The World Wide Web has gone a long way since its birth, transitioning from Web 1.0 to Web 2.0 and now into the next frontier of Web3. How we engage with the internet and one another has changed significantly as a result of all of these phases. The rise of blockchain apps and cryptocurrencies has brought another level of innovation along this journey, redefining the digital frontier.

Web3, driven by decentralized ideas and blockchain technology, envisions a world in which control and ownership are crucial. The fundamental component of creativity and innovation, intellectual property (IP) rights, will be significantly impacted by this change.

This article will discuss the development of the World Wide Web, go over the idea of Web3, and look at the benefits, drawbacks, and distinctions between Web2 and Web3.

Web2 Vs. Web3

Web2 is dependent on centralized servers run by giants of the internet such as Google, Facebook, and Amazon. These centralized organizations have extensive influence over the content and data of users.

Web3, on the other hand, promotes decentralization, which lessens power concentration by distributing data and applications over a network of nodes.

Key Differences

• Identity: Since Web2 frequently uses centralized identity providers, security and privacy issues are discussed. By encouraging individuals to maintain their own identities, Web3 improves privacy and lessens dependency on centralized identity networks.

• Monetization Models: Web2 makes much of its money from selling user data and advertising. Web3 presents novel monetization strategies, such as tokenomics, and DeFi, in which users earn tokens and cryptocurrencies in exchange for their network contributions.

• Data Privacy Issues: In Web2, consumers frequently give up control over their data to online services, which might utilize it for targeted advertising and other uses. Web3 places a high priority on data ownership, enabling users to maintain control over their information, choose who may access it, and perhaps make money by sharing it.

Web3: A Paradigm Shift

Web3 prioritizes decentralization and blockchain technology and presents a potential remedy for Web2's shortcomings. This is how Web3 intends to transform intellectual property rights:

• NFTs to Empower Creators: Non-Fungible Tokens (NFTs) give artists a strong tool for proving ownership and making money off of their creations. Creators may keep control over distribution and get paid directly by tokenizing their works of art, music, or video game materials.

• Transparent Record-Keeping: Blockchain technology provides a safe and impenetrable ownership record. The blockchain maintains a permanent record of transactions and copyright ownership, giving writers irrefutable evidence of their authorship and enabling the distribution of royalties. An NFT is a transparent, verifiable record that doesn't change hands.

• Decentralized Marketplaces: Without depending on centralized platforms, Web3 promotes the growth of decentralized markets where artists may sell their creations to customers directly. As a result, producers can directly interact with their audience and obtain a greater portion of the value they provide.

Web2 Intellectual Property (IP) Rights

The internet's interactive features, which are now widely utilized, were not anticipated during its initial construction. As it has grown more connected, data protection and intellectual property rights have become increasingly problematic.

The challenges arise from the data we generate when using the internet and sending to the server of an internet service provider, data over which we have no ownership.

We may take social media firms as an example to better grasp how this functions in real-world scenarios. Users must have faith that the businesses collecting all of this data will act responsibly since they rely on a "trust" paradigm that uses centralized services, servers, and software.

This is because content security against duplication and other types of intellectual property rights infringements is not guaranteed, as social media companies built Web2 on top of the pre-existing Web 1.0 infrastructure.

The Future of IP Rights with Web3

A move toward an IP rights strategy that is more creator-centric is represented by Web3. It is unlikely to totally replace the Web2 approach, though. A collaborative strategy where Web2 platforms and Web3 technologies coexist may be the way of the future. Web2 platforms may empower authors and provide new avenues for commercialization by utilizing Web3 capabilities like NFTs.

Here are a few possible outcomes:

• Hybrid license Models: Content producers may agree to hybrid license terms that let them maintain ownership and possible NFT revenue streams while making their work accessible on Web2 platforms.

• Decentralized Governance: By using blockchain technology, online communities might have decentralized governance models that provide users and producers greater power over content moderation and platform regulations.

Conclusion

In the digital era, intellectual property rights are always changing and evolving. A more equal environment and the empowerment of creators are the two main goals of Web3. Collaboration between Web2 and Web3 stakeholders has the opportunity to design a future where intellectual property is protected and appreciated and innovation flourishes, notwithstanding the hurdles that must be overcome.