The internet is currently undergoing a transition into the third iteration of the web called Web 3.0. This new version of the internet features artificial intelligence, virtual reality, augmented reality and blockchain technology, which makes it possible for users to transfer data more securely while also trusting that what they see is authentic and unchanged. The system also guarantees users more control, autonomy, privacy and anonymity.
With the various features that come with its emergence, web 3.0 is set to transform how businesses operate, how people communicate and how information is shared, fundamentally changing the internet from a simple online marketplace to a digital ecosystem that has the potential to reshape society as we know it.
These developments aren’t just future possibilities. They’re here now, and a number of big companies are already investing big in them. However, just as in the yesteryears of the internet’s emergence, many individuals, brands, and businesses are again choosing to ignore these developments. Moreover, regardless of the interest it has generated so far, a number of individual and corporate bodies who have understood the significance and benefits of this new web version are already jumping on the web 3.0 train.
In this article, we will discuss some of the top firms investing in web 3.0, but let us first consider the significance and relevance of this web system.
What is The Relevance of Web 3.0?
With the recent developments in web 3, as well as the progress it has made so far, it is clear that web 3.0 is the imminent future of the internet. The present version of the internet has, however, been pretty good per se. Its only problems are just a few flaws in the system’s structure. One of them is its centralized state, which takes away control from users and consolidates them into a singular entity.
This centralized nature means that the central governing body, in this case, ICANN, is responsible for controlling the system’s affairs. They have censorship power and access to users’ data, which means users have little or no control, privacy, anonymity and even security. The singular control point in this web 2.0 system also means it has a single point of failure.
However, Web 3.0 intends to improve upon the existing system by correcting its flaws to create a web system where users have privacy, anonymity, and security and more control over their online data and presence. Web 3.0 is primarily built on blockchain technology, with decentralization at its core. Many people have however chosen to ignore this development and transition into web 3.0, regardless, quite a number of big tech players are already taking heavy strides towards the web 3.0 direction. These involvements paint a positive outlook for the system as well as further confirm its genuineness, relevance and impressive potential. Here are some of the top firms investing in web 3.0 at the moment.
Although Meta is a tech behemoth in traditional web 2.0 centralized web, they are beginning to take significant steps towards being a part of web 3. One of the major visions born with the firm’s rebranding in 2021 was to transform its various social media platforms into an utterly immersive Metaverse space, with the incorporation of artificial intelligence as well as virtual and augmented reality. Apart from that, the firm has also begun to make significant strides in the crypto space.
Founded in 2017, Opensea has grown significantly since its establishment to be the biggest NFT marketplace worldwide. It is a platform where users can buy and sell NFTs as well as create them. One of the major features of Opensea is that it runs on a decentralized system, where users can have peer-to-peer transactions independent of interference or control of an external entity. Since its establishment, over 30 billion dollars worth of transactions has been done on the platform.
The video game software development company is one other significant big tech player venturing into the web 3.0 space. The video game firm has currently intensified its effort in the virtual reality niche as well as in artificial intelligence and 3D technology. They are a major player in the development of the metaverse with the creation of diverse real-time 3D materials, as well as virtual and augmented reality devices and games.
Nvidia is another prominent player in artificial intelligence. They make significant contributions to the metaverse and 3D technology by designing and developing various types of graphics processing units (GPUs). GPUs are essential in producing high-quality visuals and 3D environments that can help in creating an immersive experience for web 3 users.
The renowned US-based crypto exchange platform has been one of the leading platforms for buying, storing, transforming, and selling cryptocurrency over the years. The platform also serves as a marketplace for NFTs. Moreover, apart from serving as a crypto invest platform, or a platform for investing in a new cryptocurrency, Coinbase has recently begun to venture further into the world of web 3.0 with the introduction of Decentralized mobile Applications, DApp and Decentralized Finance (DeFi) wallet.
Brave is a free and open-source web browser. It is one of the few web browsers that is web 3.0 compliant, with one of its aims being to make web 3.0 accessible to everyone. With the browser, users can easily access and navigate through any crypto domain or web 3.0 domains easily, without the need for any domain resolvers.
As a new and developing web system, web 3.0 is beginning to gain traction and a lot of interest not only from crypto enthusiasts but also from a number of notable firms, aside from the above-mentioned ones. This interest in web 3.0 further confirms its legitimacy and importance. It also sends a message that suggests that now is the time to invest in the system before it is entirely here.