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Web (Web 1.0) started on December 25, 1990, when Tim Berners-Lee implemented the first successful communication between a Hypertext Transfer Protocol (HTTP) client and a server via the Internet. This was the start of the World Wide Web (www).
Neal Stephenson coined the term "metaverse" in his 1992 novel Snow Crash, where humans, as avatars, interact with each other and software agents, in a three-dimensional virtual space that uses the metaphor of the real world.
The concept and model of the digital twin – the digital counterpart of a physical object – was publicly introduced in 2002 by Michael Grieves at the University of Michigan. Grieves proposed the digital twin as the conceptual model underlying product lifecycle management.
The term Web 2.0 was popularized by Tim O'Reilly in late 2004. Web 2.0 describes websites that use technology beyond the static pages with minimal linking and search capabilities of earlier websites. Other names for Web 2.0 are social web, participative web, and personalized web.
On 3rd January 2009, the bitcoin network came into existence with its mysterious founder, Satoshi Nakamoto, mining the genesis block of bitcoin (block number 0), which yielded a reward of 50 bitcoins. This was the day Bitcoin was born. Along with the invention of Bitcoin, Satoshi Nakamoto also invented blockchain to serve as the public transaction ledger for Bitcoin.
An NFT or "Nifty" is a Non-Fungible Token, representing a unique item instead of fungible tokens, which are mutually interchangeable, such as cryptocurrencies like Bitcoin.
John Markoff, the senior writer for The New York Times, popularized the term Web 3.0 in late 2006. Web 3.0 is where we found ourselves in 2013. Definitions of Web 3.0 vary greatly. It is known as the next phase of the Web where influence becomes more important than relevance in the future.
The first iteration of this virtual reality platform was introduced in 2015. It allocated "land" via a proof of work algorithm. The 2021 boom in NFTs has led to sales of some of the game's real estate plots for more than $100,000. Since the 2015 launch of the Ethereum blockchain, the term "smart contract" has been specifically applied to the notion of general-purpose computation that takes place on a blockchain or distributed ledger.
According to Daniel Burrus, Web 4.0 is about the ultra-intelligent electronic agent. The next level of intelligence is awareness. The timeline of Web 4.0 starts from 2020.
In 2021, CEO Mark Zuckerberg introduced Meta, which brings together the apps and technologies under one new company brand. Meta's focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses.
Companies such as H&M, Samsung, and Walmart have started experimenting with retail stores based in the metaverse. It's a brand-new realm for marketing and customer interaction, and it won't be long before most companies have a presence there, which will all rely on fintech for transactions. Virtual luxury real estate companies are already gearing up to make a profit in the Metaverse by selling off-plan, luxury, virtual villas in the alternative reality of the Metaverse, which is also currently off-plan. The creators have confidence in their products which currently cost in the region of US$10,000 each. The future of this swirling, growing space remains enigmatic and optimistic as virtual products look set to form the backbone of the Metaverse economy.
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