Web3 & NFTs: The Future Has Arrived

Web3 & NFTs: The Future Has Arrived

What do celebs like Gwyneth Paltrow, Snoop Dogg, Paris Hilton, and brands like Lamborghini and Nike have in common?

They are all seeking to capitalize on the newest burgeoning market in the world of technology and digital assets! The multibillion-dollar NFT business seemed to have sprung out of nowhere. But what exactly does all of this mean?

Enter Web3.

The term “Web 3” was coined to describe the next logical evolution of the internet after “Web 2” (aka Web 2.0). Although there’s some debate about what Web 3 actually comprises, it is essentially pretty straightforward.

Web 3 symbolizes an open, three-dimensional internet. Web 3 apps, built on top of the blockchain and complemented by decentralized products and NFTs, are ushering in a new age of how we all connect, interact, work, and play—all within a transparent, open environment.

Web 3 is a fundamental technology set to change how the world will work, not just how we use the internet. This covers our relationships with other individuals and businesses and how we conduct our lives online. 

What does it look like? Well, imagine this: verified NFT identities, single sign-on with cloud storage, compensation for our data or privacy, and even becoming a currency on which people can wage bets! And that’s only the start.

WEB 2.0 VERSUS WEB 3.0

Web 2.0, or the internet as we know it, is represented by the World Wide Web, which gives us web pages and user-generated content via social media.

Web 3 will be built around three key concepts:

1. Data centricity

Suggesting that data will be central to everything. 

2. A focus on privacy

Web 3.0 will allow people to participate while maintaining complete control over their data and how it is used, in contrast to Web 2.0, which was controlled by centralized businesses that held users’ data and provided them with services for monetizing their data.

3. Emphasis on decentralization

This means moving functions, authorities, people, or objects away from a centralized authority. Web 3 is permissionless, meaning no one may block or deny service.

What is the “Metaverse”?

The “metaverse,” according to Investopedia, is a digital environment that combines elements of social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to enable people to communicate digitally.

Companies are increasingly developing business strategies to meet the demands of this new economy. However, it is a common misconception that acquiring virtual real estate is the only way to monetize in the metaverse

Facebook is investing $10 billion in this new technology, which J.P. Morgan says might be worth more than $1 trillion.

New and innovative commercial applications are emerging at a rapid rate. Play-to-earn games like Axie Infinity made news by allowing gamers in the Philippines to earn a large amount of money, with some earning more than their living salary from the comfort of their homes. 

This passive revenue might organically grow in several innovative ways, such as users acquiring dividends on items of clothing worn in the metaverse.

What about NFTS?

NFT is an acronym for “non-fungible token.” Basically, NFTs are sold and exchanged with a uniquely recognized digital unit of data recorded on the blockchain.

For example, “World of Women” is an NFT collection that reflects women’s inclusion. There’s also CryptoPunks, a one-of-a-kind pixel avatar that has completed over $2.5 billion in transactions to date.

Although NFTs are a basic feature in Web 3, there are many other methods to leverage Web 3 to motivate action in your audience, such as accepting cryptocurrency to allow for privacy and international payments or leveraging the blockchain to keep easily accessible data with a single updated record.

One repeating trend we’re seeing today is how firms and artists are using NFTs and cryptocurrencies to reward communities and engage audiences. Start a DAO community (decentralized autonomous organization, also known as an online community controlled by its members), tokenize your company to raise funds, or offer exclusivity and ownership on the blockchain.

Your audience will be far more invested in your success because they have bought into the idea that whatever they support will appreciate in value.

So, where are we now?

Web 3 is all about being inclusive and putting the user first. We are being offered a completely new platform to increase connectivity and foster our inner creativity.

It is an entirely new era of accomplishing things that were never possible before—an era in which you can meet someone halfway around the world minutes before supper and own bits of your favorite games or communities.

The metaverse is a new universe in which you have control over creation. We’ll use NFTs to do this.

With the widespread acceptance of these concepts, the future is no longer a faraway concept—it has arrived.

Johannesburg

Located in the heart of Johannesburg, our office sits in the affluent area of this metropolitan city. Sandton has been developed into one of the top financial districts in the country. All of the nation’s top investment banks and financial consultants have chosen Sandton as the head office. Some notable companies include Massmart and Nedbank. You can also find one of the biggest convention centres of the African continent in Sandton. The Sandton Convention Centre is a twelve storey building built to accommodate up to 10,000 people at any one time. Some of the most prolific annual events are held at this convention centre.

Johannesburg has now transitioned from being a gold mining city to becoming one of the most multicultural and vibrant cities in the continent. Home to one of the world’s largest urban forest and art gallery, this is a progressive city that Kadima Digital is proud to call one of our homes.

Lisbon

Located in southern Europe, a part of our team resides in Lisbon, the capital of PortugalLisbon boasts breathtaking scenery and a rich culture, and has become a hotspot for startups and other successful businesses. Companies such as Volkswagen, Tyson and Capgemini are examples of major international businesses established here. With Portugal being ranked 7th in the world for English proficiency, as well as being relatively cost-friendly, it’s no wonder so many entrepreneurs and CEOs are venturing towards its capital. Lisbon offers some of the most beautiful views in the world, and is a definite contender for the next big tech and business hub. With its world-class infrastructure, incredible culture, and high standard of living, there is no shortage of  experiences to be had.

Tel Aviv

Located in the heart of the middle east, our head office sits in Tel Aviv, Israel. This little country is home to more startups per capita and some very well known tech companies, including Payoneer, Walkme and Riskified. In the most recent years, the thriving tech scene has drawn many venture capitalists and startup founders to the city.

Besides its mature business ecosystem, Tel Aviv is also known to be one of the best cities for nightlife and international cuisine. The cultural heritage combined with its modern sensibilities makes it the ideal environment for Kadima Digital to connect with forward-thinking brands and business leaders. It is our pride and honor to call the world’s most innovative tech hub our home.