Warning, DONT read this if you are a supporter of companies stealing your data/information. Enjoy dealing with middlemen when it comes to selling your product or service. Or aren’t ready for the absolute biggest technological revolution of the century! Just stop right there……
BUT, if none of those things apply to you, and you’re a creator, artist, or entrepreneur interested in learning how to maximize your work in a game-changing way welcome to Web3.
*Web 3 enters the chat
So what’s Web 3 huh? Great question, glad you asked. By the end of this article, you’ll have a Ph.D. in Web 3. And don't be shocked when you get hooked just like I did. Once you fall down the rabbit hole you'll turn into a Web 3 evangelist.
Be careful though with great power comes great responsibility, shout out to Uncle Ben for that 💎. All I ask is that you share this game with someone else. Give it to someone who really needs it. Each one teaches one kinda vibe. That’s how we all make it..
Now to the topic at hand, WELCOME 2 WEB 3.0
Web 3 is the creator economy, it’s a new internet owned by the people who use it and powered by blockchain technology. That’s it, that’s the Tweet! For some comparison and context check this out….
- Web1.0-- desktop browser aka the Internet explorer-- it was to read or we can say consume content
- Web2.0--It's what we are using right now (instagram, youtube, etc) also includes smartphones.-- as used now it is to create content
- But Web 3.0 is where it changes the whole game-- decentralized, blockchain, crypto, NFT's etc--completely transparent and you own & control what you use and create
- Web 2.0 is where the institutions are winning are in control! But 3.0 is where us, the individuals win and are in control!
Web 3.0 is the internet revolution happening right under our noses. And if not tapped in you gonna left behind! There are three major pillars I want you guys to remember.
I need you guys to remember this…..
- DEFI
- NFTs
- DAOs
What the heck is DEFI?!
Defi stands for decentralized finance and is the financial ecosystem being built on blockchain technology. Yield farming is one of the most innovative products out Defi. This allows you to make passive income on your crypto without selling. Think of it as savings account on steroids.
Defi opened the door for people to access traditional financial products without banks, brokerages, and middle man. The crazy part is Defi allows you to become your own bank.
Why would you ever go back to a bank that gives you .01% savings when you can earn 5000% APY on the blockchain.
For homework, I’m giving you a list of terms to research
REMEMBER THESE…….
-Smart Contracts
-Yield farming
-Liquidity Pools
-Staking
-Non-custodial vs Custodial
-Centralization vs. Decentralization
What are NFTS?!
So you’ve heard the word NFT. You’ve probably even seen these pictures of monkies selling for hundreds of thousands of dollars. You want to hop on the NFT train and make your millions. I ain’t mad at it. But here’s the thing we have to set realistic goals. And more importantly, we have to first educate ourselves on the space before we just hop in the deep end. But that’s what I’m here for.
NFT stands for Non-Fungible Token*.* That means no two are exactly the same. An easy way to think about NFTs, its just verifiable ownership of an asset on the blockchain. They can be anything…..songs, tickets, collectibles, fine art, video game character skins, physical items, etc. And with it being so early there’s still a ton of undiscovered utility. Now you’ve seen mostly the cartoon art and say why the heck is it going for so much? That’s because of something called the endowment effect. On that i’ll end on an NFT, I own collected by my dear friend and amazing artist J.W Mos
What’s a DAO?
Now my personal favorite pillar of all Web 3. DAO stands for Decentralized autonomous organization. In English…. any collective/group of people joining together for a similar mission on the blockchain. Think a large group of people with one shared bank account
There are several flavors of DAOs starting to form….
-
There are social DAOs that are organized around people socializing and or rallying around a specific cause.
-
There are investment DAOs where members pool together funds to collectively buy investments.
-
Collector DAOs where like investment DAOs members pool funds together but to buy more high-end pieces and then each member would then own a fractional piece of the said piece in proportion to their investment.
-
There are even DAOs created to buy entire sports teams. Shoutout to KrauseHouse amazing community!
One major benefit we are starting to see come about is the implementation of governance and voting. Now people are getting to stake their say in the direction these organizations are going. So not only can your own piece of favorite company/brand. You can now vote and make decisions in the future of it. A great resource to check out is
If you are still around after that let me tell you homie your definitely GMI! (Gonna make it lol) In conclusion Web 3.0 is a must for any artist, creative, and entrepreneur! This is a chance to have equity in the new internet. Like, imagine if someone came to you in 1999 giving you the chance to invest in the internet how major would that be. This is that same chance, so don’t sleep and capitalize on this new technology before everyone else!!! LGT$
Russ
Chief Vibe Officer @ 40Acres DAO