Why Could Web3 not Exist without NFTs and Metaverse?

Introduction to Web 3.0

A blockchain-based internet is referred to as Web 3.0. One of the most appealing aspects of Web 3.0 is its decentralized nature. Web 3.0 allows anyone to effectively claim, build, and control pieces of the internet, as opposed to users accessing the web through services controlled by centralized tech behemoths such as Google, Apple, or Facebook.

Despite the fact that Web2 has provided the world with amazing free services, many people have grown tired of the “walled gardens” that large tech companies have created – and want more control over their personal data and content.

Furthermore, in recent years, individual data management and control has become a major concern for internet users. Web2 has primarily involved large technology companies harvesting, selling, and using personal data to create tailored advertisements and promotional campaigns.

With the advent of data manipulation in today’s internet, the world is rapidly approaching Web 3.0 – and the emergence of public blockchains is increasingly allowing users to reclaim control of their personal data without involving third parties. The “Metaverse” is a significant sub-domain of Web 3.0.

What is the Metaverse?

What is the Metaverse, exactly? To put it simply, the Metaverse is a digital space that combines physical reality with virtual, augmented physical reality.

Consider the Metaverse to be a 3D representation of the digital world that can be accessed through smartphones. Identity will be crucial in shaping the user experience in this 3D digital space.

Greater control over one’s personal identity is highly desired by Metaverse users. Managing your own identity – from Avatars to Credentials attached to a wallet address that is not stored on a centralized server – is part of what contributes to the Metaverse’s decentralized nature.

Because Web 3.0 is aimed at establishing a decentralized Internet, Metaverse embedded on public blockchains can provide user data privacy and ownership. This is in stark contrast to centralized servers, where an organization has complete control over all individual data, allowing it to manipulate the user experience while also exposing it to data and identity theft.

The Importance of Digital Identity in Web 3.0 and the Metaverse

Giving users control over their identities is critical in the Metaverse. Because they do not accurately reflect demographics, digital identities are difficult to verify. Due to significant security flaws in the current identity system, replication of one’s digital identity is common, resulting in devastating personal data breaches.

Attaching digital identities to the blockchain, for example, ensures that no one other than the owner can change identity information. This can result in a more personalized and secure browsing experience.

In practice, this can be accomplished by establishing digital identities on public blockchains as non-fungible tokens (NFTs). Because NFTs are digital assets with programmed scarcity, they are an ideal tool for representing ownership of unique virtual assets and digital identity in Web 3.0 and the Metaverse.

Digital Identity Powered by NFTs

Users can own avatars, digital apparel, and other items in the proposed NFT-powered metaverse and migrate them across platforms using a non-custodial crypto wallet.

The blockchain-based self-sovereign identity ecosystem gives individuals and businesses complete control over their digital identities.

Once launched, Living Avatar NFTs can assist users in verifying their identities on Web 3.0 and the Metaverse by assigning blockchain-secured credentials. These Credentials are assigned various attributes based on which a person’s individuality is verified and checked.

Having your digital identity stored as an NFT can help you mitigate a variety of fraud threats such as fake ID creation, bot accounts, and more.

Furthermore, the presence of a creator economy in the decentralized Metaverse necessitates the use of digital ID authentication on the blockchain in order to eliminate copyright infringement and intellectual property theft.

Conclusion

Many problems can be solved by storing digital identity as an NFT, ranging from granting rights to identity to securing the data-driven metrics associated with that identity in a given protocol.

Some projects allow POI Platform participants to display identity attributes on the custom-minted NFT, making them unique and difficult to replicate. Furthermore, users will have complete control over the data revealed by the NFT, ensuring maximum privacy and control over their personal data.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.