What is Web3 and what is NFTS?

In one of the episodes of the TV show hacksTalent agent Jimmy laments that he missed Lil Mikaela’s Fortnite concert. This mockery shows how Web3 has been integrated into the cultural landscape. In case you weren’t aware, Lil’ Michaela isn’t a real person. She is a virtual character who has appeared in Prada and Calvin Klein campaigns. He is “friends” with Bella Hadid and Millie Bobby Brown. So how did we get to a place where a virtual influencer performs concerts in online video games? let me explain…

Web3 is the future of the Internet

So, what is Web3? One way to think about it is that Web1 was the first iteration of the Internet (think AOL and LiveJournal) and Web2 was more social, with users creating or consuming content or goods (think Facebook and Shopify).

Essentially, Web3 is an attempt to rebuild the Internet in a decentralized way to empower users rather than centralized entities, benefiting its owners and stakeholders. Broadly speaking, Web3 includes blockchain, NFTs, decentralized finance (or DeFi), and cryptocurrencies. Popular brands include Web3 Ethereum (cryptocurrency), Bored App Yacht Club (NFT project), and Lido (DeFi protocol).

NFTs are the future of construction and society

Madonna, Emily Ratajkowski, and Moncler have all adopted NFTs. The strokes were implemented at the NFT conference. But there’s a lot more to NFTs than just the pop culture phenomenon they have become.

NFTs give creators a new way to monetize their work. They can receive royalties every time they sell their work instead of just selling it once. NFTs also challenge the gallery/artist power structure by offering a lower barrier to entry. Another plus is that cryptocurrency and NFTs work 24/7, so you don’t have to travel or wait around to find a great artist (or song, digital organization, virtual parcel…the list of use cases goes on and on). We don’t need it. But first, let’s break down what they mean.

What is NFT?

NFT stands for Non-Fungible Token. Irreplaceable assets are unique and cannot be changed or duplicated, whereas recoverable assets are not unique. Dollar and Bitcoin bills, for example, are refundable. There is no difference between a dollar or bitcoin and another dollar or bitcoin.

All NFTs are stored on the blockchain, which is a public ledger distributed digitally over a computer network.

Because each NFT is unique, it is a basic receipt or proof of ownership that lives on the blockchain forever. It can represent digital and IRL real estate ownership, cars, concert tickets, video games, and digital clothing items in the metaverse, and it could represent many more to come.

How do NFTs work?

Whenever someone creates (or “mints,” as it’s called when it’s published), transfers, buys, sells, or does anything with an NFT, the movement is automatically recorded on the blockchain. This record enables permanent and public authentication, and anyone can use it to verify NFT ownership and activity.

One of the most popular jokes about NFT art is, “It’s just a JPEG! I’m going to right-click it and save it; then it’s mine.” But that would be like telling people you own a Rothko or Matisse when you own a Rothko or Matisse print. Anyone can say they have the “first 5,000 days” of Beeple on their desktop, but they have to own the NFT to be worth $69 million.

The future will not stand still

NFTs can represent any lifestyle. Bored Ape Yacht Club, The Hundreds, and Doodle are PFP (Profile Picture Project) that provide access to the vibrant communities that support them.

They can also unlock additional content such as a signed physical copy of a work of art, access to a personal event with the creator, or a lifetime VIP membership. Starbucks now has an NFT loyalty program where you can collect digital stamps to earn rewards like a trip to their coffee farm in Costa Rica.

Because they are programmed, they can change. For example, Impermanence is an NFT art collection that changes with current weather conditions. Cryptorchids are digital flowers that must be watered every seven days, or they will die (thus, they cannot be sold).

where do I start

Check out OpenSea, Rarible, SuperRare, Tezos, and Polygon marketplaces to create or buy NFTs.

Whether you’re starting a side hustle as an NFT artist, becoming a collector, or searching for the perfect digital outfit for Ariana Grande’s next virtual concert, mastering these basics will give you a lot in Web3. He will take you forward.

Source: coveteur.com

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