Chances that you have wondered about the future of Web 3.0. Topics like blockchain technology, NFTs, the metaverse and cryptocurrencies fascinate you. However, it is difficult to predict the future. As a result, all of us give out predictions from time to time. Hence, talking about the future helps to stretch the limits of our thinking. It needs us to use all our knowledge towards specific outcomes. Our personal and professional lives depend on how well our predictions match up to reality.
NFTs took the world by storm in 2021. But this is the beginning. We’re all set to embrace the metaverse as we look for new ways to create growth and rouse the engines of capitalism.
How to Think about NFT wallets
- Web 3.0 is about decentralization of software and putting power in the hands of people and communities
- Blockchain technology enables us to bake in payments into the core of the internet
- For the first time in history, we can have a global, 24/7 liquid market for any asset. This is the tokenization of all physical and digital objects.
- Peer to peer markets are more efficient and help us to transact with anyone on the internet. We can bypass intermediaries and middlemen who don’t add value.
- Cryptocurrency and NFT wallets are the gateway to this new world.
Think of an NFT wallet as the wallet or purse we all own in our day to day lives. For instance, we use the same wallet to head into any shop or outlet to buy our products and services. Similarly, NFT wallets help us use any Web 3.0 product without needing new logins or passwords. Hence, our NFT wallets are an extension of our real selves in the metaverse.
They are the most important piece of digital infrastructure we need to understand.
Without further ado, let us understand the 5 ways in which we will use NFT wallet in the future.
Social networks, e-commerce websites and other software already resemble games.
We get digital tokens or coins for purchasing products and services. There are limits to usage. We cannot use them outside the software.
This is an issue since it limits the ability of users to do what they want. Not only are we not in control of our data, but we are also limited in the ways we interact with the digital world. The future is about interoperability, where your NFT wallet will be able to ‘talk’ to any application and use multiple digital assets. Imagine using your NFT wallet to purchase products from an e-commerce store and then using the rewards in another application for professional networking.
The play-to-earn gaming model is touted as the future of the gaming industry
If that’s anything to go by, NFT wallets will be a core part of this movement. In a nutshell, NFT wallets will help us create markets for anything and everything.
Digital Identity and Data
Many people are casual about the use of their personal data and often give it away for free. They do not realize how valuable their data is in the larger scheme of things. They have been lucky that their data hasn’t been misused yet. Millions of internet users around the world fall victim to data theft, spams and scams. All of this is enabled because our personal data is free to purchase for anyone who has the money to pay for it. We’re more vulnerable than we think.
Data privacy lies at the core of Web 3.0 and the metaverse. Hence, all our personal data will be in our control. We can monetize our data as NFTs and determine how they are used and for what. We will see the emergence of decentralized data sharing where you will be able to see exactly how your data is being put to good use. NFT wallets will form the most important part of this movement.
Rise of Digital Communities
In the emerging world of Web 3.0, expect internet communities tied together with NFTs to rival real world organizations and nations. Communities build civilizations, This has been true for thousands of years and will continue to be relevant in the metaverse.
But, what do communities do? It’s simple. Similar to how we have corporations and companies, we will have NFT based communities in the metaverse who will shape reality in their own ways. We are already seeing the emergence of real world communities, shaped from the digital world. NFTs will supercharge this phenomenon.
NFT wallets will let communities determine who exactly their members are, their skills and capabilities and the reach of their network. Every individual will be a part of multiple metaverse communities bound together by passions and interests using NFTs. The future of work will resemble more like playing and socializing.
Tokenization of Everything
The image of the most ideal future looks like this: all of the physical world will be put on the blockchain. Once done, we can trade, transform and do anything we like with them. Since the blockchain is a permanent, tamper-proof ledger, it serves as the base layer for all of humanity.
That means NFT wallet will possess unforgeable records of all of humanity’s transactions of any physical or digital product or service. This is a revolution in the making. It is nothing short of an extraordinary leap in the progress that humans have made in the last few centuries since the dawn of the industrial revolution. Bull or bear markets have no meaning when so much is at stake.
We will not need a legal system for issues like forgery of transaction records and other related financial disputes. Civilization will be peaceful.
The Intelligence Layer of the Metaverse
Who will control all our NFTs? Nobody.
The very premise of decentralization is that the community is in charge of all their data and actions. The internet in and of itself is not intelligent. It is us humans, who develop algorithms using data to make them intelligent for multiple communities and use cases.
Similarly, NFTs by and themselves will not be enough to achieve the ambitions of the metaverse. NFT wallets will play an important role in ensuring that we keep track of our NFTs and use them in both individual and community perspectives.
We’re in the midst of many changes. This decade is all about embracing new technologies. Humanity is merging the physical world with the digital. This merger is nothing but the metaverse. A world where no matter where anyone is physically located, he or she is able to do what they want, when they want and are in control of their data dn identity. Web 2.0 could not make this dream a reality. With NFTs and blockchain technology we can build an open metaverse.
NFTically is a B2B saas venture that helps brands, creators and enterprises to create and launch their NFT marketplaces.
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