The State of Web3 Today, and Thoughts on the Future.

Over the past couple of years, you might have come across the term Web3 in some way or another. If you're not sure what it is, Web3 is basically the future of the internet, where decentralization, blockchain technologies, and token-based economies all merge into one concept. But let's be honest, in 2023, Web3 is struggling due to numerous scandals and blatant fraud by people like Do Kwon and Sam Bankman-Fried. It has caused serious damage to the space, and those who once said crypto and blockchain were scams are feeling vindicated.

Despite all this chaos, some people are still deeply involved in the space, especially the NFT portion, hustling and exploring the potential of this new technology. Personally, I firmly believe in the technology and its potential to create a better consumer experience.

So, what do I mean by a better experience? I believe consumers should have more power, especially when they're spending their hard-earned money on services or merchandise. For instance, imagine buying a digital movie or book and being dependent on a single platform that might shut down, causing you to lose access to your purchase. With decentralization and blockchain, the content could live forever on the blockchain, accessible through smart contracts. This means you wouldn't be at the mercy of one entity for your merchandise. It also allows producers to have better control over distribution and implement smart contracts with distributors, making the entire process more seamless and consumer-friendly.

Looking ahead, I think Web3 will continue to evolve and mature, focusing more on practical use cases and real-world applications. Traditional companies and industries will embrace decentralization and blockchain as they see the benefits it offers. We can expect to see new technologies and concepts like decentralized autonomous organizations (DAOs) that will revolutionize the way organizations are managed and governed.

Despite the challenges, I truly believe Web3 will have a significant role in shaping the future of the internet and our digital world.