Mark Zuckerberg says Metaverse can become a $1 trillion online economy

Mark Zuckerberg, the founder of Facebook, sketched out his vision for Web 3.0 and the metaverse at the company’s developer conference this year.

Web 3.0 aims to revolutionise the internet in the same manner that cloud technology revolutionised data storage — but on a much larger scale. Most major digital organisations and industries, including the blockchain industry, have a laundry list of what Web 3.0 means to them.

“While the metaverse is still evolving, several crucial components have begun to take shape and are revolutionising everything from e-commerce to media and entertainment, and even real estate,” according to a November analysis from crypto investment firm Grayscale.

Today’s Web 3.0 promises to be more dependable, decentralised — putting control in the hands of the user — allowing users to socialise for work and play through the metaverse, and making payments cheaper and easier. Mark Zuckerberg, the founder of Facebook, sketched out his vision for Web 3.0 and the metaverse at the company’s developer conference this year. To signify a new era of progress, he even changed the name of his company to ‘Meta.’ In October, he said, “I believe the metaverse is the next chapter for the internet.”
To begin, let us distinguish between the terms “internet” and “global web.” All data transmission travels through the Internet’s physical infrastructure of cables, satellites, Internet Service Provider (ISP) networks, and routers. The web is a form of data transmission that travels via the Internet.

When you browse the internet, make a video chat, peruse social media, or send data from your PC to the cloud, you’re on this highway.

Web 1.0, the initial version of the internet, is thirty years old. Consider company websites, curated website directories, static web pages, and flash banner advertisements. Only a small percentage of the population was providing material, and the majority of the public was only interested in reading what they had to say. You’ve progressed passed that point and are now somewhere between Web 2.0 and Web 3.0.

Web 2.0 introduced a lot more engagement between individuals, such as comments, blogs, wikis, social media, government websites for citizen services, streaming video, and so on, compared to Web 1.0. These services are typically housed on centralised platforms and are available to everyone, including those with small smartphone screens.

Every component of Web 3.0 was advanced by the pandemic of 2020. Aspects of Web 3.0 prompted many businesses to accelerate their digital transformation plans, from making it possible for huge groups of people to hang out online for long periods of time — a social and workplace demand — to the ensuing large virtual economies of scale.

However, the desire to learn and work from anywhere has contributed to the rise in popularity of decentralised digital communities and virtual worlds that blend the real and virtual worlds, particularly those that were previously unknown in the blockchain sector.

Looking ahead to Web 3.0, there has been a scramble to identify and define the web’s future. Netscape was the first browser to link users to the internet during the Web 1.0 era. By connecting people to online groups throughout 2.0, Facebook ignited a revolution.

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