Similar to how humans have evolved from the stone age to the internet and technology age, the blockchain has grown to be the backbone of Web3.
If Stuart Haber and W. Scott Stornetta didn't envision the blockchain in 1991 and Satoshi Nakamoto didn't invent the first-ever blockchain and cryptocurrency (bitcoin) in 2009, we wouldn't be discussing Web3 right now. Which makes me wonder, what were you curious about before you knew about the blockchain or Web3?
While NFT is the current hot topic in the Web3 space, only about 360,000 people own an NFT worldwide, and about 2.8% of the world's population now uses the blockchain. With the above facts and figures, it is clear that the adoption of Web3 is inevitable, but there is still room left for innovation and adoption. So, what is the next big thing?
The Evolution of Web3
Web3 was founded based on ownership. Unlike Web1, which was static and lacked interaction, and Web2, where creators contribute to the success of several platforms but don't get paid for it, Web3 allows creators to own and get paid for their work.
The term "Web3" was coined in 2014 by Gavin Wood, one of the founders of Ethereum, and ever since, it has evolved to be known today as the internet of the future.
The first application of Web3 includes DeFi and DAOs, with their first projects founded in 2015 (Maker) and 2016 (The DAO), respectively. Other upcoming Web3 use cases include blockchain games, creator economy, privacy and digital infrastructures, and the metaverse. These applications/use cases will shape the future of Web3.
Under the creator's economy umbrella lies NFT, which has been a massive hit since it became popular in 2017. This makes me wonder if there will be more cases like NFT in Web3. Keep reading to find out.
What are the rumours and experts' predictions?
Aside from NFT, there is another burning topic in the Web3 space that sparks a flame of rumour and several predictions. Take a guess. You are correct! It is the metaverse.
Although meta verse hasn't been fully realised, there have been many speculations on it, and it feels as if businesses are waiting for it to become a realisation to jump on it quickly.
We can't blame them; about 15% to 33% of the money spent on digital transactions globally will shift to the metaverse, according to Goldman Sachs. Another prediction by Citigroup states that the market value of metaverse should reach $8 trillion to $13 trillion by 2030. It's only a matter of time for the craze for Metaverse to boom, just like NFTs.
Closing - The next big thing in Web3
I have talked about how Web3 is tied to the blockchain and cryptocurrency in this article. I highlighted the evolution of Web3 and what the predictions by the experts are. However, I didn't talk about the one big thing yet to happen in Web3 as meta verse going big is not unexpected.
So what do I think the next big thing is? Well, it would be the adoption of Web3 by the masses. There are still quite a lot of challenges faced when it comes to using the Web3 applications, and earlier in the article, I talked about the fact that only 2.8% of the world uses blockchain applications in general. Although Web3 is still at its early stage, users must be considered when building apps.
With that, we have come to the end of the article. What topic in Web3 do you need more clarification on? Could you share it with me in the comment section?