Web3, NFTs, and the Metaverse: The Three Pillars of a Truly Decentralized Future
Here’s a quick look into the decentralized future!
The Metaverse platform allows people to interact and communicate without needing to be in the same space. If you are in city A and your family is in city B, then in the metaverse, you all can enjoy dinner at the same table.
It is not real but features an immersive 3-dimensional world in which avatars can share, and exchange digital assets in form of NFTs. It combines virtual reality, mixed reality, augmented reality, cryptocurrencies, gaming, social media and much more.
How are NFT and Web3 related to Metaverse?
Web 3.0 supports decentralization and connectivity in Metaverse. It is a way in which users can create their content online and place them in a metaverse space. Web 3.0 enables users to own, control, and monetize their online content with the help of Blockchain and cryptocurrencies. This also enables the use of Non-Fungible Tokens or NFTs.
Blockchain in its simplest implementation allows users to interact in peer-to-peer networks, which are decentralized. No single administrator owns any series of cryptocurrency exchange transactions. Every transaction is unique. Users do not require anyone’s permission to initiate a connection, share data, or own cryptocurrency wallets like digital identities like Metamask. Also, Web 3.0 includes IPFS, DAO, Brave, Steemin, and Star Atlas.
Buying and selling Non-Fungible Tokens (NFTs) in Metaverse space, accessible through various devices can assimilate all three technologies in a place. Users can take virtual tours without going there in person. It feels real.
The Crypto ecosystem is evolving beyond the financial use cases. It is soon going to engross humans with multiple options in gaming, and trading. These are soon going to become real-world entities, and are going to make their users richer by the day!