NFTs give Web3 a bad name. Here’s What Web3 Can Really Do

NFTs give Web3 a bad name.  Here's What Web3 Can Really Do

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Monkeys, dogs, cats, punks… pixelated art with suspicious owners’ copyrights, all taken to the stratosphere by a seemingly endless stream of crypto enthusiasts in the “investment” premise of a bigger wacky theory. And behold, it crashed.

The good news is that none of these things are “Web3”.

However, the die has been cast, and now many people think of NFTs simply as a mechanism to tokenize and sell their digital intellectual property, with little regard for real value or utility. Many people were completely confused by the get-rich-quick idea of ​​version 1.0 of the NFT and thus missed the point of the opportunities and value that Web3 brings.

Web3 Definition

Before we know how to use it to increase connectivity, increase revenue, or reduce fraud, we must understand the technology we are talking about.

“Network” is just short for interconnected society and economy:

  • Web1 was the accessibility of information.
  • Web2 was the advent of social media, blogging platforms, video tools, and other forms of writing, creating, and interacting.
  • Web3 uses blockchain technology to provide direct ownership, portability, accessibility and provenance of everything electronic.

Related: If you have no idea what Web3 is, you are not alone. Here is a breakdown of the future of the Internet.

Understanding NFTs

One of the greatest by-products of Web3 technology is the ability to tokenize digital assets, often referred to as “non-fungible tokens” or NFTs. Fungible and non-fungible tokens will completely change the world. Companies, content creators, and individuals will do incredible things with them. But it’s still early, and many infrastructure issues need to be resolved before it can take off.

While there have been some modest financial successes, trailblazers in music, sports, influencers, corporate brands, etc. have risked their intellectual property and hurt their brands by jumping into things too fast due to version 1.0’s greed, not thinking about the consequences of poor choice of infrastructure providers and lack of compelling content or targeted utility.

  • NFTs are for much more than creating some kind of digital art (or trading card, music track or whatever) and selling it to a minimal audience.
  • NFTs are designed for direct interaction and relationship with the audience.
  • NFTs are designed to be portable in terms of ownership and provenance of things that NFTs represent.
  • …and much more.

Related: NFTs will soon become inevitable. This is a good thing.

What Web3 Can Do

At the start of the game (I would guess that only the very first pitch was thrown in the first inning)and while many critical infrastructures are yet to be deployed to support widespread adoption, we are seeing some interesting use cases starting to emerge that point us to what the technology can do. This includes:

Sports – Autograph nailed a value prop with Tom Brady’s NFT. These are not just collectible cards or short videos. No, these are “Season Passes” that provide ongoing updates, offers, invitations to events, and special access to The Huddle’s tokenized website.

Automotive – DeLorean is getting ready to make cars again and is now accepting deposits. People receive NFTs representing their vehicle entitlement, especially when they are in line for delivery. (NFT number is their place on the conveyor). They will continually add production updates, brochures, special event invitations, and other things (data) to NFTs owned by future owners (note that this is not in the form of new NFTs being sent to owners, but instead just new data added to storage , which unlocks an existing NFT).

Also, given the portability of NFTs, if the owner wants to sell their rights and queue up for someone else, they can go to a secondary market like eBay or Autotrader and do it easily. It seems fitting that the Back to the Future icon will take the lead with respect to Web3.

RELATED: Back to the Future DeLorean Car Looks Pretty Futuristic

Medical equipmentglobe Medical, The multibillion-dollar biomechanics maker mints NFT for every cervical cell, every disc, and every spinal screw that a surgeon inserts into the body. This solves the problem with people who install lathes in the garage, establishes the origin of their devices and components, prevents counterfeiting, and limits patient liability.

Music – it’s not just selling music tracks and albums. They allow fans to share in the earnings of their favorite artists by becoming (partial) owners of those songs and albums and receiving a portion of the royalty streams. NFT holders will also receive “gifts, surprises and priority access to tickets, merchandise and events.”

And now…

Everything before these use cases—all dogs, cats, monkeys, and punks—set the stage for the transformative impact that Web3 will have on an interconnected world. We should appreciate these early formative iterations of the industry (ICOs and NFTs), even if we leave them in the rearview mirror.

The challenge now is to educate companies and content creators about the incredible things they can do with Web3… and my team at Fortress to create an infrastructure that secures data, enables next generations of utility and interaction, and makes it accessible to everyone. person on the planet.

Written by khirou

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