The rapid evolution of the internet over the past two decades led us to technological immersive experiences. If, in the early 2000s, you could only browse the internet for information, now you can benefit from the Web3 internet version and fascinating experiences within the metaverse.
Numerous factors helped build the base for today’s internet development. The worldwide economic development allowed government and business policies to embrace and promote new IT infrastructure. At the same time, the growing communities spurred innovation through creativity and global involvement.
We’ve reached a high point in history where the internet consists of the Web3 concept that includes a new era of decentralization, blockchain and tokenization. The idea started gaining popularity around the time when cryptocurrency appeared on the market but has only recently sparked public attention due to Ethereum’s contribution to the Metaverse. Together, these technologies can change the world. Here’s how.
Why is Ethereum connected to Web3?
As a blockchain, Ethereum came as a revolutionary platform since it’s opposed to how data is structured as we know it, based on centralization. This means that in an entire network of computers, also called nodes, no single authority can alter or delete information. Instead, data is identified, processed and transmitted without the risk of censorship.
This is all possible with Ethereum, the blockchain that builds the base of smart contracts, allowing peer-to-peer transactions to process without the involvement of a third party. Indeed, the currency was inspired by Bitcoin, which is why they’re so similar, but if you were to learn how to buy Ethereum for a network project, you’d see how different they are in retrospect. Using ETH helps open multiple doors to decentralized apps, DAOs, NFTs and other similar ecosystems. But what about the immersion in the Metaverse?
How does Web3 improve the Metaverse?
Now that we know how the Ethereum blockchain helps create a new internet, we can dive into its contribution to the Metaverse. The 3D virtual space experienced a boom recently when users could enter any fictional world they wanted with only a VR headset and AR glasses.
The digital environment is more complex than we’d think, however. Its construction is based on collaboration software, 3D tools and DeFi. Creating a specific metaverse is also influenced by the interoperability of networks, which is a primary feature blockchains provide.
Besides supporting the Metaverse, Web3 also has elements that fit the ecosystem ―NFTs. These non-fungible tokens provide considerable value in the Metaverse, especially in the entertainment and real estate industries. Companies have already started creating these spaces, such as Decentraland or the Sandbox, where you can buy or rent virtual land. Even known brands like Meta, Epic Games and Microsoft invested in providing their metaverse worlds through approaching Web3 technologies.
How will Ethereum shape the internet of the future?
As you can see, the Ethereum blockchain is the base of Web3 ecosystems that help the Metaverse evolve. But besides this remarkable contribution to the internet, Ethereum plans to improve various sectors, such as transactional finance.
That’s because Ethereum evolved to allow peer-to-peer transactions to be fast, transparent and secure. As a payment and transaction system, Ethereum would revolutionize how people would transfer digital money due to the way the platform works. The main benefit is that Ethereum doesn’t require external control or maintenance because global nodes constantly sustain it.
Moreover, Ethereum is on a development path. Vitalik Buterin, its creator, provided the roadmap of updates for the network that will be tackled individually. The first one was already deployed and had great success ―the Merge switched from PoW to PoS, considerably reducing the platform’s energy consumption.
The upgrade is followed by the Surge, which will make the network more scalable and fight congestion, and the Scourge, which will handle the improvement of transactions. More minor updates include the Verge (better block verification processes), the Purge (making the protocol more straightforward) and the Splurge (dealing with remaining finishes).
Ethereum is one of the few networks seeking constant improvement. Compared to Bitcoin, the efforts to reduce carbon footprint and gas fees proved the blockchain to be immersive and inclusive, a technology for the people.
What about Ethereum’s impact on the crypto market?
While the blockchain is an impressive step towards the future of technology, Ethereum’s impact on the crypto market is also noticeable. For example, there was an increasing trend of Ethereum staking after the Merge since asset withdrawal was made available. At the same time, more investors became interested in Ethereum because it became more sustainable by lowering its CO2 emissions by 99%.
Therefore, we can say that the following updates will alter investors’ actions and the market’s state because as Ethereum becomes more reliable and safer, it departs from the competition and will only battle with Bitcoin. For now, Ethereum is the second most popular cryptocurrency and the best altcoin.
But Ethereum’s improvements won’t only benefit itself. The entire market can experience a price boost, setting the ground for a bullish trend, with a rising index in investors’ sentiments. Therefore, Ethereum can prepare the market for a future global cryptocurrency adoption.
The future of Web3 and the Metaverse is here, and the Ethereum blockchain backs them. As the internet is constantly developing, the deployment of Ethereum on the market puts the base for a decentralized cyberspace that is fast, secure and censorship-resistant. Moreover, with Web3 being more spread worldwide, the Metaverse will also transform into a technology easily accessible by numerous industries. For now, the entertainment sector is considerably evolving through the use of virtual and augmented reality.
Besides being a valuable tool for the ultimate World Wide Web, Ethereum paves the way towards a better cryptocurrency market by boosting prices and bringing innovation. Since the roadmap is set to touch various points of the blockchain, investors will most likely become more positive about crypto generally, ideally leading us into a bull market. Hence, global adoption of digital assets might happen sooner than we believe.