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  • Risha Anand

The Economy of You - Web3 for everyone


The economy of you. And the evolution of the world economy as we know it.


Remember back when the colonizers had literally nothing better to do than to invade other countries, loot them and take them under their control, just because…they could? Do you know how some social media apps sometimes just delete content, shadow-ban, or demonetize a content creator just because they…can

Now we’re not saying we’re Gandhi or Mandela, but say what you want – this is a revolution.

This is the time where we get to be at the table that discusses our money, and our creativity when before we weren’t even allowed to be in the room. It’s safe to consider Web 3.0 to be an executable Magna Carta – the foundation of the freedom of the individual against the arbitrary authority of the despot. Sorry if that’s too much revolutionary language. Do you know what happened to people who didn’t believe in Mandela or Gandhi? We neither.


When most people hear "blockchain technology," they think of Bitcoin and other cryptocurrencies that people have been investing in at the right time and mostly just as a way to make some quick money, but this is beyond far from where the potential lies that we’re lucky we get to break into first, with you.


Throwing it back to the 1990s for a quick minute, remember when we were calling the internet the “Information Superhighway"? What was that all about? The internet was very much a blank slate with a steep learning curve. It’s like when Bill Gates first introduced the concept of the internet and people thought some kind of electronic spider had bitten him. Back in the nineties, many experts didn't think the internet would live to see the light of the day. However, many people intrinsically knew this was the next big thing that would change our lives forever. This era of the internet is referred to as Web 1.0.





In the mid-2000s, we entered the age of Web 2.0. Major platforms like Google, Amazon, Facebook, and Twitter emerged. They began to make the internet a more convenient place to connect, interact, and transact. However, critics began to question whether these few companies were beginning to amass too much power. In recent years, we witnessed lawsuits in which tech giants were slammed with billion-dollar fines for harvesting personal data and breaching data privacy laws.




Cue Web3.


The app layer of blockchain introducing new ways we will use the Internet using this amazing technology called – Blockchain Technology, which is exactly as cool as it sounds to be. Web3 is the pathway to cutting the middleman out of the internet, data, and information exchange itself. The internet could become a place that is run by the collective (all of us), using digital tokens as its currency.


Web 3 is actively breaking down barriers to finance and fundamentally changing the way we deal with “money” (and all other forms of property) online.


Web 1: The Information Economy

  • Read Only

  • Dominated by newspaper sites like Yahoo

Web 2: The Platform Economy

  • Read / Write

  • Dominated by social media like Facebook and YouTube

Web 3: The Token Economy (our favorite one)

  • Read / Write / Own / Execute

  • Dominated by nobody and everybody

Over the past year or so, because of the number of people who have realized the potential blockchain, the momentum has grown immensely. The creatives took it upon themselves to make the best use of this technology and it only shows how powerful this blockchain application layer will be.


We know, we know. We’ve used the word Web 3 a lil too much and you’re probably wondering what the hell this does. How about everything? What are some Web3 use cases to help you understand where the hell we’re going with this? Find your topic of interest and read on.


A blockchain-based estate plan.

Do you remember the very beginning of the internet? Everything felt unknown and awkward. Today, the internet pretty much runs our lives. Web3 is very easily a parallel to this. It’s something that remains to be seen, and there is no universal understanding of what Web3 is, or what it will look like. We may be decades away from Web3 becoming our reality, but it behooves us to start thinking about how blockchain technology will revolutionize how we conduct our personal business.


One aspect of this is estate plans. It’s entirely possible we could have blockchain-based estate plans. In theory, you could set up smart contracts that dictate that your digital assets will be passed automatically to your spouse or beneficiary upon a specified trigger event, such as your death. These assets would not go through the probate court as they would today. In other words, in the age of Web3, we could be looking at a possibility in which the effectuation of an estate plan could become decentralized.


Games

In the past few years. many games such as Decentraland and The Sandbox have highlighted new revenue streams generated from Web3 experiences. Namely, these models include virtual real-estate (basically where the “players” can buy, sell, or rent virtual land), infinite commissioning for creators (whereby creators are incentivized to continue developing content as they earn a percentage of the revenue generated from their creations), and play-to-earn (whereby users can earn rewards by playing games). Sounds out of this world because it quite literally is.


Art

The art industry is already experimenting with Web3 technology to create new experiences for artists and buyers alike. For example, NFTify is a platform that allows artists to mint their artwork as NFTs (non-fungible tokens). These NFTs can then be bought, sold, or traded on the open market. In addition to NFTs, Web3 can also be used to create virtual art galleries.


Social Media - Our personal favorite one for many reasons

Social media is one industry that can benefit from the adoption of Web3 in so many different ways, all of them better than the other. Social Media is at the very center of community-building. The potential that future content creators have in the Web 3 space is phenomenal is going to change the game as we know it to a whole new level.


Entertainment

The entertainment industry is also beginning to explore the use of Web3 technology. Numerous events by big-name celebrities, such as Justin Bieber and Grimes, have been held in virtual worlds powered by Web3. For example, on November 19th, Justin Bieber performed a 30-minute meta-universe concert on the virtual music platform Wave. This allows a new level of engagement with fans and the ability to sell tickets, merchandise, and other items related to the concert.


Fashion and Luxury

The fashion and luxury industry is also beginning to explore the use of Web3. For example, Hugo Boss released a TikTok challenge in which participants could win NFTs, and five distinct Boss x Russell Athletic NFT jacks. The campaign generated 3.1M #Bossmoves videos and over 7.5B views. Estee Lauder's "Clinique" collection hosted a contest for customers who were members of its loyalty program, with the opportunity to win free items for ten years and one of three versions of NFT art if they shared "stories of optimism" on social media. In Luxury 3.0, the brands that will win tomorrow are those that invite their audiences in to contribute and play active roles within their community. Online communities are not just adjacent to the luxury experience: they are powerful multipliers.


Public sector aka Governments

The public sector is also beginning to explore the use of Web3. Web3 can make public sector processes exponentially more efficient and widen access to government services to those who need them. For example, governments can use Web3 to create digital identities for citizens. These digital identities can be used to access various government services, such as healthcare, education, and social security. In addition, Web3 can also be used to create digital voting systems that run on the blockchain. This would allow for a more secure and transparent voting process.


The Way Forward

If there’s one common chain between all of the above, it’s the transparency factor and the “owning” factor that are two of the biggest forces that will take Web 3 to the biggest level and are exactly what is missing today.


Web3 has very significant potential implications across a broad range of industries. By doing so, they will be able to create new experiences and beginnings. Lastly, as we approach this new digital economy, we need to look most at how it will benefit us, the consumers, to our full advantage, and even in this fast-moving pace of the world, find a way to make way for what is ours to come to us.

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