Blockchain, NFT, metaverse: what is “web3”, the new age of the internet?

What evolution of the Internet embodies the “web3”?

The “web3” would be the third age in the history of the Internet, successor, according to its defenders, of Web 1.0, which reigned from the beginning of the 1990s until the mid-2000s, and of Web 2.0, hegemonic since the decade 2010. Embodied by actors like Yahoo! or AOL, Web 1.0 refers to the first uses of the Internet with its static pages allowing information to be consulted essentially, or the sending of emails. Web 2.0 marks the era of the social and interactive Internet, where users can produce and circulate multimedia content. It consecrates the reign of a handful of large centralized platforms like Google, Amazon, or Facebook.

A concept attributed to Gavin Wood, co-founder of the Ethereum “blockchain”, “web3” refers to the idea of ​​a decentralized internet, where users would control their own data, without the help of intermediaries. To the number three (“three” in English) is thus added the meaning of “free” (“free”), evoking the return of an Internet more independent of States as of the giants of the net, as was the case in the ‘origin.

What technology allows this evolution?

The “web3” is intimately linked to the technology of the “blockchain”, a sort of huge digital register shared between a multitude of users, without central authority and reputed to be unfalsifiable, listing the entire history of transactions. Born after the financial crisis of 2008, the most famous “blockchain” is Bitcoin and its associated cryptocurrency, which is totally virtual. Many others have since been launched such as Ethereum, Solana or Polygon. It is on these “blockchains” that projects and applications stamped “web3” are based, such as non-fungible tokens (NFT), non-reproducible digital certificates of authenticity that derive their value from the real or virtual object to which they are attached. .

Enough to give the Internet user as much decision-making power as ownership over what he creates or consumes on the network. “With web3, people create value but also capture some of it, which changes everything for artists, for example. It’s a web that belongs to them, where they regain control over creation and over what they own”, explains Nicolas Julia, founder of Sorare, a French start-up of online game exchanges of thumbnails in the form of NFT. “That’s what will make it possible to reinvent a whole bunch of industries, whether it’s art, music or sport,” he adds.

Is the metaverse part of “web3”?

Although they are linked, in particular by “blockchain” technology and the possibility of holding digital assets such as NFTs within them, “web3” and metaverse describe two different concepts. Propelled to the front of the stage in the summer of 2021, the metaverse designates a digital and social universe, supposed to extend physical reality via augmented or virtual reality, and to move the internet from 2D to 3D. Is its promise enough to amalgamate it with the “web3” revolution, while the metaverse is carried in particular by Meta (Facebook), one of the flagship companies of Web 2.0 and symbol of a centralized vision of the Internet?

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Blockchain, NFT, metaverse: what is “web3”, the new age of the internet?


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