With the rapid advancements in today’s time, the internet introduced its evolution from the commonly used Web 2.0 to the blockchain-based Web 3.0.
The ideology of Web 3.0 incorporates the concept of a Non-Fungible Token-based economy and decentralization, which ultimately gives users autonomy over their data. Web 3.0 has not yet been implemented in the web infrastructure, which makes it difficult to understand the potential of the semantic web fully.
However, Facebook was amongst the first applications that acknowledged Web 3.0 by introducing its core feature in their systems: the Metaverse.
Facebook will now be integrating this concept with Instagram through Non-Fungible Tokens (NFTs).
Developments Across Meta and The Coalition of Instagram and Web 3.0 Space
Labeled as the “next evolution of technologies,” metaverse allows users to socialize, communicate, and grow business in virtual and augmented reality. Built using blockchains, this feature of Web 3.0 was first introduced by the CEO of Facebook: Mark Zuckerberg, under the brand name “Meta.”
The concept of decentralization at metaverse allows individuals to have complete access and control of their data, which is impossible to access or share with any external organization.
Followed by Facebook, another social media platform: Instagram, powered by Meta, will be entering into the Web 3.0 space through Non-Fungible Tokens.
Several decentralized blockchain platforms, such as Ethereum, Polygon, Solana, and Flow, are known for their prominent role in the Non-Fungible Token space. The social media platform: Instagram plans to link with these networks to integrate NFTs.
Recently, Meta partnered with Polygon to permit collectors and creators to exhibit their digital collectibles on Instagram profiles. Meta’s CEO also revealed that software known as Spark Augmented Reality software would also be integrated into Instagram’s Web 3.0 space.
Meta has recently developed Reality Labs for NFTs and is promoting them through its apps. The company has…