The Incredible Promise of a Decentralized Web3 that Empowers the Individual

2 min read

If the crypto community is able to effectively decentralize web services, “it’s a future really worth getting excited about,” said NFT3 the founder Dylan Dewdney.

The attendees of BlockDown Croatia 2022 festival BlockDown Croatia 2022 festival were witnesses to discussions on the sociopolitics of Web3 ecosystem and the non-fungible currency (NFT) as well as the Metaverse. It is evident that the continuous innovations within the crypto industry are well-positioned to shape the future of entertainment and media.

While the crypto market remains a way to blur distinctions between the physical and virtual worlds, Cointelegraph’s editor in chief, Kristina Corner, agreed that “It’s been a crazy year” in a discussion about the increasing significance of crypto’s innovations within media companies at this year’s BlockDown festival.

Corner identified use cases within the NFT space that provides journalists and independent artists a platform to raise money and tackle real-world issues like climate change. In a separate conversation of Dylan Dewdney, the founder of NFT3, an identity-based unified platform, Corner asked questions about the integration of physical and virtual worlds within the Metaverse.

According to Dewdney’s theory the real-world issues have a high chance of being absorbed into the Metaverse, despite the merging of two worlds. He suggested, however, that we develop an untrusted system wherein users are verified , but they can opt not to reveal their identity to the other inhabitants within the Metaverse.

As the world changes to the new place, called the Metaverse Dewdney thinks it is likely that “the real world will become better.” But it will be a requirement for people to be taught the values of crypto particularly in relation to personal accountability and fairness:

“I think it’s time for the world’s technology to advance and we are beginning to lay the foundations for much of that. Be cautious about how this unfolds and be able to take personal responsibility for spreading the message.”

The company showcased an attempt in-house to develop the most comprehensive owned by the community Web3 event, Corner too revealed the revival of BlockShow — the Cointelegraph’s biggest event -as a decentralized self-governing organization (DAO) that allows participants to have an ownership stake in the show and be involved in the planning of events. As per BlockShow Director of Operations Addy Crezee, the goal of the BlockShow DAO is “to bring more people to Web3 and help people feel the benefits of the ownership economy.”

In a deeper discussion of the sociopolitics that go along with Living in the metaverse Dewdney spoke to Corner:

“We’re still going to have all the same problems because we’re still the same old boring humans who do the same old petty things, and also great things.”

If the crypto community is able to effectively decentralize Internet access, “it’s a future really worth getting excited about” on an individual and other levels of social interaction.

In conjunction with NFT3, Dewdney aims to provide a decentralized identity system to the metaverse community. The service will be able to associate different data with a pseudonymous, but real-life identity. As a final note Dewdney believes that the crypto ecosystem has to grow beyond the”financial use case” to become what is known as the “human use case” of blockchain technology.

A venture capitalist firm Andreessen Horowitz (a16z) has recently unveiled the 600 million Games Fund One dedicated to gaming startups, with a particular emphasis on Web3. The fund will help games studios, consumer apps and gaming infrastructure service providers.

As we previously reported, Metaverse projects are also drawing investment from the gaming industry’s biggest names. The month of April saw Epic Games, creator of the well-known Fortnite game has secured $2 billion to establish the metaverse. The funding came through Sony as well as Lego.

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