Home » Web 3.0 Era: Web3 Coins and NFTs

Web 3.0 Era: Web3 Coins and NFTs

by Gözde Karakaya

Using the power of decentralized networks, Web 3.0 is the next generation of the internet that aims to increase the usage areas and the number of online applications, especially in cryptocurrencies. This article will go through Web 3.0 coins and NFTs.

Web 3.0 refers to an advanced version of the world wide web with a decentralized ecosystem powered by blockchain where users can interact without worrying about centralized storage for data. That is, this era of Web 3.0 allows search engines, social media platforms, markets, etc. to be built on the blockchain and powered by cryptocurrencies, opening the door to brand-new developments such as uncensored content and more inclusive payment services. 

Ideally, Web 3.0 aims to give users more control over their content through a decentralized infrastructure by removing a central authority’s dependency on transactions and permissions. This is promising for the producer economy, where users who provide or own digital data to online communities are financially rewarded. 

Web 3 Coins and NFTS

Web3 promises an interactive internet where the centralization of servers owned by individuals or companies disappears. In this new understanding of the internet, the servers where data and information flow are stored are not centralized. Web 3.0 aims to build on distributed technologies such as blockchain-based decentralized autonomous organizations (DAO), and decentralized applications. Thus, the ownership of the Internet and management of all online assets and services that central authorities can intervene in will be given to users.

Thanks to Web 3.0, neither governments, companies nor any other prominent authority will be able to control the data and information flow on the internet. Because in blockchain technology, servers do not belong to a single person. Data is stored in many nodes, i.e. many servers. Moreover, it is almost impossible to interfere with, change or destroy the data stored in the blockchain. Thus, Web3 can build a more democratic, freer, more transparent and more secure internet. Cryptocurrencies of the Web3 era are called Web3 coins.

Within Web3 technologies, we can also mention non-fungible tokens (NFT). An NFT is a unique digital asset allowing for digital ownership through blockchain technology. As new and emerging use cases for NFTs have started to tokenize physical assets, such as art and real estate. In other words, NFTs are beginning to have more real-world utility with the help of Web 3.0. On Web3, users from all backgrounds can express themselves and interact in new ways using tools like NFTs and blockchain.

Dylan Dewdney (the founder of NT3) explained that NFT3 aims to provide a decentralized identity service for the Metaverse ecosystem. The service can associate various information with a pseudonymous but real-life identity. On an end note, Dewdney believed that the crypto ecosystem needs to evolve beyond the financial use case into the “human use case” of blockchain.

In conclusion, Web 3.0 has introduced a new world for Internet users. By interacting with both autonomous servers and decentralized applications (DApps), they will leverage blockchain and digital asset systems to power countless “miraculous” new technologies of the 21st century.

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