Web3 is here to stay. While there are many questions about whether blockchains, crypto or NFTs will last much longer, those who know the technology’s impact are asking a different question. They are not asking “Will these technologies survive?” but instead looking at how they will impact our future.
Web3 is often dismissed as an afterthought or a topic of superficial interest. Preparing for the future does not necessarily involve choosing the outfit you will wear in the metaverse. It means we recognize Web3’s presence in our everyday lives and notice subtle shifts that might indicate where we are headed.
These are just four predictions about how blockchain and crypto technology will change the world and shape our future.
Redefining identity and power
Our digital identity will be one of the most significant cultural shifts we’ll face. Decentraweb’s CEO and founder Michael Calce says that users will have their identity tied to their wallets. This means that the public can see what they buy and how they interact with brands.
This will lead to less censorship when combined with structural changes in the way we interact – moving away from centralized power toward the distribution of it. Calce says, “There will also be DAOs that will allow members of a metaverse to decide what they’ll accept or refuse – the power will remain in the hands of the community, the collective.” This distribution of power is expected to give everyone with a crypto wallet a voice, allowing them to have a say in both their own transactions and in the governance of the group.
These structural changes are happening regardless of how you view them. We must be prepared to meet this change and take control of how it occurs.
Creating better opportunities for creators
While blockchain technology has had its fair share of critics, it has undoubtedly offered a solution to many of our problems. Alex Nicholls is the CEO of SWALLOW. He says that although the general public may not be interested at the moment, he believes they will soon accept Web3. Who knows the workings of the internet, Bluetooth or wireless?
Web3 addresses wealth distribution and ownership. Blockchain technology has the advantage of allowing global scaling of digital property ownership and royalty distribution. Nicholls says, “Right now an artist from any discipline can create an NFT with the original owner and royalties embedded in the contract. This ensures that the creator is paid each time an NFT is sold forever.”
This is a fact that cannot be disputed. Artists have always been overlooked and underpaid throughout history. Web3 is more than just technology advancements. It is also providing a welcome disruption for the creative industries.
Using to bridge digital and real-world utility, will increase its value
Smart contracts offer unlimited utility potential, which is one of their many benefits. Businesses and project founders will have to find creative ways to add value to digital assets. This includes physical goods. Nimantha Siriwardana is the Co-Founder and Chief Technology Officer of Metacask. She says that physical assets, which are not classified as commodities or securities, have huge untapped potential. While real estate is the leader, many other industries can also benefit from this technology, including events and ticketing as well as supply chain and luxury goods.
Siriwardana states that NFT technology is changing the collectibles market. These digital assets “provide a real utility” – they can be associated with provenance and proof of ownership records, and provide access and liquidity to collectors and users. These benefits extend beyond ownership.
This is a fascinating perspective on building brand engagement, and the many services that will be offered as companies try to satisfy consumers’ growing expectations.
In the entertainment industry, the only decision that fans have to make is whether to consume or not. They are often given the option of choosing which show to watch, usually from a list on a board or a stream of their favorite streaming channels. They may leave reviews or hit the like button if they love something they have seen.
Rumours have circulated that the entertainment industry will allow its viewers to participate in the creative process and give them the opportunity to influence the direction of production. A member of the CROWN Token Project, Panathorn Lorattawut is the CEO of VUCA Digital. He believes that fans will no longer be just followers. They will become co-owners or co-creators of the media they choose.
Web3 is breaking down barriers between those who are in power and those who are being dictated to, and creating a world where all voices can speak. Web3 will allow you to look confidently at your screen, regardless of whether you’re in a studio or your own home.
Our imagination is the future
Although the future of blockchain technology is uncertain, it’s possible to predict its fate. Technology can easily be viewed through the lens of human behavior. However, technology is always evolving, but we as humans, remain the same.
Web3 technologies such as crypto, blockchain and other Web3 innovations have the potential to create the change we have long advocated: equality, connection, access, and accessibility. It is up to us to decide where it will take us and what problems it will solve. It’s up to you.