No doubt that the Internet has become an indispensable part of our modern life. Indeed, it would be impossible to imagine our lives without it, especially in light of the Corona global epidemic that shut down and brought the whole world to a halt, which drove most of us to turn on the Internet to scramble some continuance in our lives.
There’s a buzzword that tech enthusiasts have recently been obsessed with, sprinkled throughout conversations across social media, seminars, exhibitions, and almost everywhere. One may even be considered ‘out of touch’ if you’ve not at least heard of this word. So what is the word? It is Web 3.0.
Web 3.0: You’ve probably heard of it, but what exactly is it?
Web 1.0 had its time, served its purpose but has faded away and was replaced by our, now common, understanding of the web; Web 2.0. But the way things are currently developing, the world is gradually adopting its predecessor; Web 3.0, which is looming on the horizon well in-sight right now.
So what is web 3.0? Web 3.0 is a new version of the Internet. A catch-all word for various concepts aimed at cutting out and disintermediating the large middlemen on the Internet. Web 3.0 then, hands over the financial power to the common man or woman with just an Internet connection at home or on a mobile device. How exactly does this happen? Just read on and the light across this bridge will get brighter.
Web 3.0 is decentralized, based on the blockchain and run by a user group rather than by a corporation. It is the same technology that powers Bitcoin and other cryptocurrencies (also known as Altcoins).
Unlike in the Web 2.0 version of the Internet, where data is typically stored in centralized storage facilities that are susceptible to hacking and theft, Web 3.0 will store and connect data decentralized on blockchains, free from cyber theft.
Web 3.0 can give significantly more value to users, extending far beyond the social media, streaming, and online retail applications that make up the bulk of Web 2.0 applications.
Decentralization and permissionless systems (transparent economics and transactions) are key characteristics and core features of Web 3.0, which will allow users to have more control over their data. The technological world is in a perpetual state of transformation. To others, just like Web 3.0, the Metaverse represents the next step in the evolution of how we interact, work, and play on the Internet.
Blockchain technologies are now making some serious inroads into the internet world and likewise gaining some very serious traction. This heralds the arrival of Web 3.0, which will provide users with a new virtual world— the Metaverse.
The word “Metaverse” has been circulating in the video game market as more and more platforms adopt Virtual Reality environments that allow many users to participate simultaneously. In some respects, this is the next step in the evolution of how we engage across platforms.
The Metaverse is a large online realm where people can communicate through digital avatars. It is a 3D world that combines virtual and physical realms using PCs, smartphones, Virtual/Augmented Reality glasses and headsets. The Metaverse aims to create a digital area for us to live, interact, and work that transcends our physical world’s space and time.
Web 3.0 is the ‘engine’ that uses the blockchain’s advances. At the same time, Metaverse is a new dimension that includes: game, film, concert, entertainment, social platforms, education and simulation-based training techniques that employ Web 3.0 advances to achieve their goals. Is the Web 3.0 light getting a little brighter on this bridge between gaming, and Metaverse?
With Metaverse, two or more players of a game will not need to sit all day and stare at screens with our control pads developing carpel tunnel syndrome or developing an extra layer across our already non-existent abs. No. Rather with a headset, we see ourselves in a virtual world, and we have fun, play games and at the same time, enjoy a new type of game by incorporating at least one or a combination of our natural senses. What is the new type of game? Drum roll..…Play-To-Earn!
Enter the Play To Earn (P2E) revolution. A unique common similarity between web 3.0 and Metaverse is that they concentrate on next- generation internet technology by transforming how people upload, share material online, and interact.
The use of non-fungible tokens, or NFTs, is a major component of Web 3.0 and is used to keep track of your things in games and other Metaverses.
Because the Metaverse is all about connecting people through digital space, people can freely trade their digital products and items with others by using NFTs. It allows people to visit a Metaverse without leaving their homes, which is ideal for those unable to travel due to age, health issues or a number of other factors.
Here is the revolution….here is the something…..Here is what Web 3.0 has for us all relating to gaming and Metaverse…
Gaming has always been a one-sided interrelation. The game companies alone stand to benefit financially, while gamers are left to have fun and hopefully just keep spending (albeit a previously unspoken mutual agreement by default) exchanging money for gaming entertainment. Now to be clear, this is a fair exchange should you simply wish to pay your money and take your game.
Play Station games, from PS 1 to 5; you pay for the game, play the game, complete several matches, tournaments, and leagues, but don’t expect to get compensation for your efforts other than perhaps a little recognition in a league. It is what it is….(or rather it was what it was). We knew no different so that model was unchallenged but that’s so 2020!
Games companies make billions of dollars yearly. They have produced some great and entertaining products for perhaps fair money. But what if we want to enhance on that old model so that players can also benefit financially? Well, the good news is that Web 3.0 is here to compensate us with what it is referred to as the ‘Play To Earn mechanism’.
What does that mean? Games launched on Web 3.0/played in the Metaverse realm allow players to be compensated by earning the tokens within the games.
I suspect you might agree that Web 3.0 has cut out the middlemen and handed over the financial power to anyone with an internet connection.
This means, with just access to the internet anyone can play games on the web and be rewarded. Financial Freedom….Check! Amazing….Check! Hyper amazing?…. Oh go on then!
The gaming sector has grown tremendously with the launch of Web 3.0 and many of todays Metaverses are driven by blockchain technology. Users would need Bitcoin or non-fungible tokens to transact in these virtual worlds (NFTs). Many of today’s P2E games feature their Metaverses, complete with native cryptocurrencies that can be used for transactions as well as receiving in-game assets and incentives.
The P2E gaming model powered by Web 3.0 embraces the concept of an open, decentralized and reward based economy; rewarding every user who brings value to the gaming environment by playing and their investing time – all thanks to the new revolutionary Web 3.0.
Funganomics® harnesses the power of Web 3.0 to accentuate the premise of disintermediation allowing us to trail-blaze within the space with NFTs, Play2Earn gaming, Augmented and Virtual Reality products. Integrating all of these products with our NFT marketplace platform Fungatopia® provides our member community with a variety of streams to gain incremental revenue presented by Web 3.0s transparent economics on the blockchain.