Web3 is the third stage in the development of the Internet, in which the world wide web will run on blockchains and be managed by users, and not by technology corporations such as Google, Apple and Netflix. The goal of the stage is to make the Internet more accessible, private and secure. Web3, cryptocurrencies and NFT are confidently becoming a part of our lives. Let’s look into the future and think about how these technologies will change our relationship with brands.

What is Web3

Today, the content and personal data of online users belong to companies that can modify, delete and sell them. In turn, Web3 technologies allow people to own their own data. This is its main advantage of Web3, according to Anna Sikat, vice president of marketing and Web3 community at Proxy and co-founder .

“You can create content through a decentralized application, but this application cannot change or delete it, because it always belongs to you, unless you decide to sell it,” says Sikat.

In general, Web3 is a more decentralized network that will be hosted on servers owned by many people and organizations, rather than several corporations. Thanks to this, users have the opportunity to participate in voting according to the rules and regulations of the network.

At least, such an idea underlies this concept. However, at the moment it is at an early stage of development, so it is unknown whether this will be implemented.

Let’s reflect on how these technologies affect consumers and e-commerce brands.