- 1 Non-fungible tokens are one of the elements that Web3 will require.
- 2 There’s no specific data available on how many users are active in Web3.
- 3 Nearly 90 percent of the global population uses the internet today.
Is it really the time for Web3 to break out? It does not seem like it. But Chris Dixon, general partner at venture capital firm Andreessen Horowitz, has written an entire book on the next iteration of the internet called Read Write Own: Building the Next Era of the Internet. The 320-page book can be purchased as a physical copy or as an e-book.
Understanding The Potential of Blockchains and Web3
A couple of experts from different industries have already laid their views down regarding the book. According to OpenAI co-founder Sam Altman, it is “a compelling vision of where the internet should go and how to get there.” While Disney CEO Bob Iger thinks it is “a must for anyone who wants to better understand the real potential of blockchains and web3.”
Chris Dixon was excited for the launch and posted a photo of him with the physical copies of his books on social media platform X (formerly Twitter). “Excited for tomorrow’s book launch,” he wrote. His followers shared his interest. A user called ‘christian pusateri’ wrote, “Been waiting for six months.” And of course, the post is somewhat associated with crypto, so there were scammers seen trying to promote their pump and dump schemes.
While speaking at CNBC’s Squawk Box, he said that “payments, DeFi, Bitcoins, are important applications. I view blockchains as an expansive technology. A new way to build internet services. Those can be games, financial services. The financial part is important but in a lot of ways overplayed in the discussions. It’s one of the things I try to do in my book, describe up the different expansive use cases for the technology.”
Non-fungible tokens (NFTs), which are also considered the cousins to cryptocurrencies as they operate on blockchain, are one of the elements that Web3 will require. They represent true ownership and cannot be replicated. However, users can still take screenshots of them. But then again, they don’t get to own it as the original NFT is dwelling on a blockchain.
Regarding NFTs, Chris said that, “A lot of people think of NFTs as sort of avatars. In fact, it’s an expansive technology. We see musicians using NFTs, to sell digital merchandise to audience, creating new income streams supplementing streaming that doesn’t pay well and, used in social networks.”
According to the latest data by international financial institution World Bank, nearly 90 percent of the global population uses the internet today.
There’s no specific data regarding the number of active users on Web3. Considering the space is composed of crypto, gaming, decentralized finance (DeFi) and more, they are still a part of Web2.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.