The Emergence of Web3 and Metaverse Technologies

Abstract

This chapter seeks to examine the concepts Web 3.0 and Metaverse, where and how it is being applied to enhance library services, and the potential application by libraries to improve their resources and enhance their services. The concept of the Web 3.0 encompasses nonfungible tokens (NFT), decentralised finance (DeFi), decentralised autonomous organisations (DAO), decentralised applications (DApps), decentralised exchanges (DEX), game finance (GameFi), finance (GameFi). The concept of Metaverse (which comprises connectivity technologies, human interface, experience) is broadly based on distributed ledger technology (DLT). The types and features of the technologies shall be discussed in detail. This shall be followed by an exploration of evidence that libraries are applying these technologies to improve their resources and enhance their services consequently.