Web3 is being hailed as the internet of the future because it introduces novel ideas such as the metaverse and DeFi (decentralised finance), and it is enhanced by other blockchain technology like NFTs (non-fungible tokens). Additionally, it promises increased user involvement and online communities that are less dependent on a small number of IT firms.
Depending on your preferences and personality, Web3 Development Firm may be able to design for you unique metaverse worlds or games.
Diversity, equity, and inclusion (DEI) of Web3 will require attention in order to really realise this goal of a “better” online. Without this emphasis, there is a genuine danger that Web3 would only replicate the issues we have encountered with the present version of the internet, such as algorithmic bias and the spread of hate speech on social media platforms.
What is Web3?
In essence, Web3 is a new web version based on blockchain technology. This implies that Web3 products and services are decentralised, giving consumers, creators, and decentralised organisations more power over it and making it impossible for one entity to take it over or shut it down. New Web3 goods and services are already starting to appear, like:
- Metaverses, like the virtual gaming setting The Sandbox that was constructed on the Ethereum blockchain.
- NFTs/virtual assets that users can use to transact on online markets like Opensea and carry with them across other online platforms.
- Social networking platforms and blogs, like APPICS, that allow content creators to own and profit from the information they share.
- Individuals can lend, borrow, earn interest, and even invest in a syndicate (see Syndicate) without the use of a central bank thanks to a number of DeFi apps and services.
Some critics assert that Web3 is examining a DEI issue as a result of the growth of Web3 products and services. For instance, according to Bloomberg, the cost of popular CryptoPunks NFTs varied depending on the buyer’s race, gender, and skin tone, with darker-skinned avatars typically costing less than lighter-skinned ones. In the blockchain and cryptocurrency businesses, women only make about 4-6% of the workforce, according to Time Magazine.
We are all aware of the difficulties the modern internet has, many of which are due to the lack of diversity among its users, developers, and producers. We have observed, for instance, how algorithms on the websites and applications we use support human bias and produce discriminatory effects. It is also widely known how difficult it is to stop the spread of hate speech on social media and blogs.
We miss the chance to integrate DEI into the architecture of Web3 if DEI is not given top priority. This is crucial because member-owned communities and decentralised platforms that lack central leadership may be more difficult to modify or adjust when they have unintended repercussions.
The following factors make increasing Web3 participation difficult:
- Capital: A lot of Web3 operations demand large amounts of capital. For instance, the current minimum price for purchasing virtual land in The Sandbox metaverse is approximately 3 ETH (almost £3,800 at the time of writing), pricing out the majority of individuals.
- Education: The complexity of constructing decentralised apps and the absence of user-friendly design in Web3 applications make the learning curve for Web3 more steeper than that of the present internet.
- Time: Since Web3 is still relatively new, there are countless Web3 apps and chances to discover. Researching the good and the bad requires a lot of time, which those with other obligations, like work and family, might not have.
Therefore, forward-thinking business executives who wish to benefit from Web3 should think about how they might include DEI into their plan. For instance:
- Serena Williams has recently joined the board of directors of Sorare, the player-owned fantasy sports game utilising NFTs, as an advisor to provide strategic counsel on women’s e-sports.
- 114 businesses have joined together to support Unstoppable Women of Web3, a group that trains and onboards women into the Web3 industry.
- Representation is important; the cosmetics company Clinique has created makeup looks for 8,800 digital avatars in the metaverse, of whom 66% are avatars of colour and 16% are disabled.
Addressing these fundamental obstacles and building inclusive ecosystems of creators, developers, and consumers will be essential for Web3 enterprises hoping to avoid the errors of the present iteration of the internet.