web3 is not NFTs
I had great and positive conversations last week about inclusion, web3, and projects that build further than the hype.
In 2017, CryptoKitties caught a lot of attention because it was one of the first adopted games (and use cases/apps in general) with wide adoption. Each CryptoKitty is a non-fungible token (NFT, meaning that is unique and not interchangeable). Let me explain. If you have a Bitcoin (BTC) and you want to change it for another Bitcoin, it does not matter because they have the same value. Same as a bill of any FIAT. But I do not want my CryptoKitty changed for another because they might have the same value but are not the same!
I actually own some other NFTs you can search on my ETH address ratalie.eth and others in other blockchains, such as my ENS: ratalie.eth (that’s an NFT, guess why) itself, some pics, and some education certificates.
Web3 has come to mainstream vision because of the current presence, footprint, and adoption of NFTs: see Adidas, Budweiser, Reese Witherspoon, Eminem, and more; and the promise of earning with projects that can turn as “profitable” like Bored Ape Yatch Club, aka BAYC — not really a meaningful name, at least outside the NFT space.
NFT might be the most visible “web3” example today, and its connection with cryptocurrencies is a link that might cause a little noise because of its non-so-clear origin. DeFi (finance without intermediaries), Identity Access (to Virtual Reality aka Metaverse), Payments, and traceability in general (supply chain, medical/education/identity records)* are some of the other examples of what can be done in web3. But web3 is not NFTs.
*Concepts are explained quickly to illustrate but required a deeper analysis that I will post on later posts.