Reality Check: We’ve Been Exposed to WEB3 even before “WEB3” Came About.
It can be a pretty massive story if someone could just put it somewhere and tell everyone that we’ve been using these meta technologies way before the word meta is associated with these innovations. And it can also be scary at the same time because of the fact that after all those years of being exposed to it, a lot of us haven’t taken a bigger step in understanding it’s core and purpose.
If we go back in the year 2011, the word meta is basically a terminology that is clearly out of a comic book. You would hear kids and kids at heart adults debate over Superman being more “Meta” than Batman, or LeBron James is NBA’s Meta. It is a term widely used by nerds who have nothing better to do than play games. Online gaming is at its peak with games like Call Of Duty, Rainbow Six and Tom Clancy’s Franchise are starting to embrace and reinvent our traditional multiplayer gaming with the use of the internet. And little did we know that this step from game developers is just a fragment of what seemed to be a brewing revolution that will soon take the word meta, literally of the comic book context and establish a new ecosystem on the mainstream space of the society.
Today, people talk about Web3 like it is the future, but in reality Web3 is something native to us already, and what should be looking forward to are the possibilities and new innovations after Web3. With Web1 establishing its core concept of the internet and Web2 redefining how web1 is and supposedly be developed, our first taste of web3 came about the moment we embraced digital payments and economy as part of our daily lives. For context, Web3 is all about a redefining how we use existing technologies that Web1 and Web2 graced upon us; we’re talking about decentralization and the concept of token-based economics which made web3 very popular nowadays. But if you look back, we already have some of these concepts at hand and web3 already happened under our noses even before “web3” came about. Confused? okay, let’s dive into one of web3’s notable concept. Token-Economics.
Token economics, or “tokenomics”, is about creating a high-value crypto token that can rise to the top in this crowded market. These tokens are pegged to replace or redefine how we consume and utilize our hard-earned fiat money. Most of these tokens or “cryptocurrencies” have one thing in common — the use case of replacing our traditional paper-minted cash in buying goods. These tokens bear certain characteristics similar to our traditional bills. Like your traditional bills, tokens can also be minted, bear certain values, depends on the market and can purchase goods, but unlike your regular dollar bills, these tokens are digital, and utilizes the existing technologies that web1 and web2. Now to clear your mind, remember the Zeny economy brought to you by Ragnarok Online? How about Paypal and similar digital payment apps? They use the same concept of tokenomics, Or the ROBUX and VBUCKS you use to boost your gaming experience? People use fiat money and convert them into these in-game currencies to purchase items online (or at least, in-game) — the same concept of converting your fiat money into ethereum and purchase things online through various vendors or trade them into the market.
Now that I have shown you what I meant when I said, we’ve been into this metaverse and web3 thing even before it all came about. Let me ask you one thing. Are we ready for the “REAL” next gen innovation that will redefine Web3? Or are we still on the early stage of understanding it? Ping me your thoughts on Twitter: here .