NFTs, Web3, and Metaverse

In Chapter 2, Ethereum Architecture and Ecosystem, we briefly introduced the concept of Web3 and Metaverse. We also discussed NFTs as part of the Ethereum token standards in Chapter 3, Decentralized Finance. In this section, we will further illustrate what the Metaverse is and how blockchain, NFTs, and Web3 play critical roles in the Metaverse

while providing a biased view of what the future looks like in a world of NFTs, Web3, and Metaverse.

Introduction to a world of NFTs, Web3, and Metaverse

There is no standard definition of what Web3 or the Metaverse is. A common consensus, especially with the blockchain community, is that Web3 is the next generation of web and internet infrastructure. It is a continuum of the progression from Web1, which we saw in the 1990s, to Web2, which we have today, to the future decentralized infrastructure that is powered by blockchain and enables digital ownership.

The following figure summarizes the evolution and...