Web3 has now become one of the trending concepts in the world of business and technology. It appears to be the new iteration of the digital world. You may not find a clear definition of Web3. However, its proponents have claimed that Web3 has the potential to transform the internet world. Online businesses will also find their effect in the future. Moreover, Web3 has a connection to the metaverse, for which it has become a more alluring concept.

Web 1.0 started during the early 1990s, while Web 2.0 began in 20004. But, now, the popularity of blockchain and decentralization has resulted in the trend of reimagining the internet.

Web3 refers to the decentralized internet, and you must not confuse it with Web 3.0, which is also known as the Semantic Web.

Although we enjoy leveraging benefits from the centralized data and free services, one question may arise in this situation. Do the tech giants have good control over data? Is it better to democratize data exchange silos on the internet?

Will Web3 dominate the future digital world?

If Web3 is the future, the internet world will get decentralized. You will find the emergence of new social platforms, marketplaces, and search engines. End users will be able to reclaim control and power over their data. They can also move from one platform to another using a single account. There is no need to enter login details multiple times to access different accounts.  

You will receive tokens to vote on important decisions related to the refinement of the platform. How will it be done? Blockchain technology will be the basis of Web3. Cryptocurrency also relies on this technology. Decentralized finance and cryptocurrency have become popular as they have removed the middleman to identify value and carry out trades on the web. In this case, digital tokens will be a currency.

Cryptocurrency and NFCs

The cryptocurrency community will be responsible for backing up Web3. It indicates that NFTs, bitcoin, and other cryptocurrencies will play an important role in the current digital economy. The Decentralized Autonomous organizations represent a company that has no conventional management structure. Moreover, the DAO sticks to some rules embedded into the blockchain. It will boost entrepreneurship and innovation. Shareholders will collectively own the organizations, and everything will be transparent. This trend will facilitate decentralized app development, and you can pay fees in tokens. 

Web3- Its relation to Metaverse and AI

One of the significant Web3 components is Artificial Intelligence. It involves autonomous decision-making and interactions with machines. Thus, AI has substituted human beings for different tasks. It can synchronize with the trends of Web3.

Metaverse will also become the new iteration of the digital world. There are 3D avatars to trigger user interactions for social and collaborative activities. However, AR, VR, and other technologies present you with immersive internet. In several ways, metaverse will be in the front end, whereas AI and Web3 technologies will create an infrastructure.

So, Web3 will bring revolution in the virtual sphere by merging other technologies.