Infographic: NFTs, Metaverse & more Web 3.0 services simplified

This infographic explains the third generation of internet-based services on world wide web or web 3.0 and delves into technologies such as blockchain, decentralized concepts, and token-based economics.

Blockchain technology, decentralized platforms, NFTS, cryptocurrency, and similar concepts stemming out of Web 3.0 may be difficult to understand for a layman. This infographic explains the concepts in six words and six sentences highlighting the important implications.

NFTs and cryptocurrency are the two main Web 3.0 services that recently become increasingly popular. An NFT or a non-fungible token is a unit of data stored on a digital ledger called a blockchain, that certifies a digital asset to be unique. A blockchain is a system in which a record of transactions made in bitcoin or any other cryptocurrency is maintained.

In simplified terms, NFT is a digital asset that is irreplaceable or interchangeable by another identical item, making it unique, in possession of the owner only and no one else in the world

Cryptocurrency is currently growing to become an established financial instrument in the country. The masses have polarized views and several are not well-versed enough to initiate an investment, and the recent dips in its value have grown potential uncertainty.

As a topic of conversation, Cryptocurrency has grown along with the financial value of digitized economics. Conversations around cryptocurrency have been known to be one of the most heated ones.

This infographic by Jain Online further explains similar concepts from Web 3.0.

Also Read: NFT 101: The role of social media in the sale of NFTs