Web3! Web3!! Web3!!! this term has been making a wave of amusement in the entire world, hardly will there be a user of the Internet who haven’t encounter this term.
But what exactly is Web3?
In this article, follow along as we look into the terms “Web3” using a case study of its effect on freelancing, the benefits and challenges attached to freelancers and the future it promises. WWW which stands for World Wide Web popularly known as Web is the Hub or the major system for retrieving information on the Internet. Before we advance more on Web3, let’s take a look into the internet version way back which are Web1 and Web2.
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Web1, coined by Tim Berners-Lee simply put is the first version of the Internet which came out in the 1990s and was majorly a collection of links and a home page with the aid of HTML (Hyper Text Markup Language), the features allows for E-mail, GIF buttons and graphics. Web 1.0 is majorly a set of data that can only be read on the Internet, this bring about the term “read-only Web”.
Moving forward to 1999, Web 2.0 was coined by Darci DiNucci, unlike Web1, Web 2.0 allow visitors to contribute to site content in a variety of ways, including blog comments, social media posts, product reviews, wiki article submissions, and editorial contributions. Furthermore, Web2 has an improved interoperability which include application programming interfaces (APIs) that enable site content in an external sites or applications. Web2 was then given the term “ read and write social Web”.
With the emergence of sharing content, the question of personal privacy has become more pressing. This is where Web 3.0, the necessity to possess, produce, and digest sections of the internet, comes in.
On Web3, people participate in the management and operation of Internet protocols and become shareholders rather than just customers. Web 3.0 finally enables users to interact, share information and conduct financial transactions securely without a central authority or coordinator. As a result, every user becomes a content owner, not just a content user. Tokens or passwords represent interests in a decentralized network called the blockchain system in Web3.
The decentralized nature of Web3 means far greater security and efficiency than the current centralized internet model can provide. Using the internet without an intermediary make the internet become more user-friendly, as users are in control of their own data and online transactions.
Benefits of Web3 for Freelancers
Before we look into benefits of Web3 for freelancers, we will quickly dive into the list of what Web3 offers and some freelancing platform available:
- Community Management
- Crypto Marketing
- Copywriting
- Blockchain Developers
- Programmers
- Graphic designers and Illustrator
- NFT artists
Available platform includes:
Now let’s look into the benefits of Web3 for freelancers; the major benefits of Web3 especially for freelancers is the autonomous system of earnings, the need for no paperwork and intermediaries (middlemen).
- Faster Payout: In Web3, there is no need for freelancers to worry about fees (whether commission or transaction), conversion rates, or processing delays. Web3 eliminates the need for third-party payment services like Amazon, Skrill, PayPal and Venmo. Likewise Cryptocurrencies which is the major payout used by most Web3 platform are border-less, which allows freelancers to get paid exact amounts regardless of the currency or the country the funds is issued. For instance, 3 BTC paid out by a client in UK to a freelancers in Australia will still be 3 BTC in Australia or any country in the whole world.
- Access to a global talent pool: Another benefits of Web3 for freelancers is the access to a global talent pool. With the advent of remote work, freelancers can now get access to gigs regardless of their location. Unlike most centralized apps or sites that are restricted to a particular country, decentralized apps and sites is accessible to everyone.
- Data privacy and control: Web 3.0 allows users to sell their data through a decentralized data network and ensures that they retain ownership. This data is generated by a variety of powerful super computers and technology called the “Blockchain”. Decentralized data storage allows users to access data no matter the circumstances. Users will have access to numerous backups which are put in place to help them in the event of a server crash, besides all information are open source and immutable on blockchain technology.
Challenges of Web3 for Freelancers
- Understanding the new technologies: As a technology that’s still in its early stages, Web3 is constantly evolving. Freelancers who wish to be successful in this field must invest time and resources to master its tools, such as blockchain technology, smart contracts, decentralized marketplaces, and cryptocurrency payments.
- Increased competition: Freelancers seeking work may find themselves in a more challenging position with the global marketplace expanded by Web3 technology. This means that with an internet connection, anyone can participate, but there may be fewer opportunities to go around. A wider range of talent will now be competing, which could lead to a price decrease.
- Possible volatility of cryptocurrency payments: When it comes to Web3 marketplaces and platforms, freelancers have to contend with cryptocurrency payments. These can be rather unstable when compared with regular currencies, leading to financial management headaches. Thus, freelancers must take note of the market’s ebb and flow while preparing to price for their services.
- Legal Uncertainty: With the ever-changing nature of the web3 field, legal uncertainties have surfaced, affecting it across the board. Investors, developers, and users share concerns regarding the lack of standardized regulations in place to safeguard web3 technology.
Future of Web3 and Freelancing
Working as a freelancer, one can expect an affinity towards non-linear income that is likely to be favored by Web 3.0, given that freelancers may garner a share of the market. With the Web 3.0 initiative, work that ensues for freelancers can translate into a combination of tokens and stable coins, some providing boundless opportunities. As Web 3.0 is still in its infancy, there is a great deal of conjecture that revolves around it. Nevertheless, our studies reveal a positive outlook for freelancers, signaling the possibility of the initiative setting a new work standard.
Conclusion
Now you know what Web3 is and what it means for freelancers and the future. The future is now. There is no need for argument that Web3 will continue to advance, and with that advancement comes greater and fresh opportunities. The more it advance, the more the adoption it receives. As a freelancer, you can take a dip (and eventually dive) in the Web3 waters and land a very lucrative career. The big question is, are you ready to revolutionize and help shape the digital future? Becoming a Web3 freelancer, like everything else, starts with action. If you think this is something you want to do, you need to start learning and make a plan. Join the Web3 movement today and start providing digital marketing solutions in a decentralized environment.
Additional Resources and Recommended Reading
- The Metaverse: And How It Will Revolutionize Everything by Matthew Ball (2022).
- The Freelancer’s Bible by Sara Horowitz, Toni Sciarra Poynter (2012)
- Token Economy: How the Web3 Reinvents the Internet by Shermin Voshmgir (2020)
- Web3: What is Web3? Potential of Web 3.0 by Patrick Ejeke (2022).
- How to DeFi: Beginner from Coin Gecko (2021).
- BlockChain 2035 — The Digital DNA of Internet 3.0 by Jared Tate (2019).
Author: Morakinyo (MOD OPROM)
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