Web3 is upon us, but what are the technologies and platforms that make this new El Dorado possible?
Blockchain: The technology — the programming language — that underpins Web3 and enables its decentralization.
Instead of your data ending up on a centralized server that belongs to Big Techs, it is now transmitted “peer-to-peer”. Blockchain technology eliminates the need for an intermediary and ensures greater confidentiality.
In Web3, a user can send money to another user without ever going through a bank. With Blockchain technology, you can share information without it being stored on a centralized server.
Metaverse: Although the term has been around for a few years, the word “metaverse” was invented by author Neal Stephenson in his science fiction novel Snow Crash (1992).
In his book, Stephenson referred to the metaverse as a digital world that exists alongside the real world.
The Metaverse is a 3D version of the Internet and computing at large.
When the two technologies (Internet and computer) appeared, all interactions were mainly text-based (emails, messages, usernames, electronic addresses). Then, they became more media-friendly (photos, videos, livestreams). The next step in UI and UX will be in 3D.
The Metaverse is being inside a computer and the Internet. Justin Hochberg, CEO of Virtual Brand Group, explains that “the value of the metaverse is to live an experience. The Metaverse gives people the power to build their own part of this world.”
NFT: These are the Non-fungible tokens. I know — that doesn’t help much.
“Non-fungible” means that something is unique and cannot be replaced by something else. For example, a bitcoin is fungible — trade it for another bitcoin, and you’ll have exactly the same thing.
In contrast, a one-of-a-kind trading card is “non-fungible”. If you exchange it for another card, you will have something completely different.
What makes NFTs valuable is the uniqueness of each token. Everything is traceable in this digital universe: the origin is engraved and recorded in the Blockchain.
Most NFTs are part of the Ethereum Blockchain, although other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who holds and trades NFTs.
Metaverse and NTFs come up very often when talking about Web3. If all of this seems crystal clear, find out how new web3 technologies can be used to strengthen the sense of belonging between brands and their audience in our article. Otherwise, do not hesitate to write to us to discuss this new universe.