What is Web3? The Basics of the Decentralized Web

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If you are confused about new terms like Web3, cryptocurrency, and non-fungible tokens, you are not alone. The exciting news is that these new advances in technology offer new opportunities for art and creativity that have never been seen. If you are an artist, writer, musician, or any other type of creative, you need to stand up and take notice of this new world that is emerging. Let’s explore the big question “what is Web3?” and how you can use it to take your art to new levels.

What is Web3?

If you have watched any type of media lately, you have seen the term Web3 thrown around quite a bit. To find out what this means, let’s go back in time to Web 1.0. If you are old enough to remember the first version of the World Wide Web, you know that in the beginning it was not very interactive. You could view information and see advertisements, but it was limited to small personal websites and a few businesses, similar to other forms of mass media.

Web 1.0 can be compared to the static pages of a magazine, where you can look at the information and turn the pages but not interact with it. If you wanted to interact with the company, you had to get their contact information and contact them the old-fashioned way using email, mail, or phones. Web 1.0 allowed smaller businesses who could not afford mass media advertising to be seen by a larger audience.

Web 2.0 came along, and you now had the ability to interact with the companies and purchase products directly online. It also highlighted user-generated content and offered greater interoperability for everyone. This is sometimes referred to as the “social web.” This is the version with which we are the most familiar today, so where can it go from here?

Web 3.0 promises an even greater level of interaction among users. It expands the capabilities of Web 2.0, and it is transforming the world of art and creativity. Users will be able to interact with others in 3D space, almost as if they were sitting in the same room with them. Only, this room can be an environment that is only limited by the human imagination.

NFT stands for non-fungible token, and they are a brave new world for creators. The world of cryptocurrencies and non-fungible tokens made headlines when a piece of digital artwork sold or 1,600 ETH, which at the time was about $7 million. When this happened, the world of non-fungible tokens and digital art exploded.

NFTs can be anything from a piece of writing to digital art, or a piece of music paired with a piece of artwork. You can sell them in online marketplaces and create a new form of passive income for you and your family. If you want to know more about What is a non-fungible token, or how to mint non-fungible tokens, the information is easy to find.

Web2 vs Web3

The biggest difference between Web 2.0 and Web 3.0 is that Web3 is decentralized and powered by blockchain technology and cryptocurrency. There is no centralized person or business that will control all of it and the content. It is a self-governing entity, and the people collectively participate in the direction that it takes.

There are a few rules to make sure that it does not become the Wild West, but it is not the result of the vision of a single person or entity. Web 3.0 promises to be able to deliver information more efficiently than our current search engine technology. It is driven by AI, as opposed to the limits of human understanding. AI promises to become more intelligent and able to fulfill the needs of users by delivering more relevant results based on user interaction.

Another difference between Web2 and Web3 is the greater use of 3D graphics. The focus of Web2 is on companies, but the focus of Web3 is on individuals. Web2 focuses on visual content such as blogs and wikis, but live streams and wa ves will become the norm on Web3. Companies will need to revise the way they market because Web3 focuses on behavioral advertising instead of interactive advertising.

What is a DAO?

These are a few of the differences between Web2 and Web3, but another major development is the growth of decentralized autonomous organizations (DAO). Our current understanding of the business world is that someone comes up with a concept and builds a business around it. Usually the founders or a single person has complete control over the direction of the organization.

The traditional business model has some advantages and disadvantages. One of the advantages is that it allows a single person to build wealth. One of the disadvantages is that it limits the potential of the company to only the ideas and creativity of a single entity or group of entities. The organization is controlled by the collective, and every member of the group has an equal say in the direction of the company.

These companies have someone who is responsible for executing the decisions of the collective, but this person cannot alter whatever the collective decides. Even if they think the collective has made a poor decision, they do not have the power to override it and do as they please. They have the same voting power and rights as everyone else in the organization.

NFTs and Web3

Web3 is similar to building a new world. There is new space to be explored and built. Some people are already taking advantage of the idea of owning digital real estate and making their mark in this new digital world. Other creators are creating non-fungible tokens to sell and decorate this new digital space. They are selling everything from digital houses to 3D furniture and artwork for the walls. Musicians are creating a soundtrack that visitors can experience as they move through this collective 3D space.

Currently, the possibilities of what can be built with Web 3.0 are only limited by the imagination of the users. Now is an excellent time to get into this emerging world that offers tremendous opportunities for creators of all types. Before you do, it is recommended that you become more familiar with this space and get to know it more intimately. Just like Web2 and the physical world, there are pitfalls, and you need to understand them before you launch your first project.

Now that you can answer, what is Web3, it is time to begin educating yourself about topics such as gas prices, minting, and the various forms of artwork that appeal to this newfound audience. Just as with anything else, there is bound to be a learning curve, but you will never reach your goal if you do not get started. It is time to start exploring and imagining the possibilities for what this new world holds.

About Chris Craft

Hi! I'm Chris(topher) Craft. I'm a believer, husband of an amazing woman (Wanda), and father of three talented kids (Naomi, Maria, and Elijah). I love writing, making music, learning about God's Hand in History, entrepreneurship, and basketball. Thank you for reading my stuff! ❤️ Connect with me on Twitter @CraftWrites.