Admit it or not, the era of Web3 has arrived.

Like humans, the Internet can be divided into generations. Web2.0 (or Web2) is the Internet known to most people and is often referred to as a “social network”.

Web 2.0 is an interactive environment that refers to users creating content that disseminates third-party content. Translated by experts such as Facebook and Twitter, Web 2.0 is a company that provides services for the exchange of your personal information. .

Robots, the lack of good governance in the media and the anonymity of the media community in times of crisis affected by US special forces and the spread of communism have allowed the world to prove how easily Web2 technology can be used. .

Extremists and separators use the web2 application. This means that the media and the media are used to spread false information and rumors, resulting in unprecedented political impact.

Now with Web3.0 (Web3), the next generation of the Internet driven by applications running on blockchains.Web3 aims to eliminate large, often free and open source technology companies through their communication systems and provide a unique and accurate information exchange.

Web3.0 brings a negative view of NFTs.

Some people are proud that Web3 can improve the internet and the community. For example, musicians can be paid full time for music, which reduces crime and other problems.

However, some naysayers believe this is all part of the new scam in the online world.

How Web3 and NFT intertwined

Christian Catalini, founder of MIT Cryptoeconomics Laboratory and researcher at MIT Sloan School, says one of the key components of Web3 right now is cryptocurrency.

Another technology of the Web3 umbrella is NFT, which is currently only used for graphics and other digital content. The difference between the original JPG image and the JPGs which are still NFTs is that there are numeric characters marked after the NFT JPGs. NFT JPG you have different from the regular JPG you download.

NFT JPG is made up of blockchain, digital public data that records and cannot be traded on cryptocurrency exchanges and runs on multiple computers without an individual or organization owning it.

“Web3 is a layer of technology that uses tokens to create new types of digital platforms and new types of ecosystems,” Catalini said.

Your passion for Web3 is most certainly on Twitter. You can see users add "eth" to the end of their Twitter profile name. This means that it runs on the Ethereum blockchain. It is a unique type of blockchain that uses a different security system from other blockchains and is now an important platform for buying, selling or creating NFTs.

Many of these funds use the special and more unnecessary NFT artwork that they buy based on their account avatars. From pizzas resembling humans to cartoon images ranging from sweet and cute noodle characters, these images are comprehensive.

Fity.eth is a fan of nft and has asked you not to reveal your real name for private reasons. He is the creator of Apocalyptic Apes, a digital art and virtual space collage of stories with mutated cartoon monkeys and environmental information.

He said he had teamed up with a digital artist to paint a picture of the monkey character in his doomsday world online, "where food is hard to find, time is scarce, and signs of life are scarce. "

The Fity.eth website recently announced the new digital art monkey NFT symbol. They are sold on the OpenSea NFT exchange, one of the largest NFT companies. At the time of publication, the asking price was around $ 271, which is part of the cost of an Ethereum digital coin (slightly over $ 4,000 at time of offer).

According to the website, the NFT monkey sells out in one day.

Why spend so much money on the image of the red monkey?

“I think this is a global problem,” Fity.eth said. He knows the artist and lives off his art. “Think about the process I needed to sell my art,” recalls artist Fity.eth. "You have to paint, you have to put it on the wall, you have to show it, you have to go to the showroom ... People have to get this award. Gallery to the artist.

But City.eth says it's more than that.

“It's about friendships and relationships,” he said, adding that the owners of Red NFT are now linked to a unique online community.

Part of the appeal of NFTs is creating a unique online community for people to own these works of art, offering real world events and parties or attendees, special costumes and other advantages. Additionally, NFTs can add value through promotions, word of mouth, and entertainment (like other artwork), and some people are willing to pay thousands (sometimes millions of dollars ( sometimes millions) for the most popular NFTs today. Yes, you can sell NFT to another buyer for a higher price than what you paid).

“We develop a way of life and start a race,” added Fity.eth. One of the motivations for the spread of doomsday apes is to promote human awareness of bad weather and reduce marine life. He said he was working with other companies that use marijuana to replace plastic in bottles, straws and other items.

Several Web3 and NFT consultants interviewed by ABC News suggested connecting their work with the latest technology.

For example, another NFT employee also requested to remain anonymous, his real name is Snax.eth. He founded the Pizza DAO organization and set up the Global Pizza Night through NFT Sales. He says this event is for the people. Recognize the negative impact of the spread of the restaurant industry.

he said,The greatest potential of Web3 is to connect people and make the world a better place.“Pizza is a global phenomenon that comes with us as the internet and blockchain. Most of the global issues are product distribution issues, and NFT and Web3 are technology distribution issues. Snax.eth says.

Celebrities and brands invest in the early years

Some celebrities and celebrities are also launching the NFT-Web3 project, which integrates physical services and commercial products with tokens.

Companies such as Nike, Taco Bell and Coca-Cola have developed NFTs (mostly related to fundraising for the industry) or are investing in blockchain technology.

But how can NFTs provide more commercial products than community media and tools? Why on earth would anyone want a digital photo of a Taco Bell taco?

These are questions scientists like Scott Duke Kominers have explored in depth on NFT and Web3. Kominers is the 1960 MBA Associate Professor in the Department of Entrepreneurship Management at Harvard Business School and Professor of Business Administration at Harvard University.

“In the short term, NFTs have transformed market power by changing the ownership of digital devices and products,” Kominers told ABC News. "It's going to start to enter the body and the product market." Kominers has participated in many NFT projects, provided information to them, and wrote an article on how NFTs create value for the Harvard Research Center.

NFTs are attractive to musicians and artists, with the ability of new online businesses to develop and sell their work, and the hip-hop community is unique.

Legendary hip-hop producer Timbaland is offering a second NFT online auction. A Timbaland director didn't respond to a request for comment, but the music producer is interested in NFT and the Metaverse. According to Décrypter, his latest debut at NFT is about to release his next EP "Opera Noir".

Snoop Dogg recently announced his upcoming NFT project on Twitter and changed his avatar to the NFT Cartoon Monkey to follow suit.

Russell Simmons, producer of Def Jam Records, is also said to have worked on the NFT project.

According to some experts, it can make money for anonymous musicians, other producers, and ordinary people who buy NFTs. Kominers said the status quo blockchain could provide new developers. “Once every deal is done, part of the deal goes back to the original artist or producer,” “We see it in the music.

He said: "There are many NFTs in place so that a portion of each exchange is attributed to the original author (or, more strictly, the author of the cryptocurrency wallet)." Popularly used, it can be very effective., Some art designers have more than tens of thousands of ETH in the second exchange, and 2.5% duty in the second exchange of 10,000 ETH will be 250 ETH, or roughly $ 1 million. "

Fity.eth has also estimated the benefits of buying NFT music.

He says "Depending on how you can own the song.

NFTS: A new path for financial starters?

However, access to NFT is the same not only for large companies and large enterprises, but also for SMEs.

Brothers Dan and Nick Hunnewell are the owners of Coffee Bros., a coffee machine based in Queens, New York. In addition to brewing and selling coffee online, they created an NFT project called Crypto Baristas. Dan says the money he earns from his NFT role will be used to open his first restaurant in New York City in 2022.

“It's like a Kickstarter incident,” Dan told ABC News. "By providing NFTs, we are seeking funding from nearby communities."

“We're working with artist Tony Bui, who has his own style and fan design,” Dan said.

NFT also allowed us to quickly build a community of 11,000 fans and subscribers. He and Nick use Discord, a messaging and communication app across blockchain and NFT communities, to connect with consumers who have NFTs.

“Our team at Discord is awesome,” he said. Crypto Baristas will offer fans "caffeine-related benefits" such as a 15% lifetime discount for fans who buy NFTs on Discord, and will be able to explain how the profits will be spent on the restaurant and future activities.

Transformability of Web3 and NFT

Some experts and advocates believe that the technology comes with Web 3 like NFT which can do more than just provide a way to compile cool stuff and join organizations online. .

“The folks at NFT and I are sitting on the board talking about our passports, our blockchain license,” Fity.eth said. “Imagine you lost your passport. Open your computer and write yourself, you have all the information and you have your passport. It's a unique blockchain, so you can identify it.

Web3 and the NFTs offer "different ways of integrating digital to build buy-in," Kominers said.

He said the technology would “replace impact with digital content”. For example, digital wallets used to store NFTs and cryptocurrencies can be designed to connect to other platforms such as online stores.

Web3 Skeptical

Today, NFTs offer new brands of products, new markets for different brands, and new ways to make money from manufacturers. So what are the downsides?

Ask software engineer Geoffrey Huntley and you'll get a lot of negative feedback. Huntley has spent a lot of time on the internet voicing his skepticism about NFT and Web3.0.

“Right now, most blockchains, especially those used in NFTs, are not allowed,” he said.

This means that the same digital wallet that a user uses to store their NFTs can be sent by a single person, including content such as violent pornography or other digital harassment, explains Huntley.

Digital wallet holders cannot delete unwanted items transferred to their wallet. He said blockchain technology could interfere with the EU's General Data Protection Regulation because data cannot be deleted.

“The blockchain is irreplaceable. If anything happens, it will always be there,” Huntley said. "There is nothing we can do to stop someone from sending inappropriate content such as spam to our wallets. There is nothing we can do to remove them."

The Kominers have said this is happening on a large scale.

It says, “A blockchain public address like an email address, which knows your address can send you something. Even if you 'remove' something from your wallet money, there is still tracking information. is available for a while. "

The Kominers are now saying that cryptocurrency enthusiasts "reduce this risk by having multiple wallets, some of which are more public than others (for example, people can have email addresses with privacy and expertise). ). And blockchain front-end platforms have spam filters, for example OpenSea has a system to block NFT spam. And future content filtering technology. "

While not perfect, Facebook, Twitter, and other Web2 apps have privacy controls that are currently not available on blockchain platforms.

Huntley also expressed the concerns of environmental activists. Building NFTs and cryptocurrencies is a huge investment.

The World Trade Forum has spoken on Bitcoin: Argentina. "

“I think we will soon see government culture, governance and consumer thinking come together to support the use of blockchain technology and reduce operating costs,” he said. "said Kominers.

Jack Dorsey and Elon Musk also recently criticized Web3 and the blockchain. In a December 20 tweet, Dorsey vaguely ridiculed the venture capital investment.

“You don't have a website. 3. Venture capitalists and their affiliates do well. It won't lose your mind.” Dorsey predicts. Venture Capitalists Are Investing In Cryptocurrency In 2021 Some reports, like Forbes' one, say the investment is worth thousands of dollars.

In a December 19 tweet, SpaceX founder Musk said, “The global meta (another core block of Web3 that includes virtual and augmented reality) is now more commercial.

Far West Web3

The new Internet is the new western frontier. Currently, there are consumer protection devices for blockchain, cryptocurrencies, and NFTs.

According to Kominers, this "creates a situation where people can use or cheat in more than one way."

“Currently, one of the biggest issues for cryptocurrency growth and participation in industries such as the NFT industry is that most access to the crypto industry is not secure. The same protection applies to devices used in other financial services or businesses. "

But he said there would be rules for Web3 and probably soon.

Catalini said that although the blockchain and Web3 have not yet reached the critical stage of adoption and are still in their infancy, Web3 and its technology will remain.

“For a creator, musician, blogger, or someone who creates other types of digital content, I think of all of these technologies in the long term because they represent the way in which new ways to create all kinds of interactions.

Fity.eth said, "Where we are today is the Internet and AOL. It's new and at a young age."