What is Web3 and what will the future look like?

The concept of web3 will be familiar to anyone who understands the ABC of cryptocurrency. Simply put, Web3 is the name given to a new iteration of the Internet and technologies encompassing blockchains, cryptocurrencies, the Metaverse and NFTs. To the masses right now, the usable part of Web3 would be exchanges or distributed applications (or dapps) built and released on the blockchain.

Much has been said about web3 and blockchain in recent years, but many are still unsure of the true impact and benefits, especially for businesses. There are many questions about whether Web3 or blockchain makes sense as the technology to define the next era of the internet.

Regardless of your opinion, it is obvious that the third iteration of the Internet is (not so) slowly but surely becoming a reality. Web3 has become an all-encompassing term for a new and better Internet. It will create a new economy, new product classes, and new online services. However, I believe that growing claims that Web3 will take over the Internet, destroy the current financial system, redistribute wealth, and make the Internet democratic again should be taken with a pinch of salt - it might happen someday, but we are a long way from that right now.

We're just starting to build a better Internet with Web3 and the future of the World Wide Web looks bright as we continue to improve the infrastructure that supports it. There are undoubtedly teething issues with implementing some of the technology, but that's to be expected. While it is impossible to predict the future, I believe that blockchain and web3 technologies will be key to the Internet roadmap. Web3 is still evolving, and it is still unclear what will be effected when the dust settles and mass adoption takes place.

Web3 technology opens up new possibilities for how people consume and sell. Web3 could lead to entirely new ways to make money, many of which could include NFTs or play to earn gaming. We've already seen lots of global business allow crypto payments, so regardless of your opinion, it probably makes sense to get more familiar with cryptocurrencies.

I am all in on Web3. I am excited to see what the future will hold and where we will be when the dust settles.

What predictions are you making about the future of Web3 and blockchain?