Web2.5: Web3’s current existence is mostly an illusion. But to get a competitive edge, companies need to get on board says Jordan Yallen, CEO of MetaTope.
The internet is evolving, and as decentralization makes headway, Web3 is on the horizon. The evolution away from Web2 is an attempt to cater to consumers rather than big tech. This creates a space where creators can thrive. The average person can join a movement that reimagines the internet and how we use it.
Now, we are in Web2.5 – creating an opportunity for more growth as multiple projects are onboarded. Web3’s current existence is largely illusory. But companies who are able to establish practical utility and real-world applications of these emerging technologies will have a competitive edge over those that don’t. It will help them foster future-ready success.
However, integrating this space requires great understanding from consumers, businesses and creators as they strive to define what the Metaverse is. To be a part of the new digital world people must consider what their role is, whether it be participating in, creating or observing Web3. Although this development is exciting, we cannot have a comprehensive, connected metaverse without the infrastructure to support those worlds.
Tracking Digital Identity Across Virtual Worlds
From crypto wallets to NFTs, digital identities are the newest way to connect you and your assets across Web2.5, and eventually Web3. Each transaction on the blockchain is auditable, traceable and verifiable through immutable digital markers. Users hold cryptographic private keys, giving them highly secure control of the assets in their wallet, making it easy to transfer a digital identity across platforms and house them all in one place.
NFTs are laying the groundwork for a real, verifiable virtual world, but they need to exist as more than just a piece of stagnant art in order to make an impact. Digital identities are evolving from 2D identifiers that are individual to each platform to 3D avatars that are interoperable, creating an identity that is closer to real-world characteristics.
These markers are one part of a greater identity that has the ability to hold and convey titles, preserve records, and generate value. So, rather than having a digital identity, such as a character in a videogame or Memoji being limited to a specific platform, the blockchain can be utilized to not only facilitate the transfer and sale of a previous illiquid asset, but can be applied to a membership tokens or accessories. These can be used in tandem with an identity online and in the real world. That is why interoperable NFTs are essential. They allow users to own and personalize their virtual identities by accessorizing and using them across multiple platforms. This is including social media pages, videogames, Metaverses, augmented reality and virtual reality.
NFT Utility: More Than Just Pieces of Art
The NFT market collapse that has occurred this past year can only be partially attributed t
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