Why web3 must be a part of metaverse and NFTs

Blockchain has a way of stacking new ideas on top of each other faster than most people can keep up — and Web3, NFTs, and the metaverse are a prime example. These technologies don’t exist in isolation; understanding how they interoperate is key to seeing where the space is actually headed.

What is Web3?

Web3, a new frontier in technology powered by blockchain technology, promises an improved degree of personal and data privacy. In the current Web2 Internet age, users’ activities on the Internet and even their personal data are not in their sole custody. Web3, however, the latest iteration of the internet experience, is a decentralized, protected and user-centric technology that allows users to take charge of whatever they do on the Internet — the content, digital assets, and so on. Web3 connects users by blockchain protocols or peer-to-peer nodes without mediation.  So how can Web3 be incorporated into the various developing technological innovations in the blockchain industry, and will it be able to meet its promises?  

The Metaverse — a world inside the world

As of 2021, the global market size of the Metaverse — a 3D virtual space where everything happens virtually –  is USD 38.85 billion with an expected rise to USD 678.8 billion by 2030. 

The Metaverse is a sub-arm of the blockchain technology where real human activities are dubbed into a cyber space. With avatars in the metaverse, users can collaborate, work, socialise, even attend concerts just as in real life.  The Metaverse replaces a 2D screen with a 3D cyberlife, combining augmented reality (AR), virtual reality (VR), mixed reality (VR) , cryptocurrencies, gaming and so on. How then will user information and activities be secured in the Metaverse?

Web3 and the Metaverse

Without the decentralized, secure and permissionless protocols that Web 3 provides, the Metaversal experience and conceptual framework will be no better than a monitored life. The  decentralized network of Web3, however, enables users to operate and govern the blockchain protocols themselves thereby acquiring shares called tokens or cryptocurrencies.    Web3 cryptocurrencies in the Metaverse could thus allow users to sell, buy, and exchange digital assets without an intermediary or third-party control, and with the autonomy to control personal data.

NFTs and the advent of Web3

NFT trading volume grew roughly tenfold between 2018 and 2022, but much of that growth still runs through platforms that require registration and identity verification before you can buy or sell. Web3 removes that friction while keeping users and their assets protected — and that’s precisely the shift the NFT market needs to reach its full potential.