The Metaverse, Web3, and the Inevitability of NFTs
"I firmly believe two trends will shape the world in the next 10–15 years:
- The Metaverse, and its proliferation on all aspects of society
- Web3 and the democratization of the Internet
And the arrival of both trends will firmly rely on the technology of NFTs in order to be successful..."
"Let’s think back on the two topics we just discussed: the Metaverse and Web3.
In the Metaverse, people have a secondary digital life, in which they can earn money and spend their leisure time in — unbounded by the restrictions of the physical world.
But if the Metaverse were to exist in a Web 2.0 setting, large centralized institutions like Facebook and Google will only the experience — living in their data centers that can be shut off by their whim, and gathering the data of our lives in order to sell for profit.
Imagine if your whole digital life lived on Facebook and you were only fed news that Facebook wanted you to see. If you said something in the Metaverse that Facebook didn’t want you to see (i.e., in concert with an authoritarian government), they could shut off your entire livelihood — akin to deleting an Instagram account if that account constituted your entire digital life.
If you’re going to live a sizable chunk of your existence in the Metaverse, you may as well have ownership over those digital items.
With Web3, end-consumers take back the ownership of their own data. Instead of forgoing their data and their privacy to the big tech companies, they’re able to control their own data — living in a cryptographic, decentralized mesh of computers that combine to become a distributed data center rivaling GCP and AWS.
Instead of Facebook owning your digital home, you actually own it. And you own the digital land on top of it. And all of your digital furniture.
And you’re able to do so with the power of NFTs..."
https://medium.com/the-shadow/the-metaverse-web3-and-the-inevitability-of-nfts-18c8fff1db2a