Can Web3 free users from monopolies to become its center? |

Monopolies have been a hot-button topic for some time, but few get to the heart of them like Web3. The project seeks to use Ethereum as its medium, and open up what it calls “decentralized web” by removing dependence on centralized services such as Google or Facebook. However, this is still an early stage in development and major hurdles need to be overcome before these principles will actually reach mainstream adoption.

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Web3 is a project that looks to decentralize the internet. The project is led by Ethereum, and it is looking to free users from monopolies. This will allow users to become the center of their own ecosystem. Read more in detail here: web3 coinmarketcap.

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According to financing statistics from Footprint Analytics, the Web3 sector of the blockchain business got $9.463 billion more investment in 2022 than GameFi and DeFi combined.

This suggests that Web3 is well-positioned to be the next bull market’s breakthrough sector. But what is Web3 and how is it different from Web2?

This article will explain what Web3 is and how it may alter people’s attitudes about the internet.  

Web3 is the next step in the evolution of Web2.

Web2 has two primary characteristics: 

  • The site is based on user-generated material.
  • Data flow is monopolized by the platform.

Web2 is fundamentally an upgrade over Web1, however the Web2 era’s user data is stored in many programs that users cannot manage or use freely. This is a stumbling block for Web2.

Decentralization is a component of Web3, which alleviates the problems of Web2 by giving consumers back control of their data and assets. In principle, Web3 provides people with their first opportunity to obtain online power.

The Embodiment of Web3 in Blockchain Decentralization

Web3 technology is still in its infancy, but it is quickly gaining traction in all aspects of blockchain decentralization. Web3 is increasingly attracting more investment than DeFi and NFTs, according to Footprint Analytics.

With a total investment of $3.24 billion in April, Web3 received the highest capital of any industry. Could Google Cloud’s foray into Web3 to win market share with technical assistance be due to the fast expansion of Web3?

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Footprint Analytics - Funding Number of Monthly Investment by CategoryFootprint Analytics – Funding Number of Monthly Investment by CategoryFootprint Analytics - Web3 Monthly Fundraising AmountFootprint Analytics – Web3 Monthly Fundraising Amount

Web3 is becoming more popular, with applications in areas like GameFi and Metaverse. Web3 is, after all, decentralized, and user data is held on the chain. Users have control over their data, which they may utilize to generate and collect value. 

In gaming, Web2 Game Mode vs. Web3 Game Mode

Web2 games are free-to-play, with the primary goal of selling virtual goods such as equipment. The game firm controls the game’s development direction under this paradigm, with the goal of making more money from the game design. Players do not own or have control over the objects they purchase or gain while playing, and they cannot be sold on the secondary market.

The P2E or M2E approach, which is based on making the user the legitimate owner of in-game assets, is exemplified in Web3 games. In a P2E or M2E game, the player takes on the role of the main participant, and the game’s gained NFTs may be purchased and sold on the primary or secondary market. 

Changes As a Result of Web3

Web3 introduces several improvements at the decentralized infrastructure and application levels, in addition to the aforementioned user data and asset ownership. At the application level, for example, there are the most basic privacy safeguards, data storage, and DAO governance. GameFi gaming projects, social entertainment, and other applications are available at the application level.

  Footprint Analytics - Top Web3 Tokens by Market CapitalizationTop Web3 Tokens by Market Capitalization, according to Footprint Analytics

 

  • Polkadot is Web3 infrastructure, which solves the issue of data interaction across blockchains with diverse features, establishing a Web3 cross-chain solution and making on-chain applications more convenient.
  • It is simple to be removed by centralized operations when compared to standard centralized storage data systems. Arweave, a decentralized storage platform, tackles the challenge of long-term data storage while also preventing data from being erased if it becomes too huge.
  • Through its gamified shoe upgrading system, STEPN has motivated millions of consumers to live healthier.

Summary

Web3 technology, on the other hand, delivers fresh updates and advancements to users. Can blockchain achieve perfect user equality and shatter the platform monopoly due to its decentralized nature?

Web3 technology is still in its early stages, making real decentralization challenging. In the long run, Footprint Analytics thinks that Web2’s centralized application and platform paradigm will coexist with Web3’s decentralized application and distribution strategy. In Web2 and Web3, user identities, value systems, and user organizations will converge.

The Footprint Analytics community contributed this article.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward. Date & Author: May 2022, Vincy

Footprint Analytics – Web3 Dashboard is the data source.

What is Footprint Analytics, and how does it work?

Footprint Analytics is a one-stop shop for analyzing blockchain data and uncovering insights. It cleans and unifies on-chain data so that users of any skill level may begin exploring coins, projects, and protocols right away. Anyone may create their own personalized charts in minutes using over a thousand dashboard templates and a drag-and-drop interface. With Footprint, you can discover blockchain data and invest more wisely.  

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Web3 is an open-source project that aims to decentralize the internet. It has become a popular platform for crypto enthusiasts, but it also offers users a range of other features. Reference: web3 pricing.

Related Tags

  • web3 crypto list
  • web3 crypto news
  • web3 crypto price prediction
  • monopoly definition economics
  • web 3

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