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Web 3 has not only inched close but has made a quantum leap when it comes to getting closer to the ideal version of the web that was envisioned during its creation. Web 3 is truly and completely decentralized, giving the power and the profit to the hands of the people themselves.
The progress from Web 1.0 to Web 2.0 was organic and inevitable. When people evolved along with the adoption and growth of Web 2.0, there were certain changes of habits that people experienced.
For instance, except for email, there was no other need for any person to have an account in Web 1.0. The only digital identity that people could think of was email. And nothing more. However, in the social media era of Web 2.0, people started to think about digital identities enabled by a set of credentials.
This included but was not limited to social media accounts, e-commerce accounts, avatars on blogs, some cool name on social media platforms, and even dating websites.
The challenge with Web 2.0 was that the exclusivity in the space was missing. Simply put, it was hard for people to believe who they claim to be on the web! It could possibly have been sorted by taking valid government issued identity proofs from people. However, that would mean a massive breach on the privacy of individuals which directly flies on the face of one of the core philosophies of the web (and not to mention the possibilities of data security breaches that might expose sensitive piece of information to malicious forces)!
Web 3 has a solution to this particular challenge. And it has got the potential to open the floodgates of possibilities in the Web 3/blockchain space. The innovation is called the non-fungible token, commonly abbreviated NFT.
While Web 3 and NFTs might share a symbiotic catalysis in terms of growth, it would be safe to conclude that Web 3 would fuel the adoption of NFTs than the other way around. Let us look at how it would work!
NFTs define non-fungible individuality
To strike a balance between transparency, security, and dependability, you will need to use the best possible candidate right now which is nothing other than the blockchain. When the identity of people exists as an NFT, especially in metaverses, you can be assured that the authenticity of your identity is not compromised any way. This would give you the assurance that you are probably sitting right next to your favorite celebrity in the metaverse.
Coupling this with the possibilities of earning in the Web 3 space, NFTs will become inevitable elements of the Web 3 ecosystem.
NFTs are crucial in a digital-first approach
Come to think of it… Almost everything in this world is non-fungible. Sadly, most of such things have only a physical representation and not a digital representation. The lack of digital representation can be attributed to the fact that the current digital world does not support any authentic proof of uniqueness.
When we look at a future that is digital first, NFTs will become digital representations of unique assets. Bringing in NFTs into the Web3 ecosystem good not only mean a paradigm shift in the revolution but almost reversal of priorities. It would not be surprising to have even physical assets having a digital representation, enabling easy transfer without any hassles… Like land ownership records.
Content ownership will be more authenticated
How often have you seen hassles surrounding content ownership… Especially photographs and videos? This has produced a domino effect of issues in the Web 2.0 space. Let us take a simple example. If a person has monetized a YouTube video, and if one of the photographs used on the video gets stuck by copyright claim, it causes a lot of confusion.
In the Web3 space, such confusions will be a thing of the past. It is quite likely that almost all digital assets including but not limited to photographs, videos, art, music, and even memes will be presented as NFTs.
Web3 will, because of this, encourage content creators to create more high-quality content because they know they will be rewarded… And that too, without any intermediaries eating away their rightful share. If a web that encourages democratic content creation and production has to happen (Which is what Web3 is all about), then all the digital content will need to be presented as NFTs.
While on the surface, it might seem like a chicken and egg story, it cannot be denied that the growing adoption of Web3 will enhance the growth of NFTs. Digital assets and digital identity will be inevitable in the future, and will be vital to the functioning of Web3… And this can only be brought about by introducing NFTs into the equation!
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Views expressed above are the author’s own.
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