According to Rohas Nagpal, author of the Future Money Playbook and China Blockchain Architect at the Wrapped Asset Project, Web3 With this, there can be a big change in terms of content on the Internet and people can be able to control and monetize their data. In recent months a number of major brands have taken an interest in Web3. These include the New York Stock Exchange, American Express, McDonald’s and Mahindra & Mahindra. Big companies like Apple, Microsoft and Google have started adding Web3 specialists to their teams.
The first generation of the Internet was from the 1990s to 2004. During this time most of the websites were related to business. In the current or second generation of the Internet, a large part of the content is generated by the users. This includes social media content and blogs. Most of this data is controlled and monetized by big companies like Google and Meta (formerly Facebook). Web3 can be used in blockchain games, central bank digital currency (CBDC), cryptocurrencies, non-fungible tokens (NFTs), stablecoins and security coins.
Additionally, Web3 will allow artists, filmmakers, musicians and other content creators to engage directly with their audiences and work without intermediaries. Some of the major projects involving Web3 include Application Programming Interface (API), Aragon, Arweave, Audius, Basic Attention Token, Chainlink, Filecoin, Helium Network, Livepeer, NuCypher, Ocean Protocol and Render Network. This next phase of the Internet is likely to bring about changes that can improve the way companies do business. The central government said last month that its Metaverse or Web 3 Regulate There is no plan to do so as these are emerging technologies. The Information Technology Act exists to regulate the technology sector in the country and because of this, the government does not want to introduce regulations for new segments like the metaverse.