Web3

“Web3 is being touted as the future of the internet. The vision for this new, blockchain-based web includes cryptocurrencies, NFTs, DAOs, decentralized finance, and more. … The totality of these efforts is called ‘Web3.’ The moniker is a convenient shorthand for the project of rewiring how the web works, using blockchain to change how information is stored, shared, and owned. In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work. Advocates argue that Web3 will create new economies, new classes of products, and new services online; that it will return democracy to the web; and that is going to define the next era of the internet.”

What Is Web3? — Harvard Business Review

“In simple terms, web3 is the decentralized internet — built on distributed technologies like blockchain and decentralized autonomous organizations (DAO) rather than centralized on servers owned by individuals or corporations.”

“The idea is that this will create a more democratized Internet. No single entity will control the flow of information or ‘pull the plug’ and kill a network, simply because [they] can as they own the hardware it’s running on. The servers, systems, and networks where applications are run from and where data is stored will, in theory, be owned by the users themselves, who will have voting rights over what rules and regulations are in place, and how they can be used. Why is it called web3? Because it’s thought that it will be the third major evolution of the internet, after the worldwide web (web1) and the usergenerated web (web2, or social media).”

The Metaverse

The metaverse is “a shorthand for virtual worlds, where users can interact with each other and engage with apps and services in a far more immersive way. The term ‘metaverse’ first appeared in Neal Stephenson’s sci-fi novel Snow Crash, where it described a virtual reality world. … Today technology is quickly catching up with science fiction. ... More generally, the term is used today to refer to any online spaces that strive to create immersive environments.” Many times, the metaverse and Web3 are often conflated with each other; however, the two concepts do cross over in some very important ways. “The technology that’s used to build web3 — which includes blockchain, and blockchainbased cryptocurrencies like Bitcoin and Ethereum, and NFTs — unique digital ‘objects’ that are stored on a blockchain — all have huge implications for the way we will make use of the virtual worlds of the metaverse for work, play, socializing and learning.”

The metaverse continues to evolve and create new realities across all industries. “As metaverse activations continue to advance, the way we think about emerging technologies is becoming much more nuanced and engrained in the everyday— shaping a new reality where physical and virtual living are indistinguishable.”

The Future 100: Trends and Change to Watch in 2023 — Wunderman Thompson Intelligence, page 6