Most people look at Web3 and the metaverse as an unknown domain at best or even a scam that swindles millions out of their hard-earned money.
What’s the first thing that comes to mind when someone mentions Web3? Is it the wild swings of cryptocurrency? Or perhaps the millions of dollars spent on the most basic JPEGs sold as NFTs?
The reality is most people look at Web3 and the metaverse as an unknown domain at best or even a scam that swindles millions out of their hard-earned money. Perhaps if those advocates, evangelists and experts did a better job educating the public on what Web3 is and what are its benefits, misconceptions would lessen. I call these misconceptions because no trusted source would tell you that Web3 is not the future of the internet, that ship has sailed. The only remaining question is how long before Web3 becomes the default state of every experience.
Before we start discussing Web3 successes and failures, I will level set what Web3 is, and more importantly, what it is not.
Internet Evolution: Web1 vs. Web2 vs. Web3
When the internet started to swim more in the mainstream in the 90s, most websites and experiences were static and consumable only. That meant users were able to enjoy the web by viewing content only (web pages, images and videos). This is a period that is widely known as Web1, read-only.
Web1 lasted about a decade, until the mid 2000s, when the concept of user generated content led the way to create Web2. To date, Web2 is still the most…
