Defining Web3: differences from Web2, NFTs and innovations

This “new phase” on the internet is gaining more and more attention among international IT professionals. Considered the third generation of internet, the innovations of this new version will likely transform the most common internet and business models seen nowadays.

What is Web3?

At the early stages of the internet, it was an open decentralized protocol. In the 90s we watched big tech enterprises take control over data, processing, and tools in general. Web3 is considered by specialists to be the future of the internet, although it aims to be more similar to what we have had in the past.

The development of Web3 has been happening for a couple years and has already generated significant impact of Silicon Valley. It is based on blockchain, an open transparent digital coding, and therefore carries important characteristics of this technology: decentralization, user autonomy, and privacy.

It will allow machines to interpret much larger volumes of data, eliminating the need for complex operational systems or hardware. Users will have access to thousands of data centres around the world and will be able to choose who keeps their data and how.

How is it different from Web2?

Since 2004, everyone is used to Web2. Its exponential growth was boosted by important innovation, such as mobile internet and social media, as well as the spread of robust mobile devices.

Web2 also carried drastic changes from Web1, whereas many segments were unable to adapt their business model centred on web. Retail, entertainment, and media were the most affected at early stages of Web2, for example.

Some say that Web2 spread portability and allowed internet to reach a larger number of people. Even so, there are still specific groups and enterprises in control, manipulating this environment. The main difference between this and Web3 is that it offers more control over user privacy and less control in the hands of groups or authorities, by reducing the need to have a third party in online interactions.

How are NFTs sold in Web3?

If you already know what NFTs are, you probably have a good idea of how they can be commercialized. However, web3 will allow more immersive buying experiences, opening doors to new businesses (for collectors and vendors).

Based on this principle, eShot Labs is currently developing the first Live NFT Maker. Until now we have mainly seen NFTs that were previously created and then auctioned. With this tool, users will be able to create an NFT at any live event, such as shows and competitions, and auction it for their audience.

During the event, users will bid on these NFTs, creating unique relevant engagement. This will be a game changer for many markets, but specially for the sports, esports and fashion industries where live events are an important part of their business model.

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