Some skeptics argue that the use of blockchains in web3 isn’t feasible because they’re much slower than standard databases. Furthermore, most popular blockchains can’t handle the volume of data that is generated on a daily basis. In short, using centralized services is unnecessary in web3 and defeats the purpose of the technology. On the other hand, some wealthy investors are building centralized services to provide services for web3 users.
According to a recent report by DappRadar, the market cap for Web3-based games has exceeded $748 million since August 1, 2022. During that same period, 847,000 unique active Wallets interacted with blockchain games, according to the report. The most popular game was Axie Infinity, which hit $4 billion in NFT sales.
Supporters of web3 envision decentralized social networks and “play-to-earn” video games that reward users with crypto tokens. In this way, people will be able to purchase and sell digital culture without any middlemen. In other words, web3 will upend the traditional gatekeepers of the internet, thus ushering in a new digital economy that doesn’t involve middlemen.
Many proponents of web3 argue that a blockchain-based internet would enhance internet security and privacy. They say web3 platforms would also provide a mechanism for creators and users to monetize their content. This is an exciting prospect. If it works, it could potentially make the internet a better place for all users.
Web3 is a technology for creating immersive digital worlds. Through these worlds, people can socialize, play games, attend meetings, and perform a range of activities. Founder Mark Zuckerberg outlined his vision for this concept when he renamed Facebook. Some crypto proponents believe that web3 is crucial to this concept because it enables the creation of metaverses without a single company or set of rules.
Investing in web3 coins is risky. A project could fail at any time, so investors should be extremely cautious and only invest their funds based on their available budget. However, web3 coins may have potential to play an important role in the future of the internet. In the meantime, investors should hold off on investing in these projects until more information is available.
Eventually, Web 3.0 will be permissionless and decentralized. This means that governments can’t restrict what websites their citizens access. Currently, China and other countries block Google, YouTube, and Facebook, which prevent 1.4 billion people from using them. Furthermore, this issue is widespread throughout the world. The more connected products a company has, the more information these algorithms have.
The Web3 cryptocurrency project Chainlink launched in 2017 aims to empower smart contracts by providing them with reliable real-world data. The project also uses a protocol called GraphQL that allows users to query blockchain networks. This protocol was named the Google of blockchains and is being used in social media, virtual reality entertainment, and marketplaces.