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Centralization has helped onboard billions of people to the World Wide Web and created the stable, robust infrastructure on which it lives. At the same time, a handful of centralised entities have a stronghold on large swathes of the World Wide Web, unilaterally deciding what should and should not be allowed.

Web3 is the answer to this dilemma. Instead of a Web monopolised by large technology companies, Web3 embraces decentralisation and is being built, operated, and owned by its users. Web3 puts power in the hands of individuals rather than corporations. Let us dive into its real life applications;

Real Life Applications of Web 3.

1.Decentralized Finance (DEFI)

In today's world, people spend a huge part of their life on the web blurring the line between online and offline. They are in the fusion phase where it is hard to differentiate real and virtual.Finance is no exception, the new emerging innovations in Web3 technology have shaped the future of the financial business and service. Defi is a financial system that is no longer based on the traditional financial system containing central authorities such as banks and brokers. It involves noncustodial and decentralised exchange using smart contracts in an open and transparent financial environment where users can have control over their transaction data.

2. Crypto Exchange Platforms

Crypto exchange platforms and Wallets have undergone a new make-over with the arrival of web3. Cryptocurrencies, tokens, stablecoins, and NFTs have started to rule the world of the exchange market. They have introduced a method for each participant in a network to hold and transfer value in a digitally native format, without the need for trusted intermediaries and a time consuming process.

3. Privacy/Data Management

Managing privacy and data becomes easy with the cybersecurity programs of web3. With its immutable nature, it becomes impossible to make changes to user data and information. The implementation of smart contracts lets users make transactions through streamlined techniques and have unchanging contracted information. It helps in strengthening data security in various sectors by eliminating the interference of central authority.

4. Metaverse

Metaverse is a perfect blend of the physical and virtual worlds where humans can encounter life in ways they could not in real life. Web3 and Metaverse become an ideal amalgamation together. They work together to build interactive and open-source public chains where distinct virtual worlds will be capable of interconnecting, imbricating, and carrying assets from one to an extra.

5. Decentralised Autonomous Organization (DAO):Web3 delivers a Decentralised Autonomous Organization that is under the control of a community. It is a way of providing voting and ownership rights to its members by offering them governance tokens. Utility tokens allow their holders to decide and manage the organisation. The main advantage of DAO is that if it works well,it will maximise the value of the token and allow getting future tokens of greater value thereby getting a hike in the capital.

6. Advanced NFT Use cases

NFTs give owners complete possession of their digital assets and a way to earn money from them. In fashion, NFTs, and web3 are used by some fashion designers to appeal to the younger generation of digital natives. Music artists began to use NFTs to connect with their fans directly and feel a sense of ownership over their asset.

7. Blockchain-based Games

The advent of web3 ushered in a major shift in traditional gaming platforms which in turn allows people to play blockchain-based games like play-to-own, NFT, and play-to-earn games. Apart from participating in games, it also helps earn income from games by paving the way to create and own in-game assets. In-game assets come in the form of crypto tokens, virtual land, skins, weapons, and other NFTs.

8. Virtual Real Estate

The technological advancements in web3 have given a new look to the world of real estate.Blockchain, NFTs, metaverse, and cryptocurrency all remained buzzwords once have come together to change the face of financial autonomy.Decentralized and distributed transaction ledgers, transparent ownership papers, and asset tokenization protocols have enhanced the processes involved in virtual or metaverse real estate.

9. 3D Enabled Workplace

People can not only play 3D games but also working 3D. Architects, engineers, and designers can now create rendered 3D models of working places, homes, and commercial buildings. It allows companies to test their ideas before investing time and money in new products or processes.Creating lessons with animated videos, 3D figures,interactive maps, and virtual experiences can make online teaching more interactive and efficient.

10. Social Media DApps:

Decentralised apps in web3 are built on blockchain technology and thereby it removes the involvement of third parties in data verification. Unlike other apps, Web3-based social media DApps offer utility to its users and unlock opportunities for the users by providing flexibility, accessibility, security, and interoperability. Web3 DApps remain one platform where there is an availability of blockchain games, social networks, software, and tools.

Benefits of Web3

Opportunities for Creators

Since web3 is an open source, anybody can launch their projects and profit from it. It remains a promising opportunity for the creators to reach their audience without the influence of third parties.

Ownership

The presence of decentralisation features allows users to access ownership of their data. Web3 offers the opportunity for users to earn tokens of real monetary value and ownership for their active participation in the community.

Privacy and Security

In web3, users can share their data according to their preferences as it is customizable. It prevents online identity from being duplicated by securing it with cryptographic keys and signs.

Collaboration

Being an interactive and engaging web, web3 allows users to have a better collaboration between them which in turn brings effective inclusivity

REFERENCE

https://maticz.com/web3-use-cases
https://ethereum.org/en/web3/