What Is Web3 & How Is it Unlocking New Business Models & Tools

web3

The “Bitcoin” not “Blockchain” people couldn’t have been more wrong…

Blockchain technology is in fact enabling 3 revolutions at the same time:

  1. The Money Revolution (Global, decentralized, non-state money)
  2. The Financial Revolution (DeFI)
  3. The Internet Revolution (Web3)

Each of these revolutions is necessary and important for us to achieve a future of global equality and free ourselves from overreaching governments and corporations. This is the true promise of blockchain and crypto. In this newsletter, we primarily discuss the revolutions in non-state money (BTC & ETH) and decentralized finance, but today we want to dive deeper into the potential of Web3.

For a full deep dive into the current and potential use cases of Web3, particularly for creators, entrepreneurs and marketers, I recommend you check out the follow report written by Web3 Academy:

2022 Web3 Report: Community, Growth and Marketing in the New Internet

How Blockchain, NFTs, Tokens and the Metaverse are revolutionizing how we think about marketing and business models in 2022.

So What Is Web3?

Web3 is the next iteration of the internet: permissionless, accessible to everyone, censorship resistant and owned by its users.

There are 2 key foundational changes to the internet that Web3 enables:

1. Digital ownership:

The ability to own something digital without the need for a custodian or trusted 3rd party. We understand this already in terms of money with Bitcoin, but thanks to smart contracts this is possible with just about anything on or off the blockchain (ie. identity, equity, certificates, etc.)

2. Interoperability of you & your digital goods across the internet:

Interoperability in Web3 means your crypto/web3 wallet becomes your 1 secure account/profile for the internet. It moves in and out of applications along with what’s in it. This means no more 100s of accounts and passwords and no friction to move from one platform to another.

what is web3

Web3 interoperability creates an internet experience more like the real world.

Example: If we buy a shirt in a store in the real world, we don’t have to leave it in that store when we exit. In Web2 however, if we buy something in a game or on Facebook, it stays only in that game or on Facebook. In Web3 we can take it to the next location, just like in the physical world.

But wait, it gets better… Where it takes even the real world experience to a new level is through programmability. We can program anything based on the digital assets/activity from your wallet. Meaning, we can create specific digital experiences, provide access, etc. seamlessly based on the user’s wallet.

So Why Do We Need NFTs & Tokens In Web3?

Tokens (fungible & non-fungible) act as tools in Web3 that serve many purposes for communities, developers, creators & businesses. Let’s break them down first before discussing their purpose:

Fungible Tokens – fungible units of account that can be used as currency, equity, governance, reward systems, etc.

NFTs – A non-fungible token can represent ownership of anything on or off the blockchain. Art is easy to understand here, but think past this. What else is non-fungible in our world? Certificates, event tickets, domains, awards, keys, real estate, prescriptions, identity, data. etc.

These Web3 tools (tokens/NFTs) are a means for creators, communities and entrepreneurs to establish:

  • funding
  • capital distribution
  • governance
  • access
  • IP
  • structure and organization
  • incentives
  • branding
  • etc.

Yes, We Can Do All Of This In The Traditional World. So Why Is This Better In Web3?

Web3 tools make all of this 100x better because they can be created, without permission, with 0 intermediaries, in seconds, and be available on global liquid markets immediately! This is a massive unlock for innovation and capital flow around the world.

Think about the costs, time and sweat it takes to start an LLC in the USA, open a bank account, acquire funding globally (oftentimes this isn’t even possible), file your patents/trademarks and hire a team globally. I can literally do ALL of this in less than 10 minutes with Web3 tools like NFTs and Tokens.

Remember, Tokens and NFTs are also programmable

Not only do these tokens have all the 100x more efficient purposes mentioned above with regards to equity/funding/IP, etc. They can have a 2nd purpose with utility, replacing most marketing “tools” businesses use.

What this means is that a token can be a form of equity AND your access into a discord community or a ticket to an in-real-life event. It means that tokens can be a form of governance (think voting) in addition to an appreciating asset that ALSO shows you premium content on Netflix or your favorite blog. The utility and opportunities that Web3 provides for every person on the planet are endless. In my opinion it will change the world just as much or more as the internet itself did.

Where To Learn More About Web3

If you want to learn more about Web3 or if you’re a creator, entrepreneur or marketer looking to use Web3, check out the following report written by Web3 Academy:

2022 Web3 Report: Community, Growth and Marketing in the New Internet

How Blockchain, NFTs, Tokens and the Metaverse are revolutionizing how we think about marketing and business models in 2022

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