Web3, NFT, and Metaverse are the most admirable technologies available worldwide. Together these three technologies are taking initiatives to make the world truly decentralised.
Today in this blog, we will discuss how Web3, NFT and Metaverse will make the world decentralised. Similarly, we will explain how these technologies will provide us with a better future.
Let’s also understand what decentralisation is and how decentralisation works towards a better future.
What is Decentralization?
Decentralisation is an effort to eliminate an organisation, company, or institution from any process to improve the efficiency and effectiveness of a system. So, in a centralised system like banking and finance, a decentralised system will end up cutting a bank or financial institution from taking charge of the whole money-flowing activity.
Though the banking industry is just an example, cutting off banks from the ecosystem will have some adverse effects. Applying decentralisation to this system will require sky-touching technological efficiency.
Now we understand the process of decentralisation. The decentralisation process can be applied to any system or network to reduce the latency of that network and establish trust among all the participants on that network.
Now let’s better understand things like Web3, Metaverse and NFT through some discussion.
Web3 is the major upgradation of the internet system people have been using since 1989. There’s no proper or well-defined definition of Web3 as Web3 isn’t fully open to the people, but experts say that Web3 will be a read-write-own version of the internet system.
Metaverse and NFTs will play a major part in Web3 technology, which we’ll discuss later. Without them, Web3 is something that’ll lead people to a proper decentralisation system.
There’s a big debate among experts to define the meaning of Web3 to people properly. Some argue that Web3 is the amalgamation of blockchain technology, a token-based ecosystem and a proper decentralisation system, making this web version more communicative and simpler for the users. Instead of using personalised servers to store all the data and information within a Web2 website, the Web3 website will eliminate all servers by transforming the web system into a peer-to-peer system. With a peer-to-peer system, the users participating in the web system will also store data and information.
So that’s the Web3 system with a decentralisation approach which will enable trust, efficiency and effectiveness in the gross Web system.
Metaverse is the platform which will play a significant role in the Web3 system. A Metaverse enables a proper real-world simulation through great visuals and other elements. The participants in a Metaverse platform get chances to meet, communicate and do everything possible in the real world but virtually.
Metaverses can be used for vast use cases like gaming, entertainment, fashion, Real Estate, and NFTs. We’ll understand the NFT section later. For now, let’s know how Metaverse will play a role in these industries.
Since Metaverse has taken place, the gaming industry has used Metaverse in various ways. Today, the gaming industry with Metaverse technologies is already thriving in the real-world scenario. It’s been a while since the Metaverse gaming industry crossed $500 bn.
Metaverse-enabled games provide a top-notch gaming experience with the level of communion that Metaverse usually offers. Likewise, with Metaverse gaming, people can communicate and execute different challenges a game provides.
An example of Metaverse gaming is Fortnite, GTA Online, Roblox etc. These games have gathered millions of admirers and regular players due to all the features of Metaverse gaming.
The fashion industry is the next big user of Metaverse technologies. Moreover, the fashion industry has a different model than Metaverse gaming. Here we need to understand NFTs.
NFTs are the same as any painting, artefact, or rated thing. Non-Fungible Tokens are digitised versions of those artefacts or drawings, whereas real versions get linked to a unique token. This NFT resembles the ownership and authority of the holder upon that project, painting, or artefact. Each NFT gets stored in a blockchain-distributed network to ensure security and traceability.
Unlike any cryptocurrency or any other exchangeable thing, NFTs can’t be exchanged with equivalency. As they’re unique, there can’t be any other NFT identical to another one.
Let’s get back to the fashion industry Metaverse use case, where we understand how the fashion industry uses Metaverse.
In Metaverse, humans wear dresses, jeans, shoes, and avatars. So, in Metaverse, people can buy and trade fashion outfits through NFTs. Industry leaders like Nike, Gucci, and Louis Vuitton have entered the Metaverse fashion arena with digital fashion collectables and online stores.
Similarly, the entertainment industry has the same use cases as the fashion and gaming industries.
Web3 is the main system, and Metaverse and NFT are players in that web3 system. All social media and gaming people will use Metaverse, NFT collections can be visible through NFT, and the Web3 system will form.
Read more about Metaverse of Web3: A Manifestation of Reality in the Virtuality, here.
This way, Web3, Metaverse and NFT tools will cut down centralisation systems, organisations and institutions and bring decentralisation to the world wide web. Already this system has been established through Metaverse leaders like Decentraland, Roblox and Upland. Execution at a huge level requires more research, development and prowess. Until then, as enthusiasts, we should put more effort towards knowing everything related to decentralised systems, peer-to-peer systems, Metaverse, NFTs and Web3. Industry leaders are doing a great job introducing Web3 to Web2 people and gathering awareness towards Web3. It’s also important to understand the possible threats that come with Web3. People need to have an understanding related to that. Yet, with good and bad things, Web3, NFT and Metaverse are leading towards a decentralised future.