experience the joy of pet ownership without owning a real pet can now create their fictional animal avatar and have a similar experience.

Within the pet metaverse there are many platforms to choose from that offer a wide variety of experiences. First there was Cryptokitties that broke Ethereum with congestion and then there came MetaPets where users could design and own digital pets. These pets can participate in various activities such as dog shows and horse races. Meanwhile, Cryptokitties has over 126k holders with over 2 million CryptoKitties where users can buy, collect and even breed cats. You can play games and puzzles with other players as well as earn rewards and create collections.

It’s an exciting time to be at the forefront of the next internet revolution. However, it is still too early to say who will be the prevailing players for Web 3. In the meantime, let’s sit back and enjoy the ride to see what’s in store for us all.

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I live and work in Utah, so my news will focus on this state. I am also very into finance, entrepreneurship, crypto, and small business. I'm an owner of several businesses, from a solar farm to a sports card shop. I write about my experiences running them.

American Fork, UT
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