What is Web3? An overview

Metaverse, NFTs and Web3 – we’ve all probably heard these phrases more than once lately. Slowly but surely, these ideas are taking shape and it's high time for companies as well as individuals to get involved with them. Find out why Web 3 finally ensures that data belongs to the user and how new tech startups and companies benefit from it!

What is Web3?

Web3 is also referred to as Web 3.0 and follows Web 1.0 and Web 2.0. The first version of the World Wide Web was very static: documents could be exchanged, and information only be disseminated unilaterally. Users could read and share existing documents but not really contribute to the content themselves. This changed with the advent of blogs and social media – Web 2.0. Anyone with Internet access was suddenly able to share texts, graphics and other content. However, as soon as the content is published on a platform like Instagram or LinkedIn, users release personal information – and with that, their personal rights to it.

Once published, the content then belongs to the respective platform. This is exactly what Web 3.0 wants to change. Everything that users provide as input to Web3 belongs to them.The information and content are not only stored on an account, they actually belong to that account.


Who can use Web3?

The functions of Web3 are currently used mainly by those interested in NFTs and users of decentralized financial markets. After all, Web3 is what makes the whole crypto space possible in the first place. For example, cryptocurrencies are stored in a crypto wallet. A wallet is basically an "account" to which the coins move after their purchase and from which, one can manage Bitcoin, Ethereum, or Litecoin, for example. These "wallets" have a unique ID and can thus be precisely assigned to one specific user – they belong to them and not to any Internet platform.


But in the future, Web3 could and should provide the opportunity to build up alternatives to the big platforms such as Facebook or Google. The "third Internet generation" can serve as a neutral basis for messengers, social media, or blogs. Internet users can use these platforms without having to worry about companies selling their data. This independence from the Internet giants like Meta or Google creates new opportunities in the digital world – for companies as well. For example, it opens up room for countless new ideas for IT and tech companies, but also for marketing: What might "free influencers" look like, who are no longer platform-bound and what about the future of advertising?


Who benefits from Web3?

Firstly and foremost, technology developers, new tech startups, and investors can benefit greatly. As in all other investment areas, those who invest early will profit the most. Startups have the chance to build online businesses that are factually theirs. Without predetermined structures and frameworks from other platforms. But in the new generation of the Web, regular users also benefit in the same way. Web2 was seen as the democratization of the Web because suddenly everyone was able to say something/ share their opinion. With Web3, now data is also being democratized. Because everyone should retain sovereignty over their work and their property - even in the purely digital realm.



Do you want to know more about Web3? Listen to our Podcast with Bram Kanstein, Web3 expert and Startup-Founder.