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Thursday, April 25, 2024

What Is NFT, What Is Web 3.0, Future Of Cryptocurrency?

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NFT

Non-fungible tokens are the latest trend in the digital world right now. Everyone has heard about NFTs and is eager to test them out and see what all the fuss is about. This resulted in a trade revolution in the internet community. Owning NFTs is now a highly popular practice; not only is it popular and well liked in the community, but it also provides a tremendous chance for individuals to invest in and view NFTs as assets. 

What Is NFT, What Is Web 3.0, Future Of Cryptocurrency

An NFT is a unit of data that can be sold and exchanged and is maintained on a digital ledger called a blockchain. The NFT can be linked to a digital or physical asset, such as photographs, movies, or audio files, as well as a licence to use the asset for a specific purpose. NFTs are occasionally sold for exorbitant prices online and large corporations are now getting in on the act as the tokens make their way into everything such as art, apparel, memorabilia etc. 

NFTs, like cryptocurrencies, are traded on specialised platforms. The token’s ownership is documented via block chain technology. These tokens might be digital representations of the actual items. 

Web 3.0

Web 3.0, often referred as the decentralised web, is by far the most recent generation of internet applications and services that are enabled by distributed ledger technology, the most prevalent of which are blockchains. It focuses on linking data in a decentralized way instead of centrally storing it, with computers capable of interpreting content as effectively as people interpret. Web 3.0 often called, as Semantic Web is an expansion of the World Wide Web, which is based on World Wide Web Consortium principles (W3C).

In essence, Web 3.0 as an evolved iteration of the previous version where the data was controlled few by big names such as Google, Microsoft, Apples etc. and distributes the control to the user instead.

To accomplish real-world human communication, Web 3.0 makes use of machine learning, artificial intelligence, and blockchain. Individuals will not only be able to control their data under Web 3.0, but they will also be reimbursed for their time spent on the internet.

Internet-connected gadgets will eventually no longer be restricted to computers and smartphones, as they were in web 2.0. The “Internet of Things”, and technology will enable the development of a plethora of new sorts of intelligent gadgets.

Future of Cryptocurrency

The year 2021 witnessed new highs breached by both Bitcoin and Ethereum (2nd biggest cryptocurrency). Investments in crypto has grown exponentially, but every abrupt rise is followed by a general correction.

A crash is in order of cryptocurrencies as well, however, cryptocurrencies like Bitcoin, Ethereum etc will survive the fall because of their clearly defined use case and characteristics. 

Future of cryptocurrency is filled with prospects, more so for the early investors who will reap the most returns. Moreover, as part of the next phase developments such as NFTs which are a part of the Ethereum blockchain, and as the co-founder of Ethereum who coined Web 3.0, the concept itself. So here, future of cryptocurrency is resting assured. as Cryptocurrency is the Future itself.

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