We are moving to a new era of technology. The era where virtual spaces are going to be created with AI-driven Web 3 and with a new system of digital ownership through NFTs. So before discussing detail about the Metaverse, Web 3, and the NFT, let’s know actually these terms mean.
What is Metaverse?
The term metaverse is used to denote a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.
What is Web 3?
Web 3.0 is the new internet, according to experts. Web 3.0 will be a decentralized platform that enables web data exchange and storage. It will be powered by Artificial Intelligence and Blockchain technology together with the help of Dapps (Decentralized Applications) that are used to build smart contracts, execute transactions across an alliance without involving third-party intermediaries, and more importantly, decentralize ownership and control of data to its users.
What is NFT?
NFT is a unique and non-interchangeable unit of data stored on a digital ledger that cryptographically proves that you are the owner of the digital items and no one can take that away from you.
NFTs are tokens that represent digital ownership of an asset, like a digital car or house in a game or in real life. For example, someone could buy a virtual pet and store it in Etheremon mobile game that uses NFTs for in-game assets, and then they can transfer ownership to someone else by transferring the token from their account to someone else’s account.
Metaverse, Web 3 and the NFT
So, what’s the basic concept of combinations of the Metaverse, Web 3, and the NFT?
Metaverse is a protocol that aims to build decentralized applications on top of an open-sourced public blockchain. The protocol’s blockchain allows web-based applications to interact with each other in the real world seamlessly. Metaverse is a platform that will allow users to create their own personalized virtual spaces. This could be anything from space for socializing with friends, gaming, watching videos, or just browsing the web.
The team behind Metaverse believes that this technology can be fundamental in building a new form of the internet called Web 3.0, where all of our data will not be controlled by any central entity and users are able to create their own virtual assets or tokens.
Users can also purchase or sell these assets using different cryptocurrencies which are no longer controlled by banks or governments. The concept NFT is used for the digital ownership of digital products which is inevitable in the upcoming generation.