Web 3 – a word that evokes visions of a futuristic world that is half virtual. Well, it would seem closer than ever. A massive amount of human activity is currently happening on the internet, and technology has risen to the challenge time and again, to meet the demands. Web 3, therefore, is the newest in a series of evolutionary stages of the internet, and promises to be revolutionary in the way we interact with the virtual world.
Web 3 promises ownership to creators, and the opportunity to monetize their work. This is already becoming a reality with the rise of NFT marketplaces that cater to artists. Play-to-earn gaming, too, is a key part of Web 3, and is something that is gaining momentum by the hour. With development already growing exponentially, Web 3 has become the watchword of the day.
With this being the case, the biggest brands in the world have already started looking into everything Web 3 has to offer. From gaming to fashion to entertainment, Web 3 has expanded the horizons of several industries. Recently, Disney hinted at dipping their toes into NFTs, leaving several speculating about the possibility of the entertainment giant leading the foray into a new version of the internet.
A Whole New World
Before we go on to how the future of Web 3 might look like, let’s take a moment to actually understand what it means. As we’ve already established, Web 3 is an all new iteration of the internet. But what are its main features that distinguish it from earlier versions of the internet? First of all, Web 3 is decentralized. Instead of individual companies running the virtual world, Web 3 will be owned by its users, and will circumvent third parties. Ownership of assets, too, will be immutable – something that is already gaining traction in the form of NFTs from NFT Platforms.
The next feature pertains to our digital identity. As of now, we have different logins for our various forms of social media. Changing any detail becomes tedious when you have to update each platform individually. Platforms, too, may ask for information that is personally identifiable. The problem is eliminated in the anonymous, trustless Web 3. And with a single Ethereum address, you gain access to your entire social network.
And of course, transactions are slate to become easier and safer than ever. By doing away with third parties, and relying on the inherent security of the blockchain, data and security breaches become extremely difficult.
Disney ventures Into the Unknown
For a while now, Disney, with its chain of theme parks, has been hinting at a metaverse based on these parks. Well, what was once upon a dream may soon be a reality! Earlier this year, Disney patented technology for a “virtual-world simulator” which they plan to integrate into their parks.
Further advocating Web 3, the company launched a Web 3 accelerator in July this year. With 6 companies being covered under the programme, Disney offers investment capital, mentoring, guidance, as well as a real-world technology showcase at Walt Disney Studios, Burbank, California.
In more recent news, the career listing on the House of Mouse’s website indicates that the company is looking to hire an experienced corporate lawyer who will be responsible for transactions involving NFTs, the Metaverse, blockchain and decentralized finance (DeFi) – all major Web 3 tech! Could this mean that Disney NFTs and its entry into Web 3 are just around the riverbend?
NFTs and the future of Web 3
It’s clear to see that NFTs have a huge role to play in Web 3. They are already driving the gaming industry through play-to-earn games that are a means of income for many. NFT gaming marketplaces are already on the way to building the Metaverse with NFT games. They are also playing a vital role in introducing the ownership of digital assets which will be one of the cornerstones of Web 3.
Sports on Web 3, too, will facilitate by NFTs. Apart from giving fans the opportunity to own collectibles of their favourite cricketing legends, NFTs and NFT sports games would open the door to a sports Metaverse which would bring about fan engagement like never before. Utility tokens that give fans a greater share of club decisions are already a reality, and this may soon pave the way for greater developments in Web 3.
And of course, how can we mention Web 3 and NFTs without at least touching on the art world? NFTs are a huge boon to artists, giving them due credit and royalty. From music to fashion, NFTs have played a vital part in championing the cause of creators. With Web 3 aiming to empower creators, NFTs are more important than ever in the future of the internet. For instance, generative art is slowly coming to light. That may introduce a whole new dimension to how art is created and sold on Web 3.
Rolling the Credits
Big names in a wide selection of sectors have already introduced NFTs. Web 3 into their own line of work. The fact that a brand as beloved as Disney is willing to endorse the technology speaks volumes of Web 3. Disney has already hinted at forays into the Metaverse. NFTs, the latter of which may be a key part of Web 3.
NFTs, with their ubiquity and range, are essential for building the Web 3 into everything it could be. Web 3 is all set to ring in a new era in the virtual world. It’s an inclusive one in which everyone has a say. And with security and decentralization being its main talking points, Web 3 may just be what the world needs. And NFTs are the promise of this new, digitized future.