Web3, the current buzzword, is almost certainly familiar to everyone who’s heard of non-fungible tokens (NFT). These two terms were coined by blockchain proponents and crypto enthusiasts, who believe that blockchain is the Internet’s next big thing.
According to Elon Musk, the phrase is a “commercial buzzword than reality right now,” but a closer examination reveals it might have far-reaching implications for our international economy and even our Internet infrastructure. When it comes to Web3, I’d like to know a little more about it before jumping to conclusions.
Web3 is the underlying concept of cryptocurrency generation, which is basically decentralisation. Cryptocurrency-related technologies, such as blockchain and cryptography, will also play a critical role in Web3.
As with Web2, Web3 aims to make the Internet more inclusive, but without ceding power to large firms such as Facebook, Google, or Amazon. It intends to accomplish this goal through decentralizing the Internet.
Mat Dryhurst, a Berlin-based artist and proponent of the Web3 revolution, explains, “There is a tiny group of firms who own all this technology, and then there are those of us who utilize it, and despite the fact that we contribute to the success of these platforms, we get nothing in return.”
However, how would Web3 empower users to take control of the Internet? With the emergence of cryptocurrencies, we’re already witnessing a peek of how Web3 will operate. Bitcoin, for example, does not belong to anybody, and the data on the Bitcoin network is not centralized; it is distributed throughout the network.
Web3 in the rest of 2022
While the notion of Web3 is not completely established, platforms embodying the concept currently exist and are providing opportunities for cooperation and revenue for individuals. Decentralised autonomous organizations (DAO), DeFi platforms, crypto gaming platforms, and even the metaverse are all examples of such platforms.
However, because these platforms are so new and intricate, there are financial and educational obstacles to entry. Thus, the first step in becoming acquainted with Web3 will be to acquire knowledge, such as how to navigate the world of non-fungible tokens.
While Web3 is a relatively new idea, there is plenty of information about it on the Internet, and a fast Google search may reveal a wealth of information.
On the other hand, when it comes to generating money using Web3, a fast Internet search may not suffice. Gaming, on the other hand, appears to be the least hazardous method to benefit from the new Internet iteration.
Through their scholarship program, platforms like as the Metaverse Magna have made it simple for Africans to earn from crypto gaming. It enables gamers to participate on cryptocurrency gaming sites such as Axie Infinity, where they may earn up to $2,000 each month. Additionally, a job in Web3 is another way to earn from it in 2022. Experts in web3 and blockchain are in great demand, given the industry is still in its infancy. Dapp University is an excellent resource for learning about professions in Web3.
While Web3 may appear to be the gleaming new future of the Internet, only time will tell whether it lives up to its numerous promises.