I have recently having more and more conversations with friends and family about Web 3.0 and
generally I have found that there is still a lot of confusion around the topic. For this very reason, I
have taken some time to write a quick introductory blog post on what web3.0 is and how we can
“Web 3 represents the next generation of the internet, one that focuses on shifting power from big
tech companies to individual users.” – Coindesk
Well if that is Web3 then what was Web2? In fact what was Web1?
Web 1 – Content was read only and supplied to you similar to a newspaper, information was hand
picked and gated.
Web 2 – Content became read/write and there was more “freedom” of information, users could
publish their own content. However with recent scandals from Facebook and Google users have
realised that they have no control over how their data and information is handled. Ever wonder
why Facebook is free? Yeah it turns out WE are the product!
Web 3 – read/write/own decentralised services can be governed using tokens or cryptocurrencies
NFT – Non-Fungible Token
ETH – Ethereum, a popular cryptocurrency
POW – Proof of Work
POS – Proof of Stake (more information can be found here)
RUG – Essentially a scam, generally comparable to a Ponzi scheme
ENS – Ethereum Name Service, similar to a traditional website domain
GM – Good Morning
GN – Goodnight
WAGMI – We’re All Going to Make It
NGMI – Not Going to Make It
DAO – Decentralised Autonomous Organisation
DeFi – Decentralised Finance
What is an NFT?
An NFT otherwise known as a Non-Fungible Token is something that is unique and can’t be
replaced. One example would be that a one of a kind Pokemon or Baseball Card is a non-fungible
asset. A fungible asset would be something like a share in company or a commodity. NFTs can be
a variety of assets such as: artwork, music, photography, the list goes on and on…
Recently NFTs have been exploding in popularity and we have seen massive sales such Beeple’s
massive $69M artwork sale, Bored Ape Yacht Club’s being bought by celebrities such as Jimmy
Fallon and so forth.
One of my favourite things about NFTs is that artists are finally being empowered and rewarded
for their work. One example would be the decentralised music streaming service Audius, which
pays royalties straight to the artist unlike traditional platforms where lots of middle men take a cut.
Another huge benefit is that NFTs can’t be counterfeit, so now more crazy headlines such as this.
What is the Metaverse?
Good News! If you are not quite understanding NFTs yet, wait until you hear about people (yeah
people, definitely not us) buying virtual land in various Metaverse’s for thousands of dollars.
Firstly I would like to say that the Metaverse is an umbrella term, there isn’t just one, there are
multiple! A few popular examples are The SandBox Game, Decentraland and the Treeverse.
You may have spotted the recent transition for Facebook, renaming themselves to Meta following
the current Web3 trend. To me this shows us that Web3 isn’t just a fad, it is here to stay and if you
don’t keep up you and your business may be left behind. COVID-19 has taught us how to remote
work and get used to the confines of our homes, this has made us all more aware of virtual
meetings, parties and generally made the public more comfortable with online communication.
Where am I going with this? Good question I am almost wondering that myself… As technology
advances and we see further development of AR, VR and Musk’s Neuralink it is clear more time
will be spent in virtual environments.
“To a certain extent, talking about what “the metaverse” means is a bit like having a discussion
about what “the internet” means in the 1970s” – Wired
The bottom line is… It’s basically a virtual world in which people will visit, interact with each other,
learn and play.
Studio A92 & Web3
So why is a digital marketing and web design company talking about NFTs, Web3 and the
Metaverse? Well that’s easy… We are working on the cutting edge of technology in order to keep
ourselves relevant but to also leverage new technology for our clients.
We are exploring a few different avenues, specifically around how we can best use NFTs to benefit
you guys in the future. As a business we want to centre ourselves in Web3 and work to become
the most modern and innovative web design business in Scotland.
If any of you guys have stuck to the end of the blog and are still interested in learning more about
crypto, NFTs, Metaverse or Web3 I would recommend getting involved in the space and learning
more about the technology. Twitter is by far the best place at the moment to engage in this type of
chat so hope on and give us a follow. If you know anyone who is currently running a great
business but doesn’t have the time to develop and run a website, I would appreciate it if you
could put them in touch with us. Once again, thanks for reading the blog and have a great day!