Regulation is likely to make the internet better so that competition against big tech companies or they can be held accountable for their mistakes. In this regard, a decentralized network is a definite plus.
It’s also possible that a direct–to–consumer structure for artists, musicians, and other creators is better than Spotify, for example, which has been criticized for not paying artists enough. Similar issues occur on Instagram and Reddit, both hubs where artwork is distributed without attribution or payment to the artist. For some artists, NFTs are a way to monetize digital art. Copyrights can be incorporated directly into the artwork, so the owner gets a share each time the artwork is sold.
However, Web 3.0 is not yet close to this goal, and its need is questionable. Musicians can be paid relatively by selling physical media and artists through commissions.
Web 3.0 Metaverse Relation
It can be said that the change of the internet network, which is briefly defined as “www,” that is, the “World Wide Web,” is also related to Metaverse. Because Web 3.0 will create an infrastructure Metaverse. In particular, VR devices to be used Metaverse can further accelerate the transition to Web 3.0.
So basically, the concepts of Metaverse and Web 3.0 are pretty related to each other. For this reason, both images will determine the future of the internet world. The end of Web 3.0 is connected with increasing digitization and Metaverse in our lives, depending on the level of development of technology companies. In this way, a virtual world’s economy exists parallel to the natural world with its digital goods.
What are the Risks?
Blockchain, NFTs, and other technologies can lead to digital landownership. Currently, digital real estate is being sold by the millions in preparation for a future that doesn’t exist yet. Many critics of Web 3.0 fear; Instead of a decentralized internet, is power simply passing into the hands of a new group of rulers?
While promoting Metaverse, Facebook said, “Like the internet, the metaverse exists with or without Facebook, and it will neither be built overnight nor built by a single company.” But the billion–dollar tech giant leaving Web 3.0 hardware is eager to put itself at the center of what it believes is the future of the internet.
In his statement on the subject, Mark Zuckerberg stated, “The software we’ve developed so that people can work or have fun and build different worlds will overcome everything. Other companies are building VR or AR platforms; our software will be everywhere. Just like Facebook or Instagram is today. “Like NFTs, Web 3.0 and Metaverse platforms are the next natural progression in how we interact, relate and communicate with one another.”
What other speculative technologies like Web 3.0 and NFTs, cryptocurrency, and metadata storage are currently doing is providing an excellent way for venture capitalists to get rich. Just like buying a bulging stock saves the buyer money. More than $27 billion has already been invested in technologies, yet it’s hard to predict precisely what the internet will look like in the decades that Web 3.0 will form.
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