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The Future of NFTs in the World of Web 3.0

 2 years ago
source link: https://hackernoon.com/the-future-of-nfts-in-the-world-of-web-30
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The Future of NFTs in the World of Web 3.0

Web 3.0 is the next generation of the Internet, built and developed based on blockchain technology. It has many blockchain-related features, highlighting decentralization. Users can now really own their online properties thanks to the decentralisation brought by smart contract technology. NFTs act as proofs of ownership for digital assets like songs, drawings or in-game items or real-life assets that are represented by non-fungible tokens. They are also used as tickets to enter in-person events.
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Web 3.0 is the next generation of the Internet, built and developed based on blockchain technology; hence it has many blockchain-related features, highlighting decentralization.

Web 3.0 technology is obviously more advanced than the 2.0 and 1.0 versions. While users can only read with the 1.0 version and make limited interactions with the 2.0 version and have their online assets controlled by a third party or organisation, they can now really own their online properties with Web 3.0. That means they can keep and make any decisions about their digital belongings thanks to the decentralisation brought by blockchain technology.

Web 3.0 allows everyone to build, contribute and control the Internet. It is known to be an open source for everyone to create content with no need to trust. Everything will be ensured to operate in the right way by the smart contract mechanism. Besides, Web 3.0 is known for its decentralization, which means the users’ activities will occur without the need for a centralized authority’s approval.

Web 3.0 allows everyone to build, contribute and control the Internet

Revolution of digital Ownership

Thanks to blockchain technology, users can now actually own their assets. NFTs act as proofs of ownership for digital assets like songs, drawings or in-game items or real-life assets that are represented by non-fungible tokens.

In the past, digital assets like pictures or videos on social media, which although theoretically belong to users, are actually kept by tech giants like Google, Facebook or TikTok. When there is a problem with the network or the social media is attacked, your assets will be protected by the third party, and if failed will be damaged or lost without any compensation.

Nowadays, with web 3.0, you can keep your online assets and protect them from any online attacks which rarely happen because of the safety provided by blockchain technology. Your pictures or videos can now be stored as NFTs on a blockchain to be immutable and unalterable.

Not only online communities and events, but NFTs can also be the tickets to access real-life events. Because NFTs are immutable and unforgeable, they are widely used as tickets to enter in-person events.

CryptoPunks is known as an NFT profile picture collection

Game Assets Exchange

NFTs are known as a way to store in-game items. Apart from immutability and security for in-game assets, NFTs also provide users with the ability to migrate their assets across different platforms with multichain technology via digital wallets.

With this function, gamers can switch their items which is not easy to get to other games to play when they get bored. Moreover, they can sell their asset in play-to-earn games to other players to make money.

DeFi Kingdom, where everyone can buy, sell and rent out on an open market

Privacy of Data in Web 3.0

Information leaking has been a burning issue since the development of the Internet became great. Many social media-related cases have been reported with great losses of users from money stealing to mental suffering when their information is stolen. Therefore, Web 3.0 has been developed as a decentralized platform where everyone can take part in activities without KYC while security is still ensured.

Ownership in the Metaverse

Metaverse is an online universe which is designed to enhance interaction among people against distance restrain. And it is of course decentralized. With full ownership to users, NFTs are utilized to represent their assets online such as virtual real estate, furniture, avatars or apparel. Moreover, NFTs are considered a key to the Metaverse. They act as representations for users in the virtual world as avatars. Most objects in the Metaverse are stored as NFTs which can be traded like objects in the real world for interest.

The Sandbox uses NFTs to represent virtual lands, furniture and decorations

Bottom line

Web 3.0 is bringing us closer to a decentralized world where everyone can self-custody and fully control their digital assets with high interaction. NFTs were invented as an amazing application of Web 3.0 and now they become the key to many new functions, especially the metaverse.


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