Road to Web3 - Content, Q&A + Media Links

Web3

A new version of the web has been making some noise in recent times and for many, this is the first time they would have heard about the fact that there are different versions of the web as we know it. The new version is called  “Web 3.0,” also known as “Web3.” Cryptocurrency is the underlying force of Web3, the asset class laying the foundation for a decentralised, autonomous network, free from corporate governance. 

Metaverse 

If you have not already heard the terms Web3 or Metaverse, the latter has been around for quite some time and companies have developed “miniverse” or “metaverse” platforms that allow users to interact with one another and consume services in a virtual world designed to resemble the real world. Whether in virtual reality (VR), augmented reality (AR) or simply on a screen, the promise of the Metaverse is to allow a greater overlap of our digital and physical lives in wealth, socialisation, productivity, shopping and entertainment. 

Play to Earn (P2E)

The key component in the play to earn model is to give gamers ownership over certain in-game assets and allow them to increase their value by playing the game actively. By taking part in the in-game economy, players create value for other players in the ecosystem and for the developers. In turn – they receive a reward in the form of potentially appreciating in-game assets. These assets can be absolutely anything ranging from appealing characters with variable scarcity to certain types of cryptocurrencies. In the crypto world, usually defining the ownership and even transferring it is possible through the use of non-fungible tokens (NFTs).

NFT’s

 A non-fungible token is a unit of data stored on a digital ledger, a blockchain, that certifies a digital asset to be unique and therefore not interchangeablebeing used to store photos, videos, audio, and other types of digital files, even real estate.Access to any copy of the original file is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright

The fourth oldest auction house founded in 1731, Sotheby's auctioned a digital art piece, an NFT, for the first time ever on Thursday 11th March 2021 for just over $60 million dollars by a not so well known artist, Beeple. Bidding for “Everydays: The first 5000 days”  started at just $100 but a sudden flurry of bidding towards the end prompted a two minute extension. Rebecca Riegelhaupt, a Christie’s spokeswoman, said “33 active bidders contested the work and the result was the third-highest auction price achieved for a living artist”. 

NFT Sales In 2021 Were More Than $17 BILLION

DAO’s

A “Decentralised Autonomous Organisation,” is a new form of scalable, open, self-organised network that is coordinated by crypto-economic incentives as well as self-executing code on the blockchain to achieve common goals. Ultimately, a DAO is governed entirely by its individual members who collectively make critical decisions about the future of the project. The community members create proposals about the future operations of the protocol and vote on each proposal. In order for proposals to be executed into a smart contract they must achieve some predefined level of consensus. Each individual member of the DAO oversees the protocol at some level, giving way to community collaboration under this framework. 

The following stage is around raising funds - DAO funding and how to grant governance.. This is ordinarily accomplished through token issuance, by which the protocol sells tokens to raise assets and fill the DAO treasury. As a trade-off for their fiat, token holders are given certain democratic privileges, typically corresponding to their holdings. When subsidisation is finished, the DAO is prepared for implementation.

Web3 Example Q&A

  • What is Web 3? 

  • Why did Web1 and Web2 need to change?

  • How does Web3 seek to fix the issues of Web2.0?

  • How exactly will Web3 “decentralise the internet”?

  • What projects and startups will benefit the most from Web3?
  • Jack Dorsey and Elon Musk called out Web3 recently. Are they wrong?

  • How far away are we from a fully functional Web3?

Resources & Media Links:

https://time.com/6116826/what-is-the-metaverse/

https://www.playtoearn.online/whats-the-play-to-earn-business-model/

https://cryptopotato.com/what-is-play-to-earn/

https://cointelegraph.com/news/etoro-rolls-out-smart-portfolios-for-new-metaverse-investors

https://thegibraltarmagazine.com/the-rise-of-the-nfts/

https://lrz.legal/de/recht-der-digitalen-wirtschaft/how-can-a-decentralized-autonomous-organization-dao-be-legally-structured

https://www.forbes.com/sites/cathyhackl/2021/06/01/what-are-daos-and-why-you-should-pay-attention/?sh=6ad8981f7305

https://investorplace.com/2021/12/web3-faq-what-is-web-3-0-and-why-does-elon-musk-call-it-bs/