GM. 🫶
This is Web3 Espresso ☕-your weekly cup of everything Web3 designed to educate, entertain, and inform.
What’s in store today:
🎥 8 min to understand Web3
🥡 The Weekly Roundup
✒️ From crypto to NFTs: 10 reasons why I think Web3 is the key to the next digital revolution
🫶 Wise Words
Let’s go! 🥤
🎥 If you’ve just arrived, take 8 minutes to get a visual understanding of what we mean when we talk about Web 3.0; if you’ve read my previous post, scroll to the 4 minute mark. I like that this video also exposes the risks inherent in Web 3.0, i.e., who controls what and what checks and balances are in place. Web 3.0 promotes the ideas of self-moderation and autonomy. On paper, this sounds great. But as we have seen with Twitter over the past few months, moderators are a vital part of ensuring respectful connections at scale.
🥡 In the News: My top 3 in Web3 this week
Axa France enters the Metaverse - a rather bold move by the insurance company. There is still a question regarding real utility in the Metaverse but it’s made the PR rounds and shows forward thinking leadership. 🛎️ Click here for more info.
Metamask has launched a learning platform - I use Metamask as a wallet and I recently started looking into their educational platform. I will write a longer review once I finish the course. Always happy to get access to free educational resources from industry leaders. Start here 👉 here
NFT Paris - 20th-24th February 2023 - It’s always fun to meet in person. NFT Paris week is happening next week - some big names will be there and it seems like the french ecosystem is buzzing ✴️ Tickets are available here
✍️ Put down the quill and pick up the pen: 10 reasons I think you need to learn about Web3
Imagine you're still using a quill and inkwell to write your letters. Sure, it looks cool, but it's also time-consuming and messy.
Now imagine someone showing you a ballpoint pen for the first time. It's a revolutionary new technology that's faster, more efficient, and much neater. Learning how to use a pen is a no-brainer, right?
Well, the same can be said for learning about Web3!
You will undoubtedly have heard of the two largest cryptocurrencies, Bitcoin and Ethereum, and it was hard to miss the NFT summer of 2022, where if you spent any time on TikTok the algorithm made you believe that NFTs were the digital version of a money tree. At the time, I remember wondering, "What are these kids doing?”
I’ll take the point even further. Does anyone remember this now-classic interview where Bill Gates explains the internet to David Letterman in 1995?
I’ll be honest. It feels a little cringe-worthy today.
It's not difficult to imagine 2023 being similar to 1995, but instead of the internet, we’re now talking about Web3.
We’re still at a time where very few people understand Web3 or find any value in it. This makes it the perfect time to learn why Web3 is an essential digital tool for the modern era.
Top 10 Web3 Statistics and Facts for 2023
If you aren't yet convinced that Web3 has the potential to fundamentally alter the way we interact online, Bankless Times has a list of some recent data points about the Web3 space :
The global Web3 market was worth $3.2 billion in 2021.
North America holds 34% of the global Web3 market.
Web 3.0’s market cap currently sits at $27.5 billion.
In H1 of 2022, Web3 companies raised more than $1.8 billion.
The Web3 blockchain market was worth $1.23 billion in 2020.
46% of finance apps are based on the Web3 technology.
More than 73 million gamers use the Web3-based Fortnite and Roblox.
Blockchain games grew by 2,000% between Q1 of 2021 and Q1 of 2022.
.xyz is the most popular domain name among Web3 enthusiasts.
43% of consumers expect Web 3.0 to be more heavily regulated than Web 2.0.
We know in what direction the trends are going: ⬆️ 💸 ⬆️.
If that wasn’t enough, I thought I'd write down 10 reasons why I decided to embark on this journey.
🔟 reasons why you should start learning about Web3 today
Invest in the future: History has a tendency of repeating itself. If you believe that Web3 is the future of the internet, then those who learn about it today will be well-positioned to take advantage of its potential.
The Equality Revolution: The premise of Web3 is to equally empower every member of the network rather than just a select few who rule the show. Web3 is about power distribution. Powered by education, Web3 offers the opportunity for women to take up more space in male dominated industries like technology and finance. Once we figure out how this can be applied across the board - it will be powerful.
Decentralisation: Web3 is a decentralised technology, which means that it removes the need for central authorities to manage information and transactions. An example applicable to the finance world would be Decentralised Finance (DeFi) which uses blockchain technology to enable secure peer-to-peer transactions and effectively by-passing the fees that banks and other financial companies charge for using their services. If you're old enough to remember BitTorrent - think of it as BitTorrent ++
Digital Disruption: Web3 has the potential to disrupt many industries, from finance to healthcare, creating new job opportunities and career paths. If you’re a developer learn about “smart contracts”, if you’re a project manager, learn about blockchain projects. The money is pumping in this space and remote work is the norm.
Data Ownership: Web3 provides a way for people to take control of their data and digital identities, rather than relying on centralised authorities. I think this will give more people the opportunity to monetise their data under their terms. If you have an audience, why wait for YouTube to pay for your views ?
Boosting the creator economy: Web3 offers a new model for content creators and artists, enabling them to monetise their work and connect with their audiences in new ways. The biggest example we’ve seen so far is through the sale of NFT art. Again, it’s about creating direct one-to-one relationships and cutting out the middlemen.
Tokenisation: Web3 offers a more equitable distribution of wealth, with new forms of value creation that benefit all participants. I am seeing this through tokenomics - the process of creating value through crypto-tokens. The idea is if you contribute, you get rewarded and it no longer has to be in fiat currency.
DAOs: Web3 encourages collaboration and community building, with a focus on shared ownership and decision-making.DAOs are Decentralised Autonomous Organisations - they are the backbone of the Web3 ethos of collaborative building and reward sharing. There’s something inherently cool about banding together to challenge the big boys. One of the most famous stories was when a DAO was created to buy the US Constitution - Read the full story👉 here
Authentic Marketing: Web3 is giving marketers the opportunity to re-think the ways in which their can connect with their audiences. As we move into a cookie-less world, we have to re-think how we can attract and engage with our audiences. I think Web3 offers some answers on how to do this.
Community First: Learning about Web3 has been both fun and challenging. I get the feeling that I am part of an exciting new movement. In my experience Web3 communities have been open, collaborative and supportive. Right now it feels like a nice place to be in to grow and explore.
These are my reasons for being excited about contributing to this space. But reasons can be wide and varied. I recently spoke to a friend whose 8-year-old son wanted to create NFTs and asked her for help. An artist friend of mine also wanted to look into NFTs to sell her art. Today’s a great day to start learning.
💌 I would love to know what got you interested in Web 3. Let me know!
🫶 Wise Words of the Week
That’s all for this week… thanks for making it to the end - see you next Thursday.
If you have any questions, let me know by leaving a comment.