There are a number of systems on the internet so it’s common for us to hear about them, like Metaverse, Web3, and NFTs. This article is to clarify all your queries related to Metaverse, Web3, and NFTs.
Metaverse, Web3, and NFTs
1. Metaverse
Let’s start with the Metaverse. “Meta” means “Beyond” or “Something More” while “Verse” stands for “Universe”. Combining both can potentially lead to things like “Beyond the Universe”. The meaning is more than what we experience currently.
What is Metaverse?
The word “metaverse” was first used to refer to this concept by science fiction author Neal Stephenson in his 1992 book Snow Crash. The term has since been used as a synonym for both virtual reality and augmented reality, and as a combined term that includes the two phrases.
Let’s get this in simple words; “The mixing of the physical world with the Virtual World“. You are definitely not the only person who sees the potential in this technology that has been around for a while. VR & AR are gradually making their way into the mainstream. Many companies are working on developing virtual reality and augmented reality products. One of these is AR glasses and VR glasses, which is what is described as Metaverse. If you watched “Ready Player One” or “Spy Kids 3D” you can get it better.
This Metaverse isn’t a fantasy, a lot of our daily lives are already digital. Apps like Google Maps mean we can navigate the world from the comfort of our own homes. You can keep your money and use it through a virtual account like PayPal to play games, stream videos, talk on Discord, etc. Let’s talk about cryptocurrency, the modern-day investment prospect.
2. Web 3.0 or Web3
If we speak in simple words, the web3 revolution is the evolution of the internet. We started with web1 and are now on our way to web3. Before we know what Web 3 is, let’s discuss why Web 1.0 and Web 2.0 are relevant to understanding it in the first place.
What is Web 1.0?
What is Web 2.0?
What is Web 3.0?
Smart contracts are the backbone of Web3. They provide the rules and enforcement mechanisms to the code that runs on top of them. Smart contracts can be programmed to work in many different ways and they will run on a distributed database called a blockchain.
Furthermore, Web 3.0. This will be built with open standards and by an accessible community of developers. The execution of this product will be completely transparent. It will be “Trustless” meaning that participants can interact with the comfort that all the data is true and all transactions are executed.
The Web3 will provide the most security and authenticity for the Internet, since its inception.
3. NFTs
What are NFTs?
NFTs are not interchangeable. They have different properties and can be used in very specific cases. The boundaries of what they can do are defined by their code and cannot be changed by the user.
Non-Fungible Tokens (NFTs) are also known as digital assets. Think of them as your things in the Metaverse. If you want to live your life in the virtual world, you will need a platform to stay on. For example, if you store most of your information on Google or Facebook, they will be able to access your personal data even when you’re not using the product.
If you do something that they don’t like and is not in accordance with their rules, they can delete all your data, money, or anything else. “NFT is the way to own your data that will be only yours.” A blockchain is an invaluable tool that can take your content ownership to the next level! Whoever you are, no one will be able to hack your platform, steal your data or use it without permission. You’ll also have the exclusive opportunity to monetize it in any way you want.
Conclusion
The Metaverse is a parallel world that will exist in addition to our current one. The cryptocurrency ether will be the currency used there today, while tokens represent your work and other assets within the Metaverse. So what do you think about this? Do you agree? Share your thoughts in the comments below.
