Intro

Until recently, Web3 was also referred as the Metaverse. The term later fell into disuse as it was more conducive to an immersive 3D experience, which is still struggling to materialize. Today, it has essentially repositioned itself as a rapidly evolving economic space.
On this site, the terms Web3 and Metaverse are used interchangeably.

But why 3? Let’s look at the evolution of the Web:

• Web 1 (read), Tim Barnes-Lee’s, so to speak, where users passively consumed information uploaded by others;
• Web 2 (read/write), the social network, where users could enter data into centralized platforms (Facebook above all);
• Web 3 (read/write/control), where users have full control of their data.

In slightly more rigorous terms, Web3 refers to the shift from centralized platforms characteristic of the traditional web (such as Google, Facebook) to a decentralized web that gives users full control and ownership over their data and digital assets. It leverages technologies like blockchain, cryptocurrencies, NFTs, and smart contracts to create a more open, trustworthy, and user-centric internet, where users participate directly in governance and value creation, rather than relying on intermediaries from large tech companies.

Web3/Metaverse, as defined by this blog, is the product of the integration of at least three basic elements:

• blockchain: the where and the how,
• cryptocurrencies: the how much,
• smart contracts/NFTs – Non-Fungible Tokens: the what.

Blockchain

Blockchain is a technology, so we speak of blockchain in the singular, although in reality there are multiple blockchains. The Metaverse is a conceptual reference for a complex and multifaceted reality, and there is not just one Metaverse.
Blockchain is the virtual space where the Web3 reality lives.
Blockchain keeps an indelible record of events in the Metaverse.
Blockchain is a distributed ledger that eliminates the need for a centralized administrator.
There is no Metaverse without blockchain, and without blockchain, the other two elements, NFTs and cryptocurrencies, become meaningless.
The main characteristics of blockchain technologies are:

• the immutability of records,
• the total volume (fixed, rising-inflationary, falling-deflationary),
• the speed of transactions, the true critical point of the technology,
• and security, achieved through advanced cryptographic techniques.

Smart Contracts and NFTs (Non-Fungible Tokens)

Smart contracts are computer programs, technically scripts, that live on a blockchain and execute automatically when certain predefined conditions are met.

They function like traditional contracts, but without intermediaries: once uploaded to the blockchain (e.g., Ethereum), no one can modify or stop them. They are transparent, immutable, and guarantee trust thanks to their code. Classic examples: automatic payments, NFT transfers, or DeFi lending. In practice: “if… then…”, but written in code and made eternal by the blockchain.

NFTs are a special case of smart contracts. Each NFT is a smart contract on a service blockchain (typically Ethereum) that uniquely defines the ownership, authenticity, and metadata of a digital asset (art, music, collectibles, virtual land). The smart contract guarantees that an NFT is unique, non-replicable, and securely transferable without intermediaries, enabling automatic royalties for creators.

So, NFTs are much more than the images of bored monkeys that circulated the internet a few years ago, reaching, among other things, prices beyond the bounds of reality.

special case of smart contracts is represented by NFTs. Each NFT is a smart contract on a service blockchain (typically Ethereum) that uniquely defines the ownership, authenticity, and metadata of a digital asset (art, music, collectibles, virtual land). The smart contract guarantees that an NFT is unique, non-replicable, and securely transferable without intermediaries, enabling automatic royalties for creators.
Therefore, NFTs are much more than the images of bored monkeys that circulated the internet a few years ago, reaching, among other things, prices beyond the bounds of reality.