How The Meaning of “Community” Will Change in Web 3.0
How do you think the meaning of community as we know it right now will change in Web3.0?
The definition of “community” tends to change in relation to location. So for Web 3.0, new virtual locations within the metaverse will shape the definition of community. So same same, but different.
Yet, the way in which we congregate in virtual places (e.g. metaverse) may be the most significant thing. Right now, it’s based on fixed platforms. If blockchain pans out the way I envision it, communities will be able to keep their grouping and identity while move fluidly between platforms. The data will remain with users as opposed to with platforms. You see the beginnings of this with NFTs (Non-Fungible Tokens). BAYC (Bored Ape Yacht Club) users have their Bored Ape identities, which are part of a collection. They could then move that with them to gain access to various platforms across the Metaverse .
User: “But I think that platforms are not interested in leaving their users switch between different of them. It’s their money, and I guess it won’t happen in nearest years. Also, what about sharing and creating stuff not for the community but with its members and within the community?”
This is exactly why my team and I at Faiā have planned for 10–20 more years from now. It is still very early days. There needs to be a few paradigm and cultural shifts before the above scenario can occur.
I trust platforms will find new ways to keep their users. There are apps like Twetch who are already profiting off of such models. Enabling users more ownership of their own data, while also earning for themselves. This is why I’m a fan of micro and nano-payment business models. Very few in the crypto space are actually taking advantage of this yet, at scale. The reason for this is because:
- The most popular blockchains do not scale well (e.g. transaction fees)
- Most of the big money in crypto is coming from money launderers, wash traders, and whales. Or those who are already wealthy in real life; average folks still have huge barriers to entry.
The biggest innovation was always micropayments. If that is not doable, and governments are not part of the process, we will never see true mass adoption.