The Internet is currently controlled by a few large corporations that generate $75 billion in profits per quarter with advertising and our data. Now, however, we are facing a new evolutionary stage of the Internet: the change from Web2 to Web3. In her guest article, Josephine Gerves explains what that means and what social potential it entails.
Web2, the Internet as we use it today, emerged around 2004 and inspired new features such as blogs, wikis, apps and social media. And what would today’s Internet be without “Big Tech”: These are the 5 tech giants Amazon, Apple, Alphabet (Google), Meta (Facebook) and Microsoft. Started as innovative start-up companies, they now dominate the world of the Internet and can exercise their power almost uncontrolled due to the lack of regulations. While these giant corporations present content and collect data, consumers are only left with the option of consuming predetermined products and services.
The change towards Web3 opens up new possibilities that, above all, transcend borders. Web3 is shaped by innovations such as blockchain, cryptocurrencies and NFTs (non-fungible tokens) and aims to return the power of the tech giants to individuals in the form of property. For example, users of the Roblox platform can create their own online games and make them available to others. Technologies like Virtual Reality let us dive deep into this immersive universe. Thus, the borders of the virtual and the physical world will continue to merge.
Even though most of us still live in Web2, it should be said that Web3 is no longer a pipe dream. In 2021, 49 billion US dollars have already been invested in projects and startups related to Web3. Even real estate is now as coveted in the virtual world as in the physical: the sale of the virtual real estate next to that of rapper Snoop Dogg brought in a mere 450,000 US dollars in December 2021.
Josephine Gerves has been Managing Director at DEPT since 2022, where she takes care of new international business, as well as advising and expanding European customers. In addition, Josephine is co-founder of the Meta Festival, the first hybrid festival in Europe that brings people, brands and technology together and celebrates the Metaversum. A jury voted her one of the top 100 people to watch in 2021 and the top 10 metaverse people to follow in 2022.
The evolution of the Internet means not only a technological change, but also a cultural change. This gives us the opportunity to actively help shape the development of the new version of the Internet. In Web3 we are not only consumers, but become so-called “creators” – creators who shape the digital universe and can therefore also own parts of it. At the core of the vision are decentralization and a fair distribution of power and the inclusion of every person who actively helps to shape Web3.
The community-first approach behind the Web3 idea not only drives the democratization of the Internet. It also opens completely new doors for self-realization, diversity and inclusion – three important topics that have been occupying our society for some time. An example: As of 2020, 2 out of 3 properties are still bought by men. The reasons for this gender inequality are manifold, but the Web3 is reshuffling the cards: in order to purchase a property on a virtual platform like The Sandbox, Decentraland or Somnium Space, no negotiations with banks, the land registry office and the notary’s office are necessary – everything Obstacles that can appear large and daunting on the way to buying a property. Real ownership on the Web3 is much easier and more anonymous to obtain here: with money in the form of a cryptocurrency.
The power to create something outstanding does not lie in the know-how of a single person, but in the collaboration of people with diverse backgrounds and ideas.
Right now is the right time to learn from the mistakes of Web2 and to recognize and use the great potential of Web3. But borders are only redefined if people work for them. Power is only redistributed among those who fight for it. We are all invited to help shape the internet of the future. Let’s not let this opportunity pass us by.
The Mission Female business network, founded by Frederike Probert, is actively committed to more female power in business, society, media, culture, sports and politics. It unites successful women across all industries with the aim of making further professional progress together.
