In its current form, Web3 does not have a specific definition. Instead, it is used to outline the next evolution of the World Wide Web. The plan for Web3 is complete integration, from artificial intelligence and machine learning to virtual reality and the blockchain.
Because of this, Web3 provides an exciting opportunity to invest, although it is hard to identify which companies will be the big winners just yet due to its evolving nature. This article will look at Web3 in greater detail and identify some potential investment opportunities for you to consider.
What is Web 3.0?
Web 3.0 (also referred to as Web3) is a concept for the evolution of the World Wide Web that will incorporate blockchain technology and allow token-based economics and decentralization.
The concept of Web 3.0 is still in its infancy, and experts' visions on what Web3 will offer differ, but almost all of them revolve around the concept of decentralization through blockchain technologies.
The theory behind Web3 is that it will build financial assets via cryptocurrency, which will be the foundation of almost everything you do online.
Technology experts anticipate that Web3 will probably run alongside Web2 websites rather than completely replacing them at this stage. Over time, these Web2 websites will then adopt Web3 technologies to ensure their services remain relevant.
Why do we need Web 3.0?
The introduction of Web3 would allow the web to become a more user-centric environment, and large digital companies would lose some of their dominance. Data monetization would no longer be possible at its current scale, which would cause significant loss in revenue for large digital corporations and better privacy protection online.
Web3 is expected to provide a much more personalized browsing experience, where websites have the power to customize their pages to perfectly fit our location, device, and any accessibility requirements. Web3 should provide web apps that are much more attuned to our user preferences rather than the preferences of the companies controlling Web2.
The large companies that run the major services on Web2 often have a significant impact on our lives, and while they often do not have evil intent, they do make a profit from our fealty, completely controlling the information we see online.
While many of us don't give too much thought to corporate intrusion online, there are plenty of examples of where their interests do not align with ours. As shown in Wikileaks back in 2010, information was shared that major financial institutions such as Visa and PayPal were cutting customers off without any legal grounds. If you wanted to donate to Wikileaks, you were shut out online.
On the flip side, Web3 is getting created using traditional web technologies such as MySQL, AJAX, and HTTP, but put together in a completely new way. These technologies will offer users guarantees about the information they are getting served online, what information they are providing online, and generally offer a much more transparent experience online between business and customer.
How does Web 3.0 benefit our lives?
For starters, as I have already touched on, Web3 is set to offer us a much more personalized browsing experience. Websites are tipped to have the ability to customize to your location, device, and specific requirements. Privacy online will also be treated very differently, with much more clarity over what information we are sharing and receiving from companies online.
The addition of the Metaverse will make it easier than ever for us to catch up digitally, whether for work or social purposes. The inclusion of the blockchain from a financial standpoint will significantly improve the value of cryptocurrencies and allow countries to find it even easier to buy and sell goods worldwide.
Investing in Web 3.0: NFTs
If you are like many other people, when you see the word NFT, you instantly think about digital art collectibles, such as Cryptopunks. Or maybe your mind drifts to memes, such as Side-eyeing Chloe. In truth, this is just a tiny part of what NFTs can be used for.
For starters, NFTs can be used as a form of currency to pay content creators. Another possible use of NFTs is for document verification, similar to vaccine passports. Due to the historical ownership data included in NFTs, it makes them an exciting option for document verification.
NFTs can also be implemented in logistics to let consumers learn about the stages of production a product has gone through and what the duration was.
In summary, NFTs have plenty of potential, which will only increase with the introduction of Web3, making them a viable investment option for the future.
Investing in Web 3.0: the Metaverse
Plenty of businesses have been exploring their options on the Metaverse recently, with many more sure to follow. Some of the leading examples include brands like Adidas, Nike, and Fortnite, which have built metaverses in The Sandbox and Roblox, where they are planning to provide fans with content exclusive to their Metaverse.
But exclusive content is not the only benefit of the Metaverse. It also offers plenty of benefits for collaborations and day-to-day interactions. Some collaborations are better in person, whereas others are much better online. Accenture's Nth Floor, for example, is a metaverse that allows co-workers to work digitally together or jump into a room for a coffee catch-up.
Metaverses are tipped to be a large part of the future of Web3, making it an exciting investment opportunity.
Investing in Web 3.0: Cryptocurrency
Cryptocurrency is widely getting tipped as one of the foundation aspects of Web3. It is anticipated that cryptocurrency will play a vital role in the purchasing and selling of goods and services on Web3.
Web3 experts have already stated that they expect Web3 to provide much more cryptocurrency inclusivity for payments, gaming, and investing. With that in mind, cryptocurrency could be an excellent investment choice within Web3.
Here are some of the top cryptocurrencies to consider investing in for Web3:
The Graph (GRT-USD)
Web 3.0 FAQs
Does Web 3.0 already exist?
No, Web3 has not been implemented yet. It is worth bearing in mind that it took more than a decade to move from Web1 to Web2, so the process may take some time to fully migrate to Web3.
What should I invest in for Web3?
Cryptocurrency will be the primary financial focus of Web3. Crypto is already used for buying NFTs and other aspects within the Metaverse. Therefore it is likely the best choice for investing in Web3. If you are after the best places to buy cryptocurrency, check out this list of best crypto exchanges.
What does Web 3.0 look like?
Unfortunately, as Web3 is yet to be built, it is impossible to say precisely what it will look like. All we know right now is that it is the next phase of evolution for the internet, and will focus on openness, more excellent user utility, and decentralization.
Where can I buy Web3 Crypto?
1. Check CoinMarketCap to identify where you can buy Web3 Crypto and with which currencies
2. Choose a platform to make your purchase
3. Execute the purchase on your chosen platform
What companies are involved in Web3?
Here are some of the leading companies that are involved in Web3:
How to Invest in Web 3.0: Summary and Key Takeaways
In summary, there are many different ways to invest in Web3, and given the fact that its launch date is getting closer and closer, now might be the perfect time to invest in NFTs, the Metaverse, or cryptocurrencies.
As with any investment, be sure to do your own research before investing, and only invest money that you can afford to lose.
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