The Overlooked Reason Behind Web 3.0 & Blockchains: Non-Fungible Tokens
This isn't your average article about cryptocurrencies, blockchain technology and what it could mean for the internet as we know it. It'll turn the research and speculation over the next generation of computing on its head.
What is Web 3.0
Web 3.0 is the current phase of web development and it does not replace your internet browser in any way. Web 3.0 is more than just a website-it's a gateway to decentralized applications. To be more specific, this allows you to access apps without having to download them separately on your phone or look for them on an app store first. It opens up opportunities for improved security and interoperability because with this new technology, it is easier than ever before to save data (files) and they are completely safe thanks to the encryption that takes place. Web 3.0 also makes it easy to interact with different properties using a variety of platforms including PCs, tablets, and smartphones.
Why businesses should be in Web 3.0
Web 3.0 is an accessible, open platform for software developers to create disruptive applications by taking advantage of the decentralized blockchain. This has led to many corporations jumping on board because of its potential to increase revenue and sustainability. There is an estimated $16 trillion that could be added in annual economic output from transforming as little as 1% of transactions on a global level. Another big reason for businesses partnering with Web 3 to take advantage of its opportunity is the swift process by which money would be transacted. There is no need for intermediary financial institutions like banks, making the process time efficient and cheaper.
The possibility of misinformation within Web 3.0
Web 3.0, even being the natural progression from Web 2.0, has a few changes on par with privacy and information reliability considering the use of data that it’s capable of employing. Among the many changes within Web 3.0 is the association of misinformation with it thanks to social media platforms which have the capabilities to spread false information quickly without suffering repercussions—so those few differences are welcomed in order to dissuade sources that would hinder within social media platforms.
What are NFTs?
NFTs are the colored, physical forms of digital assets. The game CryptoKitties, for example, is a type of NFT. This company enables you to buy virtual cats with a digital currency known as Ether. When you purchase new kitties from the game, you “wild out”- meaning that your wild kitty replaces one of your less attractive normal kitties. In addition to buying atoms and elements in bulk through these games and then selling them at a higher profit margin on eBay or Amazon, sellers may be interested in this opportunity because there is no limit to the amount of time they can engage in it or where they can do it.