Thought Piece | Innovation

Web3 explained: A beginner's guide

Author: Liam Springate-Jones
Date: 17/03/23

Web3 explained: A beginner's guide

Web3 refers to the future of the internet. It’s a concept that revolves around democracy and ownership of data – an evolution of the current web built for users. Web3 has the potential to massively overhaul how users interact and engage with products and services online. Paving the way for an internet that promotes decentralisation, it represents a shift away from focusing on large tech organisations to individual users. 

Web3 is generating a lot of excitement and it’s likely we’ll start seeing its full impact over the next few years.  According to research, it’s expected that by 2030, the web3 market will have reached $81.5 billion. While the concept is still in its infancy, brands will need to prepare for the upcoming transition. Below, we’ve put together a guide to help brands understand web3 and what it means for their business.

A brief history of the web 

The first version of the internet, known as web1, arrived in the late 1990s and was comprised of a basic collection of home pages and links. All the information was stored on a server and could only be accessed via a computer. There were a few major technologies that made up the core of web1. This included HTML, HTTP and URL, all of which defined the web basics and allowed people to consume content.  

Slowly, the internet evolved away from read-only into the web as we know it today. Web 2.0 consisted of social media, cloud computing and mobile access, where users could create content of their own.  

What is web3?

Web3 is the next stage of a blockchain-based internet that is democratised, decentralised, and even more interactive. The rise of web3 will allow developers to build more comprehensive websites, platforms and applications that allow for enhanced privacy and data security. Users will get greater transparency when it comes to data sharing, with online communities owned by everyone. Unlike previous generations, web3 encompasses several key features that will redefine digital ownership: 

  • Semantic web: is a vision for making the internet machine-readable. It’s the idea of having a knowledge network made up of intelligent content and linked data that can easily be processed by machines.  

  • Ubiquity: With web3, the internet will be truly accessible to everyone - anywhere, at any time, and through a plethora of different devices. 

  • Spatial web: While there’s no clear consensus about its definition, the spatial web blends the digital and the physical world. It enhances web3 experiences with applications like Decentraland – which is a 3D virtual world developed and owned by its users. On the platform, users can purchase virtual plots of land as NFTs. Ultimately, spatial web creates a computing environment that exists in a 3D space.

  • Blockchain: Web3 is built on blockchain technology – which is a shared, immutable ledger system that facilitates digital transactions and asset tracking across a peer-to-peer network. Blockchain will have a massive impact on the digital economy and reshape industries, such as finance, paving the way for easier transactions online. 

As a result of web3, users can expect a whole host of decentralised benefits that will make web experiences more engaging and streamlined, making the internet even more integrated into everyday life. At Splendid, we have deep knowledge and expertise in web3 and virtual reality innovations, which is why we offer metaverse workshops to our clients. Web3 is the next major step in how we consume information. The combination of blockchain, semantic and spatial web will create a much more intelligent internet that is more interactive and engaging.

How does web3 impact businesses?

There’s never been a better time for brands to start getting ahead with web3 – which is set to be a massive disruptor of operations. With the rise of web3, businesses will have greater control over their content and easier access to critical data, enabling them to build a better customer experience.  

Web3 also has the potential to transform the supply chain because it will allow companies to complete transactions directly without third parties. The accuracy of the data can reduce costs and provide greater transparency and efficiency. Web3 technologies, such as blockchain, add an extra level of security due to decentralisation, making it difficult for cybercriminals to penetrate networks to steal information. Taking advantage of web3 innovations will make your business more competitive, streamline operations, automate processes, and ultimately increase profitability.  

Reach out to the Splendid team

Splendid UNLIMITED is an experienced team of digital designers. We understand the demands of building and managing web platforms and ensuring a quality customer experience. We’re also experts in personalisation, which web3 will have a massive impact on. Previously, we have worked with Royal Holloway to create a personalised and immersive digital experience to engage students and support their needs. Our goal is to help brands achieve their business outcomes through digital strategy and design. If you’re interested in working with us, get in touch with our team today