What Does Digital Ownership Look Like in the Web3 Environment
Ownership has been a complicated topic during the present phase of the internet, which is Web2. People are spending a lot of money on digital content nowadays. But they truly own whatever they purchase online, whether in-game purchases or streaming service subscriptions. But web3 game development will alter the meaning of digital ownership for users.
Understanding Digital Ownership
Before you understand why we don’t have ownership over digital assets, you need to expand your knowledge about the evolution of the internet. You must realize how the current business model of the internet came into existence.
The internet of the 1990s was a content delivery network with simple and static websites showing information. But it was disorganized, slow, and siloed. The emergence of platforms like Facebook and google enabled us to generate content as well as interact with it.
But these platforms also centralized the web and gave rise to a top-down structure where users became reliant on their devices and systems. It’s safe to say that Web2 has been developed largely in the image and interests of companies like Facebook and Google. In the Web2 environment, users are both products and participants.
We exchange our data for services, and the companies sell our data to advertisers. The content we generate increases the value and engagement of these platforms. But we are doing all these without having any ownership over a single online asset.
When you are building online businesses, they are often reliant on these major platforms. Therefore, our businesses are vulnerable to data breaches, shadow bans, and changes in algorithms. Even though a majority of our communication and transactions take place online, we don’t have any authority over anything.
Web3: An Internet of Value
When you think about Web3, your mind starts thinking about the metaverse. But it’s better to consider Web3 as the evolution of the internet. The digital experiences associated with Web2 are centralized.
The emergence of Web3 will create dynamic, app-driven user experiences inside a decentralized model. Therefore, the power will be transferred from big tech to the hands of the users. Netizens will be free to use, monetize, and share data as per their requirements.
It will also expand the scope and scalability of interactions between users and the internet. The expansion will provide guaranteed access, and anyone will be able to access a service without permission. Now one will be able to restrict or remove a user’s access.
Web3 will focus on equality and ensure the development of an internet of value. The value generated will be shared equitably between users, services, and companies with better interoperability. Users will have full ownership, control, and authority over data as well as the content they create.
Web3 games offer a new wave of earning potential to both creators and users. Web3 game development services will benefit from developing valuable digital assets and monetizing them via the transfer of ownership. Players will succeed by investing in and dealing with the digital assets that they own.
NFTs: The Key to Digital Ownership
Digital ownership won’t be a difficult problem to mitigate because we already have the solution. The solution is none other than NFTs. In the public domain, NFT projects that have garnered the most media attention are widely popular.
But the benefits of the technology have not been discussed much. If you want to understand it in simple terms, NFTs serves as proof of ownership. The details of the NFT holders are present on the blockchain.
All transfers and transactions are transparent and can be tracked by the public easily. Everything can be managed by the unique metadata and ID of the NFT. When you upload an NFT, smart contracts are created to track its development, current owner, and royalties.
If someone purchases an NFT, they will be responsible for the additional perks associated with ownership. Since their details will be registered on the blockchain, no one will be able to edit or remove them. If true ownership refers to proof and the right of transferability, NFTs allow netizens to truly own digital assets. However most not game development services also focus on digital ownership.
Wallets: A Replacement for Profiles
Our digital identities are multiple and span across different accounts and platforms. Your Gmail address, Instagram account, Facebook profile, and other accounts together create your digital identity. But you don’t own these accounts and don’t possess any rights to them.
Since you exchange data, the platforms let you use an account. It makes us vulnerable because our accounts can get disabled at any point. Web3 will revolve around connecting everything through wallets.
Our wallets will provide us access to all digital domains, whether it’s social or professional. You can use wallets to do everything online, from establishing your presence to storing your digital assets. The aim of NFTs is to offer every user a self-sovereign identity and enable them to use all services. It will ensure that no individual or organization is able to remove or limit any particular user’s access.
A Shift in the Sharing of Personal Data
A major differentiating factor between Web2 and Web3 is decentralization. Web3 is completely decentralized and does not store data on large servers owned by tech companies. Instead, it will store data on the blockchain and ensure that everyone remains in control of their data.
During the early days of Web2, sharing data to use platforms like Facebook and Google was not an issue. But once people started becoming more web-savvy, they started grasping how their details were monetized. Moreover, several data scandals also started piling up to make users more concerned about personal data.
A major feature of Web3 is that it puts the control of data in the hands of netizens. Every user is able to decide with whom they wish to share their data. They can also determine the terms under which data can be shared. They will also be able to stop sharing data at any moment.
What Does the Future of Web3 Look Like?
With the way digital ownership looks in Web3, it is a promise for netizens to have better control over their digital assets. NFTs will emerge as a highly equitable digital economy and influence the future of digital commerce. Developers still haven’t finished writing the Web3 rulebook.
It still remains a young and nascent space. Even though a few things are certain, we cannot guarantee that the internet is simply moving toward the direction of decentralized ownership. The major aim of the new internet is to create an egalitarian digital environment, which is the key to developing an internet of value.
In the next few years, we can expect Web3 to develop further and operate alongside Web2. Since the Web2 infrastructure is still strong, it won’t be completely overshadowed by Web3. But in the long-term, a more developed Web3 will transform our bond with the internet.
Juego Studios offers end-to-end cross-platform and native solutions to the ones looking for game and app development companies. They deal with blockchain, IoT, AR/VR, and other emerging technologies. The gaming studio has worked with multiple organizations, including startups as well as Fortune 500 companies.
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