Blockchain is considered vital to the transition from Web 2.0 to Web 3.0. Dominant today, Web 2.0 is an ecosystem of websites whose centralized structure means that our online activities and data are ultimately controlled by a limited number of powerful corporations. Web 3.0, however, aims to decentralize control over data, give users more control over their own information and increase data privacy.
While Web 2.0 mostly relies on the cloud and mobile, Web 3.0 is dependent on decentralized data networks, AI and blockchain.
Many expect Web 3.0 to evolve alongside the meta verse, which is the interacting ecosystem of 3D virtual worlds predicted to represent the future of the internet.
NFTs could play a central role in this growing ecosystem. These digital contracts tokenism physical or digital objects, including artworks, to verify ownership without needing an intermediary. And despite recent volatility in the NFT market, investment is still flowing in: in March, Yuga Labs, the company behind the Bored Ape Yacht Club NFTs, raised $450mn at a $4bn valuation.