- As the web evolves, strong organizations will strive to control it.
- Web3 is still in its infancy, and it’s only just beginning to take shape.
The year 2021 will go down in history as a pivotal year for the cryptocurrency industry. In October 2021, the worldwide cryptocurrency market capitalization hit a record high of $3 trillion. Other aspects of crypto, including non-fungible tokens (NFTs), the metaverse, and Web 3.0, gained prominence and widespread use at the same time as coins.
Known as Web 3.0, this next version of the Internet emphasizes decentralization. Blockchain, crypto-assets (fungible and non-fungible), artificial intelligence, and metaverses will play a growing role in Web 3.0 apps and services. There are many predictions about the future of the Internet in terms of tailored content and data ownership.
Controlled by a Handful Tech Giants
As the web evolves, strong organizations will strive to control it. On the other hand, VCs aren’t necessarily negative; ventures that benefit society as a whole require money from some source. The presence of venture capitalists in the field merely suggests that Dapps and the new, open-source, decentralized web will be profitable.
NEAR Protocol Co-founder, Illia Polosukhin tweeted about what working around Web 3.0 feels like. Take a look at the tweet.
After working in web3 for awhile, you see everything around as a marketplace
— Illia Polosukhin (root.near) (@ilblackdragon) January 27, 2022
In light of this, it is telling how far significant players like Facebook have gone over the years to knowingly push the false narrative that “strong end-to-end encryption” is the be-all and end-all of privacy while simultaneously flailing wildly to distract attention from the metadata capture they were engaged in, which is central to their monetization strategy.
We’re establishing the groundwork for a mass transition from a web controlled by five large companies to one owned by no one, but there will be challenges. Web3 is still in its infancy, and it’s only just beginning to take shape.
