The invasion of Web 3 with its Decentralized future.

6555689

Every decade we get introduced to a new technology that will rule for the next one or two decades. Though Blockchain technology came a decade ago, it is only getting the popularity it deserves now. The concept of Web3 that came out blockchain is now invading every industry possible. The art industry with NFTs and the Gaming industry with Play to earn NFT games are the firsts to take in NFTs. what is web3, and how influential is it in bringing a decentralized future? Here is a short insight on everything you should know about blockchain, web3, and the decentralized future!

Everything Decentralized!

Blockchain came into existence to take out centralized banking institutions in financial transactions. Though it brought out a new crypto economy, it started invading a lot of industries to bring in decentralization, resulting in Web3. The term Web 3 is the successor to web2, the current internet we have today. Web 3 is a decentralized network where we need not depend on a single centralized server. 

This concept of decentralization, or in other words, where techies call it the democracy of tech, excited the gaming industry. This brought the player-powered, decentralized play-to-earn NFT games that run on the blockchain. Here the games use up in-game items in the form of NFTs. they use in-game cryptocurrencies and governance token that helps the players to vote on the game governance and development. 

Like the gaming industry, the art industry also took up NFTs seriously to bring out digital art collectibles in the form of NFTs. they also opened the possibility of bringing out a token gated community.

Outlook

You now see how the play-to-earn NFT games are getting decentralized. Many games are opening their gates for web3, leading to new games. The spell of decentralization is not stopping here. Organizations are taking up this concept o bring decentralized governance to their firm. There are many more to add to it, and the world will be under this spell for at least another two decades from now. 

 

Comments are closed