Written by Yiling 2022 Cohort
In the past few years, you may have heard a buzzword – “Web 3.0”, which causes heated discussions in business, finance, art, marketing and more. So, what does “Web 3.0” mean exactly?
In this context, Web3.0 is the revolution from Web1.0 and Web2.0. The Web1.0 era began in 1991 when the first website appeared in the history of mankind. At this stage, the website is a read-only platform similar to eNews. After this, Facebook was founded in 2004, which marked the arrival of Web2.0. This is because people not only read the website but also can interact with it, for example, by commenting, uploading, adding friends and chatting. Yet, when it comes to Web3.0, people can read, interact and also own the data they created. With the Web3.0 concept, there are more derivative digital products to create an “ecosystem” for operating Web3.0, for instance, cryptocurrency, decentralized apps, NFT, games, etc.
However, what does Web3.0 means for the general public? First, there is a potential that some big companies will be replaced by decentralized organizations. A content creator would control their digital content, while the platform would have no right to manage or sell their ideas. It seems like more freedom for content creators and influencers; however, it also provides more opportunities for illegal and hateful content.
Second is cryptocurrency, the type of digital currency used in decentralized applications. Different decentralized platforms can create their cryptocurrency, and people who believe in the medium may buy their digital currency for investment and payment. You may realize that cryptocurrency is similar to stock, which means that more and more Web3.0 tech companies will skip the IPO stage and raise funds directly. It might be more investment options and opportunities for us, but the security of which is yet to be considered. Also, the existence of cyber hackers is a threat to this type of investment.
Finally, we come to the exciting part – the games. The emergence of web3 will change the profit model of many games. For example, The sandbox, Decentraland, and Axie infinity are play-to-earn games. It means that players can earn cryptocurrency in these games and exchange real currency in reality. However, due to the poor game experience and high risks, whether these games are sustainable remains to be seen.
To this day, web3.0 is still a very controversial topic. Everyone has different opinions, either positive or negative, but none of this affects the fact that web3.0 is coming..
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