Last week, ConstitutionDAO launched a crowdfunding campaign to purchase the U.S. Constitution in a feat that made waves in the industry and beyond. Although it ended in failure, it raised about $470 million in just one week, attracting thousands of people to create their first ever wallet and make transactions with ETH, hence introducing them to web3.

As a result, more people started to wonder, “What benefits can web3 bring us?”

What is web3?

First, web3 is a new Internet architecture.

In the 1990s and 2000s, in the spirit of openness and inclusiveness, TCP, IP, SMTP and HTTP protocols emerged. This is called web1.

On the basis of these underlying protocols, entrepreneurs began to build closed-source protocols with property rights. Hence a large number of business giants emerged to establish web2.

web2 is more interactive than web 1, offering many opportunities to create and share content, earn income, and gain influence. However, everything is controlled by the platform, for instance, their algorithms will determine which content thrives and which goes unnoticed besides using user data for advertising deals.

Web3 is not a direct descendant of Web2, in fact, it is more like a distant cousin. The core idea of Web3 comes more from a hybrid of the open protocol cluster of Web1 and the cryptography sector.

As shown below 👇:

After decades of development, with the emergence of projects at the protocol layers, scaling layers, middle layers, and application layers, and especially innovations in areas such as DeFi, NFT, gamefi, etc., which have gradually developed in the last two years, we have seen a general picture of the web3 world.

Source: web3.foundation

In particular, this summer, NFT has given rise to a series of new gameplays, such as PartyDAO, PleaserDAO, etc., which, through the pooling of funds, bought and owned assets in the form of NFTs in the name of the collective, redefining the form of purchase and ownership of assets. The DAO form of organization was reintroduced to the public. People realized that decentralized organizations could create as much value as corporations in the traditional economy and are even much more convenient than corporations in terms of commercialization due to the comprehensiveness of tools. As a result, a variety of DAOs have sprung up. The relevant social token, membership token, creator economy, and curatorial economy have become hot topics. Web3 seems to be no longer at the protocol layer and financial layer and is instead getting closer to people’s daily life.

Social connections transforming into social capital

According to the 2021 social token research report jointly published by columnist coopahtroopa and forfront, there are already three main networks in this field, namely, Rally, BitClout, and Ethereum, that specialize in issuing social tokens. The areas covered include social, investment, soccer operation club, finance, content creation, offline activities, etc. Among them, social DAOs may bring more and more people into the world of web3 because of the network propagation effect.

FriendwithBenefit DAO (FWB), founded May this year, has grown from a group of like-minded people having chats to one with 2,000 members and 200 regular contributors. Before receiving investment from a16z, the entire community was composed of full-time members. The conversations in FWB are not limited to digital economy, nor was there a financial goal or product objective at its inception. People were brought together by a mutual admiration toward one another. It was only later that everyone worked together to explore the changes and impact web 3 could have on everyone’s lives.

Before that, people with a web2 vision predicted that blockchain social would start with a platform built on the chain, like Twitter. Who would have known it would start with a group of people, a self-organized community. It can be said that FWB started the 3.0 era of social. DAO, the new way of Web3 organization, is the next generation of cultural phenomenon after NFT, providing creative talents with tools to capture economic value. Web3 allows everyone to turn their social content and social relationships into social capital, and this is not limited to only a certain platform.

A number of social tokens have debuted on the leading global trading platform MEXC, for example, Rally, Loot DAO, BitDAO, Props token, etc. MEXC has a vision for quality assets, and has set the layout since before DeFi, NFT, and GameFi were even in the public eye. For instance, DOT, ENS, AXS, MANA, ENJ, SHIB, GTC, RAY, CRV, CHZ, MATIC, UNI, DEGO, ANC, LUNA, RLY, and AXS, the most famous Axie Infinity token asset in GameFi, first went live on MEXC before going live on exchanges such as Binance and Coinbase. According to statistics, MEXC has debuted more than 100 assets go live since its global debut in mid-2019.

“You can be the first to buy the assets you think have potential on MEXC. By the time they are on other exchanges, your assets may have already multiplied many times,” a friend always tells me this.

So, you can also list MEXC as one of the tools to enter into the Web3 era. Because when you value a certain type of asset and wish to own it, you will log on to the Uniswap trading page according to the project guidelines. However, if you don’t have enough ETH in your wallet or don’t want to pay transaction fees that are higher than the purchased asset itself, you can log on to MEXC and search for it in Assets. You won’t be disappointed with the results. So, bookmark it!

The web3 era is the era of the ownership economy

The web3 era is also the era of ownership economy. The products created by creators, especially digital content, no longer rely only on income from advertisements and subscriptions alone, but on brands to make money. The products become assets, the creator is the owner, the collector can become the curator and investor, and the fans are the buyer and owner. For example, mirror, web3’s content creation platform, integrates issuance, crowdfunding, bidding, and NFT sales. Good content will eventually be discovered by people and become a digital asset. It has also become a new crowdfunding platform for DAOs.

Yup, a project focused on the curatorial economy, wants to make people’s taste economically valuable. Its slogan is “Collect everything you own, share your taste, and turn it into money.”

You can add it to Google applications and press “yup” at any content you like to create your own themed show, much like Douban’s favorites. Once someone likes and comments, the creator will receive Yup tokens, and the more people like it, the more Yup tokens the creator will receive. Likes and retweets are also rewarded with tokens. Yup’s recent price is $0.9, up over 450% in two months. In fact, its page has gradually changed from digital art to text and is becoming more and more like Twitter.

Now do you know what web3 means? It allows everyone to find their own interest and turn it into capital and not just cryptocurrency.