Earlier this week I performed my first transaction on blockchain. It was a learning curve and I discovered I know very little about crypto currency, blockchain and how crypto wallets work. So I’ve spent the last week reading and studying as much as I can. I have several crypto wallets but had never used them (I did try to purchase Bitgert Tokens several months ago but gave
up as I didn't know what I was doing....Should have persevered)
This new technology is giving opportunities to individuals and communities to reshape their world.
Web3
A nebulous term that refers to an imagined next iteration of the web in which cryptocurrency, blockchain technology, and decentralised finance prominently feature
Web3 and our digital future is a new environment for most of us. You talk to people about NFT’s and they are like “What?” Trying to explain what they are can be even more confusing, or telling people that property on the metaverse is being sold for millions leaves them looking at you like you’re crazy.
The future of digital has been compared like this by Brooke Howard-Smith (Ceo and Founder of multiple start ups including The Futureverse Foundation not-for-profit charity) “Web1 was read only. Web2 is read and write, enabled user generated content and gave birth to the creator economy. Web3 is read, write and own and will facilitate genuine creator compensation”
NFT’s
Nonfungible tokens (NFT’s) are digital assets whose ownership is recorded on the blockchain-so even if they’re copied, you can still see who holds the “original”
Bryan Unkeless, Co-founder of Runner and Hunger Games Co-Producer, clarified that Web3 offers fans a way to be “involved in the very DNA of a project” by helping build both “the world and narrative from the ground up.” Specifically, NFTs give fans a way to vote with their wallets and determine what projects get funded — and how those stories unfold post-funding. In this respect, Unkeless notes that the age of Web3 is ultimately about developing a community and story simultaneously.
“Instead of investing $100m into a movie and then releasing it to see if it resonates with audiences, we go directly to the audience from the beginning. That Web3 ethos makes it fundamentally different from what Hollywood has done until now — and it’s fundamental to the next generation of IP creation,” he said.
The scope is vast and we are only seeing the beginning unfold, as technology progresses a lot more of us will be interacting through Web3.
Certain brands have already secured real estate to operate their virtual stores.
They include Walmart (WMT), Disney (DIS), Nike (NKE), Adidas (ADDDF), Samsung and McDonald's (MCD). Fashion icons Louis Vuitton (LVMHF), Burberry (BURBY) and Gucci have also joined the fray.
Every day, you hear about Chanel, Jimmy Choo, Nike, Adidas — every fashion brand in the world is trying to find a way to create a presence and a strategy for the metaverse,” said Kiguel. “It’s the next iteration of how people use the internet.”
The Netflix show ‘Stranger Things’ has a merchandise store. Esports and gaming will feature in this new platform. Musicians will hold virtual concerts. You will be able to see your favourite artist from anywhere in the world.
Currently, the best way to access Web3 is through the in-browser. Investors can buy land in Metaverse platforms Decentraland (MANA) and Sandbox.
