By ADMIN / Nov 12, 2022
You could bring the most useful technology that might benefit the masses but if there is no way for the technology to experience the growth that it requires to penetrate the most remote areas, all the advantages will fall flat and all the technical expertise that went into shaping this technology will be rendered obsolete. Web3 is right now at this juncture. It requires something really special to catalyze the growth of Web3.
Every new piece of technology required something to function as a catalyst for its growth. The first version of the web did not have anything like that because it was meant to be in just a handful of corporate powers with high-end computing capabilities.
However, this was not the case with Web 2.0. Web 2.0 gave the powers to create content on the Internet to the people… And this meant that people needed to have access to the Internet. The Internet penetration, the growth of smartphones, the enhancement of mobile hardware, and above everything, the adoption of the Internet by all age groups played an instrumental role in the adoption of Web 2.0.
Another important thing that fueled the adoption of Web 2.0 was that the content created could be monetized. People started to look at content creation as a viable source of income, creating a new breed of influencers who made their living by just creating content for social media and video platforms.
Perhaps, the biggest challenge Web3 has is that it requires a lot of people to unlearn whatever they have learned about the Internet. All the things they have been taking for granted need to be shattered… And it would take some time.
Web3 is still in its most nascent stages. It would take time for people to realize that even though they made money in the Web 2.0 space, it came from heavily centralized platforms, and the centralized institutions and companies took a huge chunk of their earnings.
Web3, therefore, has to create its aura of complete ownership and earning possibilities. Considering these two factors, the two biggest catalysts and the most ideal ones of course that can drive forward the adoption in popularity of Web3 are NFTs and games.
NFTs represent the most tangible manifestation of blockchain technology. Maybe cryptocurrency is popular but the volatility and uncertainty in regulation have made it lose its luster, and even more so after a few recent fiascoes that have tarnished the image of crypto.
NFTs, however, represent something more tangible. The piece of art or a digital asset that someone owns is in essence, an asset in all probability.
Stepping aside from art NFTs, there are a lot of gaming assets that have been presented as NFTs as well. These gaming assets, in addition to the inherent value they have in marketplaces, also have with them, utility attached. These gaming assets can function as either powerful game characters or augmentations in a game.
NFTs are an integral element of the Web3 ecosystem and more often than not, they play an important role in establishing the identity of a digital asset or a representation in the Web3 Space.
Games have always been a source of entertainment ever since they were introduced. However, games have always been looked at as avenues where you spend money and waste time… And never get anything useful out of it, except for some relaxation maybe! However, gaming in the Web3 space is all set to change this perception.
Web3, powered by the blockchain and NFTs, has introduced a new dimension of gaming called P2E gaming or play-to-earn gaming.
As the name implies, you can play the game and earn real cash. This type of gaming is not like your fantasy games where you’re earning probability depending on the actual performance of the team on the match date. However, your earnings depend completely on your skill, time, and effort.
If people aren’t used to this new avenue of making money, they are bound to be interested in and intrigued by this new version of the web called Web3. in fact, a lot of countries like the Philippines, Thailand, Vietnam, and Indonesia have had people entirely depend on P2E games for their livelihood.
Gaming does definitely have the credentials and the potential to unravel the complications of Web3 and take the awesomeness of Web3 to the masses.
Gaming and NFTs have the power to be the greatest catalysts of Web3. It is not that Web3 does not have advantages inherently… But it sometimes requires a jet-assisted takeoff of empathy to ensure that the best technology reaches the masses!