Whois & Analysis for plurance.com

Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.

Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech".

The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

The concepts of Web3 were first represented in 2013.

In science fiction, the "metaverse" is a hypothetical iteration of the Internet as a single, universal, and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets.

In colloquial usage, a "metaverse" is a network of 3D virtual worlds focused on social and economic connection.

Video games that include elements that use blockchain technologies, including cryptocurrencies and non-fungible tokens (NFTs), allow players to buy, sell, or trade in-game items with other players.

The game publisher takes a fee from each transaction as a form of monetization.

A subset of these games are also known as play-to-earn games because they include systems that allow players to earn cryptocurrency through gameplay.

Blockchain games have existed since 2017, gaining more widespread attention from the video game industry in 2021.

Several AAA publishers have expressed intent to include this technology in the future.

Players, developers, and game companies have criticized the use of blockchain technology in video games for being exploitative, environmentally unsustainable, and unnecessary.

A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity.

It cannot be copied, substituted, or subdivided.

The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.

NFTs can be created by anybody, and require few or no coding skills to create.

NFTs typically contain references to digital files such as artworks, photos, videos, and audio.

Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible.

Decentralized finance (often stylized as DeFi) offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain, mainly Ethereum.

DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts.

DeFi uses a layered architecture and highly composable building blocks.

Some applications promote high interest rates but are subject to high risk.

Coding errors and hacks have been common in DeFi.