What is Web 3.0, and what does it have to do with NFTs and the metaverse?

Yet another video gaming company joined the NFT and metaverse craze as Player Unknown’s Battlegrounds creator Krafton announced on Feb. 9 that it is partnering with NAVER Z to create a new metaverse platform using non-fungible tokens (NFTs).

PUBG is one of the most popular battle royale video games, and its mobile variant frequently tops mobile revenue charts. The fact that the creators are investing over 6.5 million USD into these rising technologies is a big deal.

But alongside the promise of an NFT metaverse, Krafton and NAVER Z will integrate Web 3.0 in the project. While NFTs and the metaverse have gotten a lot of mainstream media attention, Web 3.0 is an important factor in the advancement of these intriguing technologies.

So, what is Web 3.0?

Currently, the World Wide Web allows users to both consume and create content on websites. Before the early 2000s and the widespread implementation of Web 2.0, it was nearly impossible to interact with the content you were reading. Now, every time you reply to a tweet, share a Facebook post, or upload a YouTube video, you can thank Web 2.0 for giving users the ability to read and write.

As developers look toward the future of a virtual living environment in the metaverse, the need for a more fleshed-out structure has arisen. The idea of Web 3.0 has been around for a while, but the integration of blockchain technology to make the internet a decentralized hub for users to contribute their own content is one step further towards making it a reality. At the heart of the blockchain is an elimination of the middle-man. No more powerful publishers gatekeeping the internet’s potential. Web 3.0 looks to bring that to its fullest extent.

But Web 3.0 can do more than that. As Krafton and NAVER Z look to build an immersive metaverse, Web.3.0 can make NFTs available to be used and traded across different games, programs, and platforms. This can push the metaverse to the next level as it can create a more safe and integrated environment.

Companies such as Krafton are investing heavily in this technology, and as it develops into a more tangible product, the metaverse will increase in usability. The possibilities can end as far as our imaginations take them!

GosuRabbit is a marketing agency that specialises in providing entertainment, esports and gaming marketing services for brands, businesses and agencies across the globe.

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