What is being said about the benefits of the third-generation Internet?

Web3 is gradually becoming a part of our life. The third-generation Internet, powered by blockchains, will be run by users, not IT companies, analysts say.

In addition, Web3 has every chance of being a reliable foundation for a transparent and secure digital economy. So, DeFi can become one of the key tools of the new Internet.

Many companies already conduct payment transactions using cryptocurrencies. For example, products from the Windows Store can be paid for with bitcoins.

There is another key element in the Web3 ecosystem that has been incredibly popular in recent years — NFT. According to investment bank Jefferies, the market value of non-fungible tokens will surpass $35 billion this year and could reach $80 billion by 2025.

Samsung Next CEO Raymond Liao praises the benefits of NFT. In his opinion, non-fungible tokens have proved to be an effective tool for attracting users to various areas, such as sports or art.

However, Liao believes that instead of moving towards a multimillion-dollar industry, it is better to focus on the implementation of various tools and resolve issues related to their usefulness in the development of the third generation Internet ecosystem in advance.

Head of Vyudu Inc. Jeremy Merrell Williams is sure that Web3 will radically change the approach to online shopping in the future.

“For example, with the help of blockchain, buyers can directly contact manufacturers and retailers, bypassing intermediaries. This can increase trust between buyers and sellers, as well as reduce prices by reducing commissions,” the expert said.

According to him, customers of Web3 marketplaces will be able to find the best deals on goods and services more easily than it is now.

Do you agree that Web3 will be able to meet the various needs of a significant number of users in the future?