Why should we be excited for Web3?

Web3 is a new paradigm for how the internet works, but does it matter?

It is actively breaking down barriers to finance and fundamentally changing the way we deal with money (and all forms of property) online.

What we should be paying attention to is the application layer being developed as it will inevitably make a huge impact in the future. It’s like when smartphones got apps, at first it was mostly just games but it introduced new ways we interacted with our phones.

Web3 is the app layer of blockchain and is introducing new ways we will use the Internet.

Whats the hype?

A big benefit of Web3 will be removing the need of middlemen for the exchanging of information and content.

This technology has evolved to create a new way to own organizations, art, and all forms of digital property.

Some use cases

1. Decentralized Finance (DeFi)

  • People are pooling money to make loans and anyone in the world can participate.
  • Large funds are being raised for ad-hoc initiatives like buying carbon credits, works of art, or to crowdfund new projects.

2. In-game economies

  • Now people are playing online games and MMO’s with currency and items they own and can trade at will.
  • https://axieinfinity.com/

3. Governance experiments

  • Tokens can also give you access to token-gated communities and voting rights. Organizations known as DAOs (Decentralized Autonomous Organizations) are being run off members voting on policy proposals on platforms like https://snapshot.org/
  • collab.land allows for the creation of discord servers that grant roles and access based on whether a person owns certain NFT’s.

4. Power to content creators

  • By representing ownership of art with NFTs (non-fungible tokens) artists can go directly to patrons with a smart contract and be able to have a clear, direct relationship with the people consuming their art. Scroll around https://opensea.io/ or https://objkt.com/ and see all the different artists creating and selling their work.

Web3 introduces a real ownership model to the Internet that combines economics, art, technology, game theory and technology in an incredibly interesting way.