Web3? NFT?
Metaverse?
You’ve probably heard these tech and buzzwords fly around in South by Southwest this week.
But what do they mean? Do you need to know them? Will they be everyday terms that we all are familiar with, like the internet, social media, and smartphones?
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If you’re trying to google your way through it and to some extent understand what they all mean, you’re probably not alone.
And don’t worry. You are not late yet. Many of these new technologies are still in their infancy. We are here to guide you to them.
Web3
Although the definition of web3 is different, it is generally considered to be the next iteration of the WorldWideWeb, built on blockchain technology and decentralized. Web3 is compliant with the first version of the World Wide Web, which is mostly statically isolated websites, and the latest version of the Web, which enables more interactive websites such as social media and Wikipedia.
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Companies developing related technologies may include applications such as blockchain technology, NFTs, and cryptocurrencies. Web3 proponents see the distributed Internet as the Internet, where users hold more power and interconnected devices host much of the Internet, rather than large private companies.
Many technology companies are building products designed for Web3, and the city of Austin says it wants to make central Texas a hub for this type of technology. Others in the tech industry, such as Twitter founder Jack Dorsey and Tesla CEO Elon Musk, have rejected the term as a marketing buzzword.
Metaverse
Concepts have existed to varying degrees for years, but there is still no widely accepted definition, especially in video games and virtual worlds such as Second Life, Fortnight, and Roblox. Many technical experts consider it the future of the Internet. This is a 3D virtual world inhabited by avatars of real people interacting in real time. This can include virtual reality and augmented reality components.
The term metaverse has been headlined in recent months, primarily because Facebook plans to rebrand it as a metaplatform and build that version of the metaverse.
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Blockchain
Blockchain is a form of distributed database that stores data in time-series groups called blocks. You can add blockchains, but you cannot edit or delete individual blocks. One of the most well-known uses of blockchain is its role in enabling cryptocurrencies.
NFT
OK, this is complicated, but as clear as possible.
NFT stands for irreplaceable token. Simply put, “non-substitutable” means that a particular item is unique and cannot be replaced by another. Therefore, non-fungible tokens are basically collectable digital assets that can be bought and sold.
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NFTs are intended to represent various objects in the real world, such as works of art. You may have seen pop-ups online in the form of profile pictures of apes, a popular NFT collection called Bored Apes. NFTs range from fun and simple gifs and memes to more complex designs. The NFT itself is identified by a unique URL that cannot be modified. This is basically what you are buying and selling. The digital poufs purchased by NFTs are backed up by a blockchain called Ethereum. NFTs are often bought and sold in cryptocurrencies, and rare ones are theoretically worth millions of dollars.
Cryptocurrency
You’ve probably heard this, as it’s become mainstream in many ways. A technical definition when a cryptocurrency is an “encrypted data string indicating the unit of currency”. Simply put, this is a kind of digital asset that can be used for online payments.
There are different types of cryptocurrencies, each with different values. You’ve probably heard of Bitcoin, the pioneering and most famous cryptocurrency. Others include Ethereum, Litecoin, and Dogecoin, a favorite of Tesla CEO Elon Musk.
Cryptocurrencies are created through a process called mining. This process uses a computer to solve complex math problems and generate coins. You can also buy currency from brokers. The currency runs on the blockchain and the data stored on the blockchain is considered a cryptocurrency transaction.
POAP
POAP is an abbreviation for Proof of Attendance Protocol. These are a type of NFT used to prove that you attended a particular event (remember the previous NFT?). Think of it as an NFT passport stamp or attendance badge. For example, Blockchain Creative Labs had a scanable QR code during this week’s SXSW and provided participants with a POAP indicating that they had joined the NFT Studio popup.
DAO
DAO stands for Decentralized Autonomous Organization. These are Internet-native organizations with no central leadership. They are owned and controlled by members and have a set of rules in the blockchain. Since DAO is built on an open source blockchain, anyone can view the code.It’s part of a bigger move towards decentralization
