Web 3.0 and the Metaverse will impact everyone – but how could take lots of forms.
For many people, the notion of Web 3.0 and the Metaverse are abstracts.
Chances are you’ve heard of them by now. But for most people, they’re ideas in the ethers that they are not familiar with.
Yet.
You see, like it or not, Web 3.0 and the Metaverse are here, now. They are currently more-or-less toddlers. Taking their first steps, often falling, sometimes running and stumbling.
Were it not for the job I took on part-time almost 6 months ago, I’d have next to no idea what this concept is, at all. Did you know that Web 1.0 gave way to Web 2.0 at some point? I think I
did, but only vaguely.
Yet as I learn what this new technology currently is and what it can become – I am gaining new insights and seeing now potential and possibilities.
That’s not to say there’s not some fear involved. There are some majorly complex elements to Web 3.0 and the Metaverse. But then, really, the current form of the online world has numerous complex mysteries to it, too.
One interesting aspect of the new technology is what it can and might mean for writers, artists, and other creatives. Specifically, new and barely explored options both to share and make a living from our creative work.
One of the most fascinating elements of the Metaverse is how it is full to overflowing of opportunities for creatives.
Before I get into that, let’s define this notion a bit more clearly, shall we?
New terminology for Web 3.0 and the Metaverse and its overarching meaning
Let’s start big. But note – I am not an expert and am still learning all of this for myself. So please take this information as Kindergartener level info. I am also quoting a lot of other sources to create this primer.
It’s going to get a bit technical, here. But knowledge is power, so let’s go exploring.
Web 3.0 (aka Web3)
This is the new and upcoming tech that makes up the internet.
According to Wikipedia, Web 1 was from 1991-2004, while Web 2 is where we’re at now. Investopedia provides a bit more insight. Web 1.0 was the advent of the 3 main technologies that gave us the world wide web – HTML, URL, and HTTP. Web 2.0 was the shift to social media, eCommerce, smartphones, and the online world we know and love or loath now.
Another source I can’t recall put it like this – Web 1.0 was open to everyone from its inception. Web 2.0 got monetized and taken control of by various business entities. Web 3.0 is all about de-centralizing that control and allowing regular people – not just business and government entities – to find ways to build, earn, and share more.
It is via Web 3.0 that the following concepts are being developed.
Metaverse
The phrase “Metaverse” was first coined by Neal Stephenson in his book Snow Crash in 1992.
Most people presume that the Metaverse is akin to The Oasis in the book Ready Player One. And they’re not wrong. The virtual reality (VR) of the metaverse is a huge element of it.
But that’s just the beginning.
The pandemic caused most of us to stay home. To interact in any way – more than just via voice – we had to use online tools.
Once more, let’s turn to Investopedia for a definition – “The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.”
While big companies like Facebook (now Meta) intend to make their way into the Metaverse, it is also a place that regular people will have a great deal of interconnectivity and control.
I am guessing that in the next 5 years or so, something will evolve in the Metaverse that will supplant most of the current social media outlets. And I do not believe it’s been invented yet – but that’s part of how Web 3.0 and the Metaverse will impact all of us.
In other words – the Metaverse is an online parallel universe to what we perceive as reality. It’s existed since the world wide web came into being – but new tech is redefining it and offering new and intriguing ways to access it and experience it. And yes – that is becoming increasingly literal via AR and VR.
Blockchain
Blockchain is a form of database that gathers information together from groups known as blocks that hold information. As blocks get filled, they are closed and linked to each other, forming a data chain. The data strung together this way is decentralized – so not controlled by a single entity – and permanently recorded and unchangeable as such. Thus – super secure.
In other words – blockchain is interlinked secure data that is difficult to hack and provides new means of digital storage and creation.
Blockchain is the foundation for cryptocurrency.
Cryptocurrency
I’m just going to quote this from Investopedia – “A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology.”
Bitcoin and Ethereum are among the best-known at this time. The other very important element of cryptocurrency is that it is not issued by a central bank – like the Dollar, Euro, Yuen, etc. This is why it’s rather suspect in the eyes of many.
But let’s remember this – even the currency issued by central banks is fiat – made up. It’s only more tangible than crypto because it’s made available in bill and coin form. But all current forms of currency – issued by central banks or crypto – are wholly created out of thin air.
In addition to cryptocurrency, blockchain is also being employed by another up-and-coming notion.
Non-fungible tokens (NFTs)
Again, thank you Investopedia – “NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. “Tokenizing” these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.”
NFTs are one of the main ways artists are gaining ground in the Metaverse. But this is still very much in its infancy. Yet, ideally, this is a way to turn art into a collectible that can make it more valuable than it would be via real-world interactions.
There is also a bit of a backlash because the valuation of an NFT is extremely subjective. But that’s no different than any other real-world collectible. My Star Wars action figures that I played with as a child are worth variable amounts to different collectors. Some are worth very little. Others, quite a bit. The difference is tangibility – NFTs are not something you can hold in your hand.
Although an NFT could be created related to a tangible item. But I’m going to leave this here because that’s even harder to wrap my brain around.
Let’s move into a couple of even less-common elements of Web 3.0 and the Metaverse.
Decentralized Autonomous Organization (DAO)
Once more, I turn to Investopedia – “The DAO was an organization created by developers to automate decisions and facilitate cryptocurrency transactions.”
Though the original DAO ran into several issues, new DAOs are being created to continue automating cryptocurrency and NFT transactions in the Metaverse. This will be in the hands of many, and not affiliated with a government or businesses like Meta.
DAO creators are coming together with transparent plans (usually presented via “Whitepapers”) intent on making the new possibilities accessible to more and more people – without having to go through a gatekeeper like a big business or government. And they are intentionally more transparent to avoid many of the pitfalls notorious in government and big business.
Decentralize finance (DeFi)
Again, turning to Investopedia – “Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.” It also removes fees and has a majorly accelerated transfer time from traditional finance.
In other words, DeFi removes the middleman and the chunk of your hard-earned currency it takes from you.
Lots to digest, right?
Ok, this is a super-basic primer on Web 3.0 and the Metaverse. All of these new technologies are emerging, and the form they have now might well shift in numerous, unpredictable ways going forward.
But – let’s talk about how this can and will impact artists, writers, and creatives for the better.
Web 3.0 and the Metaverse is open to all
You can read a lot of things telling you about how cryptocurrency is already failing, NFTs are a huge scam, the Metaverse is nothing but a big game, and Web 3.0 is a joke.
In my experience, a great deal of the negativity towards all of this comes from various forms of “the establishment” because it’s more open for development and exploration. Social media will take on a very different look when you can enter a virtual or augmented reality to converse with people, play games, and even conduct business. The Zoom of tomorrow might be far more interactive and connected. You might holographically sit around a conference table in the not-so-distant future.
What does this have to do with creatives? The possibilities and potential that Web 3.0 and the Metaverse represent are almost as vast as the cosmos itself. Like our galaxy, we have still barely explored a fraction of what’s out there.
Which means creators have opportunities galore. Artists will render new realities in the Metaverse, some far more immersive than any gallery you can attend today. For writers – who knows how stories will be experienced in virtual reality? But most importantly, Web 3.0 and the Metaverse will provide new places for sharing our stories.
The reality is – I don’t know how Web 3.0 and the Metaverse will impact writers, artists, and creatives. But it will – because it will impact the world.
Don’t fear Web 3.0 and the Metaverse
While elements of this are scary – and I, for one, do not intend to stop spending time in reality for virtual reality – the possibilities and potential for creatives to share and earn more is not to be ignored.
Writers, artists, and other creatives can make use of these emerging technologies in lots of ways. I encourage you to keep your eyes and your mind open to what could be. Do research, become familiar with these concepts and what they might be able to do for you.
For example – though nothing is in it presently, I just opened a crypto wallet. I’d rather be getting familiar and preparing to be part of this than to get caught off guard and scrambling to catch up.
Remember that Steve Jobs envisioned computers accessible to not just big business and government entities – when that seemed inaccessible and ludicrous to most. And now we all have access to smartphones more powerful than the computers that helped get us to the moon. I believe Web 3.0 and the Metaverse are the starting point of a similar leap – so I am getting in on it as a creative sooner rather than later.
In addition to research and reading, there are podcasts and videos on these topics. One suggestion – check out the bi-weekly podcast Crypto for Creatives.
Technology is constantly evolving. Web 3.0 and the Metaverse are the results of this. As a creative, this is worth exploring and learning all you can for your ultimate advantage.
How can I gain new means to share my creativity with the world through this?
This is the one-hundred and fifty-first article exploring the ongoing creative process. Please take a moment to check out the collection of my published works, which can be found here.
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