- Web3 opens new gates for platforms to develop a decentralised structure using blockchain technology.
- Several trends have thus emerged that will shape the future around Web3.
The next generation of the internet will be called the Web3 and even before its full-scale release, it has gathered enormous attention from the public. Although the term is still limited to some tech-savvy minds, the general public has either heard it somewhere from someone or used it ignorantly.
Web3 technology brings to life the concepts of decentralised digital platforms and uses blockchain technology in various fields. Let’s look at some of the recent trends in this domain that are going to live long and strongly impact the near future.
The Major Trends of Web3
The last few years have made social media apps like Instagram, Twitter, and WhatsApp an integral part of our lives, with people using them to connect with friends and family, spread over the globe. However, these apps are centralised and controlled by a few companies, which make policies on their usage and content censoring.
Web3-based social apps that are transparent, user-controlled, free of spam and bots, do not collect data, and emphasise privacy. They will become a true platform for free speech and bring alike minds together. Some existing platforms are Nostr, Mastodon, and Leinster.
The Decentralised Metaverse
The metaverse dream is all set to turn into real, thanks to the million-dollar investments and continuous research and development in the field. Shaping the metaverse in a decentralised path will ensure that all users have an equal voice in the governance process. No preset hierarchical order will prevail, with users having more control over their assets and privacy.
X-to-Earn Models
Web3 will offer creative opportunities for users to earn money, which may be in the form of cryptocurrencies and NFTs. People will be able to earn money for doing simple activities like playing, learning content, watching videos, etc. The innovative models used presently over different platforms include Create-to-Earn, Learn-to-Earn, Move-to-Earn, and others, with the X replaced by virtually anything.
Generative AI
Artificial Intelligence (AI) has immense potential to generate new content from existing data and analyze huge chunks of data to provide valuable results. Several AI platforms already exist to generate unique texts, images, codes, and others, eliminating human efforts and time. They can be used to generate infinite worlds in virtual games, write complex smart contracts, and create standard frameworks for reducing repetition in tasks.
Retail Industry
Blockchain can largely transform the retail industry by providing better shopping experiences for customers. By integrating with AR and VR technology, companies can provide a virtual environment to simulate real shops and malls and enable users to test the product before buying. The blockchain can also help in making the supply chain more transparent and traceable, boosting confidence in the sustainability of its source.
Eco-friendly Practices
To run such advanced technologies gives rise to the need for equally advanced computers that consume high electricity. Such large consumption often puts pressure on the environment and has become a concern for the government and other international organizations.
Ethereum shifted from its energy-intensive Proof of Work (PoW) to Proof of Stake (PoS), reducing its power consumption by 99.95%. This has also given rise to Regenerative Finance (ReFi), a concept where platforms working on financial models to protect the environment and restore its resources are praised, supported, and heavily invested.
Conclusion
Web3 is the future of the internet and all the companies are making efforts to stay ahead in the game and get their share of the pie. This has led to this space becoming not only highly competitive but also creative and innovative. Web3 will also address the aspects of virtual identities, zkRollups to address scalability, and improved DAO structure, which, in the end, will benefit users both financially and technologically.
