NFTs and Web 3.0 – Evolution of the Digital Landscape

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The digital world is becoming ever more complex, especially with the rapidly evolving technologyi today – it’s redefining the ways that people communicate, conduct business and even establish rapport.

During the course of the 21st century, two more terms have emerged – Web 3.0 and NFTs (non-fungible tokens).

All of these new technologies are not only changing the internet itself and marketing as you know it, but they are also fundamentally transforming the digital landscape.

In the last two decades, we have seen the growth of social networking sites, the emergence of e-commerce business and the control of content streaming sites.

But now there is blockchain, NFT and Web 3.0, which is the advancement in the digital world that we can consider as the leap.

Okay, now let’s explore the details of NFTs and Web 3.0, and how they are revolutionizing marketing.

What are NFTs

NFTs rose to fame in early 2021 when artists, musicians and even brands began selling digital collectibles worth millions of dollars. But what exactly are they?

An NFT is a sovereign digital asset and is recorded on a blockchain network. In contrast to regular cryptocurrencies such as Bitcoin or Ethereum, where each token has equal value, each NFT is distinct.

There are billions of NFT tokens, and each is special in that it has a set of metadata that makes it different from another token.

Each of these traits makes NFTs useful for proving you own something or are the rightful owner of some digital asset such as art, virtual land, music or even a Tweet.

Consider NFT as a subset of digital assets that fall within the category of informational collectibles.

They function similarly to baseball cards that you have purchased, sold or otherwise exchanged – but because of blockchain technology, they are now digital tokens.

A key aspect to note is that the appeal of NFTs stems from their transparency, verifiable ownership and decentralization.

Due to the blockchain technology, the owner of NFT is well identifiable – thus, digital creators can establish ownership rights to a certain asset and sell them directly to clients, avoiding middlemen.

What is Web 3.0

Now that we understand NFTs, let’s move towards what we know today as Web 3.0.

While NFTs are likely the future of owning unique assets, Web 3.0 is the backbone that enables people to achieve this.

Web 3.0 is termed as the third generation of the internet, which involves…