From the meteoric rise of Web3 to the acceleration of innovation in healthcare, Gen.T honourees offer insights into how the future is shaping up
While Covid-19 kept people in their homes, time and technology marched on. This year, as the world emerges from the pandemic, it’s entering a new era of the internet.
Web 3.0, or Web3, is the decentralised internet owned by its users and builders—enabling the development of virtual worlds—instead of big corporations collecting user data. For Web1, think of static web pages for viewing and reading only. And for Web2, think of social media, where people can do more than view and read; they can interact, share and contribute to web content.
Web3 is supported by blockchain, the technology behind cryptocurrencies and non-fungible tokens (NFTs) or unique digital assets. NFTs entered mainstream consciousness last year, when the market for them ranged from US$17 billion to US$41 billion, depending on the report, compared to less than US$100 million the year before.
Read more: What Exactly Is Web3 And Why Should We Care?
The mindset shift is here. The moment people value virtual assets more than physical assets, that's the tipping point
The obvious beneficiaries of the NFT boom are artists, who now have more avenues to monetise their creations beyond the initial sale of the work.
Says Kuala Lumpur-based street artist Katun, “NFTs and Web3 have given artists, small and big, opportunities to diversify from tangible artworks to digital artworks with perpetual royalties.” NFTs can be coded so that a small percentage of every secondary sale goes back to a designated account, a function that has also been tapped for philanthropy.
Hong Kong’s Nick Lau, the founder of luxury NFT platform Wear, sees more high-end brands entering Web3 to develop new businesses and nurture future clients. Louis Vuitton and Burberry launched NFTs within online games last year.
Read more: “NFTs Can Help Us Save The World”: Carbonbase’s Max Song On NFTs For Good