If Web3 is the future, how can you use it?
With Web3 all the rage, it can be a bit tricky to define what, exactly, the term even means. And once you understand what Web3 is, there's an additional problem: what's the best way to jump into the new web?
Want to learn how to use Web3? Read on.
Intro to Web3
Without going into the definition of Web3 again, it's worth noting that Web3 isn't a product; it's an approach. Previous versions of the web were read-only (the reader's web) and data-focused (two-way data flows).
Web3 is decentralised. It's the user-owned Internet.
Everyone works out how to use Web3 in different ways, so it makes sense that most interactions with Web3 fall into three distinct categories.
This is the big one: user ownership jump-starts investing, and Web3 isn't simply about managing portfolios. It's about engaging in all-new methods of financial interaction.
Start with a small example.
Crypto wallets are becoming ever-more powerful. Manage a portfolio, track price changes, buy and sell, all from within web-based wallets.
Blockchain technology puts the individual user in control of assets that are uniquely theirs. No need to route funds through centralised platforms; the blockchain functions as a peer network, keeping all parties on a level playing field.
Decentralised Finance (DeFi) takes the game up a notch.
With DeFi, users can utilise smart contracts to unlock the whole range of financial services.
Ways smart contracts can power financial services:
- Leveraged investments
- Index funds
- And many more.
Investing with Web3 isn't about any one specific play; it's about an online ecosystem of crypto finance built on decentralised data networks, without any one overriding authority.
With the amount of money at stake and the potential for true ownership of digital assets, it's not a surprise that investing is arguably the strongest and the best-developed of the Web3 branches right now.
It starts with the blockchain.
The base layer for nearly all Web3 interactions starts with the blockchain. Layer 1 and Layer 2 chains provide the framework on which the various Web3 tools are built.
And for creators, the new Web is a whole new world of creativity - literally.
Non-Fungible Tokens (NFTs) are easily the most visible and buzz-worthy method of how to use web3. From CryptoPunks to Bored Apes Yacht Club (and now the new ApeCoin), NFTs combine multiple aspects of web3 in one flashy package.
Common ways NFTs are used:
- And many more.
On the art side, the sheer variety in the NFT world is staggering. Old-school avatars, cutting-edge graphics, NFTs that emulate ground-breaking art installations - there's no end to what people are creating via NFTs.
And with the blockchain as the groundwork, all of those creations have demonstrable, reliable ownership chains baked in.
Not an artist? NFTs not your thing? That's ok - the metaverse is a world waiting to take form. The best part is that there's the possibilites to create in the metaverse are countless. New worlds, new games, new faces, new brands - to live up to its potential, the metaverse needs all of them.
User-generated content will populate much of the metaverse, as users assume ownership control over virtual land they purchase, NFTs they create, and worlds they build.
Web3 uses the blockchain as the base layer for endless new apps, artforms, and even new worlds. The metaverse, arguably the greatest of the web3 creations, blends all three, as users create unique NFT avatars to explore worlds they’ve built themselves.
The most casual way to interact with Web3 doesn't have to be simple. The new web supports a variety of user-focused interactions, from new social networks to new methods of content creation.
And there's already a lot to explore in the new web.
The metaverse is everywhere; it’s where people will build entirely new applications, and also where people will explore and interact in new ways. Big-name brands have jumped on the chance to take user interaction to a new level. The age-old relationship between athletes and shoe brands entered a new chapter when Steph Curry and Under Armour created metaverse-ready NFTs.
Add in the number of legacy brands that are already in the space - Disney, Nike, HSBC, etc. - and there's no end to what the metaverse can offer. These companies view the question of how to use web3 as nothing less than a paradigm shift in how internet users explore and interact with brands and with each other.
And of course, there's a lot of money at stake; potentially up to $700 billion by 2030.
Dapps is short for decentralised applications.
Decentralised protocols aren't just for developers. They power everything from blockchain networks to the (Dapps) built on them. Web3 will develop that blockchain infrastructure, giving users the chance to explore NFT apps on Avalanche or DeFi applications on Ethereum.
Web3 expands the scope of user interactions. That applies to new, web3 native applications and legacy social media platforms alike. A traditional social media platform like Meta (previously Facebook) changes its name and considers integrating NFTs onto Instagram; on the other side, web browsers like Brave prioritise privacy, enabling individual users to control ads.
Web3 In A Nutshell
The three branches of the new web enable interactions in new ways. All of them focus on empowering users to create, explore, and invest in new avenues across a re-energised internet.
Decide how you want to use web3, and join the future of the Internet!