Web3 will not go away. Those that get the significance of this technology are asking a different question, even while the discussion about the long-term viability of blockchains, cryptocurrencies, and even NFTs continues. They are considering how these technologies will inevitably affect our future rather than asking “Will these technologies last?”
The discussion of Web3 typically ends at trivial issues or enigmatic forecasts, and its real-world applications are glossed over as an afterthought. Making plans for the future doesn’t always entail choosing what to wear in the metaverse; instead, it entails recognising Web3’s influence on our daily lives and seeing minor changes that may point the way to where we’re going.
Here are four forecasts on how cryptocurrencies and blockchain technology will alter our present and influence the future.
Redefining identity and power
A change in our digital identity will be one of the largest cultural transformations we will experience. According to Decentraweb’s founder and CEO, Michael Calce, a user’s identity in the metaverse would be directly “connected to their wallets,” which means that what individuals buy and how they interact with brands will be recorded on an open ledger so that everyone can see how they spend their time and money.
There will be less censorship if that is combined with fundamental adjustments to the way our relationships are managed – moving away from centralised power and toward the dispersal of it. The power will be in the hands of the community, the collective, according to Calce: “There will be DAOs that allow the members of a metaverse to decide what they’ll accept and what they won’t.” The idea behind this power split is to allow everyone who has a cryptocurrency wallet a voice, giving them control over not only their individual transactions but also the overall group’s governance.
No matter how you look at it, structural changes are taking place. Not only do we need to be prepared to accept change, but also to direct it.
Bettering the chances available to creators
Although it has had its share of detractors, blockchain technology has unquestionably provided a solution to many of the problems we are currently facing. Although the general public may be wary at the moment, according to Alex Nicholls, CEO of SWALLOW, “I think they will come around fast and welcome Web3.” Who knows how the internet, Bluetooth, or wireless technology functions, to say nothing of what lies behind a light switch or under a car’s hood?
Wealth inequality and ownership are issues that Web3 is trying to solve. The capacity of blockchain technology to scale globally in terms of digital property ownership and royalty distribution is one of its key advantages. “Right now, an artist in any discipline can mint an NFT with original ownership and royalties hard-coded into the contract, ensuring that the creator is rewarded each time that NFT is sold, forever,” continues Nicholls.
Who would contest that? Artists have been undervalued and ignored throughout history. Web3 is causing a welcome change in the creative sectors, not simply in terms of technology.
Combining real-world and digital utility to increase value
The limitless utility potential of smart contracts is just one of their many benefits. Businesses and project creators will be obliged, as the field develops, to creatively add value to their digital assets, particularly in the form of physical things. The latent potential of physical assets (not classified as securities or commodities) is enormous, according to Nimantha Siriwardana, Co-Founder and CTO of Metacask. Although the real estate sector is paving the way, other companies, including those in the supply chain, luxury goods, and events and ticketing, can also profit from this technology.
According to Siriwardana, one area where NFT technology is having an impact is the world of collectibles. He says that these new digital assets are “offering a real value” by connecting provenance and proof-of-ownership records to access and liquidity for consumers and collectors. The advantages extend beyond simple ownership.
It’s intriguing to think about this in terms of increasing brand involvement and the diversity of services that will be offered as businesses try to fulfil the increasing expectations of consumers.
The only choice that fans have historically had in the entertainment industry has been whether or not to consume a certain product. They typically have to make the most complex decision when choose which show to watch from a marquee board or an unending scroll of options on their preferred streaming channel. When people watch something they enjoy, they might click the “like” button or write a review.
Rumor has it that in the future, it will be standard practise for entertainment companies to involve their audience members in the creative process by giving them a say in the course of creation. The CEO of VUCA Digital from the CROWN Token Project, Pannathorn Lorattawut, predicts that “fans will not be simple fans. The media they select will be co-owned and co-created by them.
Web3 is dismantling the walls separating those in authority and those who are subject to their dictates and constructing a new world where all voices are heard. You will be able to look at your screen with assurance and declare, “I made that,” whether you are in the convenience of your home or on the floor of a production studio.
Future is only in our imagination.
Blockchain technology’s future may appear uncertain. When we examine it through the prism of human behaviour, it becomes evident that, despite the fact that technology is continually changing, humans continue to be, on the whole, very much the same.
The potential of cryptocurrencies, blockchain, and other Web3 innovations may bring about the transformation we have long fought for: connection, equality, and access. What issues will it address and where will it proceed from here? That is up to us.