Welcome to a tectonic shift of the internet. Our lives are about to change. What is forcing the current internet to change and why does that matter for our lives.
When we were surfing the internet in the late 1990s all we could do was to read content. About 10 years later web2 started to emerge and internet gradually became more participatory. In web2 we were able to join social networks, start our own blogs and able to make our own mark in the world wide web. A few years later we realize the problem of giving away our data to major internet companies. Because data equals our lives.
Enough is enough. Sure, the internet is cool, but we can’t keep feeding big tech firms such as Facebook or Instagram with our data. Even the US congress thinks Zuckerberg is too powerful. We are literally handing over our most intimate personal details (data) to social media sites and hoping all goes well. Imagine what would happen to the world if all our private messages are hacked or somehow appears fully searchable online. All our mistresses and lovers will be exposed… I digress.
We need to transform the internet from a book to a decentralized database. We need transparency and ownership of our data. This is what web3 is all about. Web3 is basically about creating an internet that considers a set organization for our lives. It is creating a system that allows that creator or user of knowledge to own his or her own work. It is an internet that has ability to pass data according to sound rules and logic without losing vital information on the way. Web3 is about creating an internet that is partly decentralized and not controlled by a few centralized entities to such a large extent. Decentralized basically means that data is stored on thousands of computers instead of one. The metaverse is a huge part of web3 and we are worried that centralized entities grab a big piece of the future of the metaverse.
But what happens if Meta wins the web3 race?
Web3 is a wet dream for Meta CEO, Zuckerberg. He has poured 36 billion USD into creating his metaverse Horizon and he is willing to suffer huge financial losses to end up winning the metaverse race. The question is if what happens if he creates such a sexy metaverse that we cannot control ourselves!? The end of the story is likely a scenario where he is successful in creating a metaverse for both our personal and professional lives. Considering that Facebook is founded on the financial business model that the user is the product, it is likely that this will also be the case in the metaverse Horizon. The Horizon project that is creating worlds for our personal and professional lives will likely grab a first player position in the metaverse and be a powerful player. It will likely be both good and bad.
However, decentralization and blockchain technology and token-based economics are opening doors and shaping web3. The entire internet does not need to be on a blockchain. But when we use blockchain technology in the next version of the internet we are changing it from a book into one global secure database. Our data (our lives) along with our financial transactions will be processed better and all changes to our data will be traceable. Our lives will not be easily hacked as its stored-on thousands of computers instead of one. We will be able to make our own mark in the metaverse and own it. For real this time. In web3 we will read, write and own our lives. At least if we use decentralized platforms or metaverses that are built on a blockchain.
Gartner has predicted that 25 percent of people will spend 1 hour each day in the metaverse in 2026. Here’s a small list of metaverses that are prominent: Horizon Worlds, Voxels, Roblox, Sandbox, Second Life, Decentraland, Metahero, Star Atlas, Bloktopia.
The key to a successful metaverse in web3 will be interoperability. Therefore, even if Zuckerberg’s Horizon project will be big, it will need to be interoperable with other metaverses. We will need to be able to jump between different world in the metaverse. Therefore, we will need to own our lives as well as our own shit. Zuckerberg will be forced to give our data and our lives back.