A THREAD on most thought provoking ideas on Web 3, NFTs, tokens++ shared by @cdixon:
1/
Web 3 is the internet owned by the builders and users, orchestrated with tokens.
1/
Web 3 is the internet owned by the builders and users, orchestrated with tokens.
2/
Tokens are a new digital primitive, analogous to the website — the atomic unit around which a new era of the internet is organized.
Tokens are a new digital primitive, analogous to the website — the atomic unit around which a new era of the internet is organized.
3/
Web 3 introduces a powerful new tool for bootstrapping networks: token incentives.
Token incentives are effective, but also far fairer than the centralized Web 2 model.
Shouldn’t the people who helped build a network get to own a meaningful piece of it?
Web 3 introduces a powerful new tool for bootstrapping networks: token incentives.
Token incentives are effective, but also far fairer than the centralized Web 2 model.
Shouldn’t the people who helped build a network get to own a meaningful piece of it?
4/
We are now at the beginning of the Web 3 era, which combines the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2.
We are now at the beginning of the Web 3 era, which combines the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2.
5/
In Web 3, ownership & control is decentralized.
Users & builders can own pieces of internet services by owning tokens, both non-fungible (NFTs) & fungible.
Tokens give users property rights: the ability to own a piece of the internet. Web 2 left out digital property rights.
In Web 3, ownership & control is decentralized.
Users & builders can own pieces of internet services by owning tokens, both non-fungible (NFTs) & fungible.
Tokens give users property rights: the ability to own a piece of the internet. Web 2 left out digital property rights.
6/
In Web 3, almost all projects choose to have the code run fully autonomously (controlled by no one) or controlled by a community.
In Web 3, almost all projects choose to have the code run fully autonomously (controlled by no one) or controlled by a community.
7/
You don’t need to spend money on marketing when users are genuine owners, love what they do, and love telling other people about it.
You don’t need to spend money on marketing when users are genuine owners, love what they do, and love telling other people about it.
8/
Going from Web 2 to Web 3 - “Your take rate is my opportunity”.
Most video games have 100% take rates.
@AxieInfinity has generated over $1B in gross sales in the past year, most of which has gone back to users.
Going from Web 2 to Web 3 - “Your take rate is my opportunity”.
Most video games have 100% take rates.
@AxieInfinity has generated over $1B in gross sales in the past year, most of which has gone back to users.
9/
Social media platforms like Twitter, Instagram, and TikTok have take rates of 100% — they don’t share any revenue at all with creators!
That’s been great for them but bad for users.
In contrast, Web 3 social platforms like...
Social media platforms like Twitter, Instagram, and TikTok have take rates of 100% — they don’t share any revenue at all with creators!
That’s been great for them but bad for users.
In contrast, Web 3 social platforms like...
... Rally, Mirror, and BitClout have effective take rates well below 10%.
Most of the value is sent back to users and creators.
Most of the value is sent back to users and creators.
10/
Blockchains are the new app stores.
We saw this start to play out last year during "DeFi summer" as the first wave of crypto/blockchain killer apps broke out: Uniswap, Aave, Compound, Maker, etc.
This year NFTs and gaming...
Blockchains are the new app stores.
We saw this start to play out last year during "DeFi summer" as the first wave of crypto/blockchain killer apps broke out: Uniswap, Aave, Compound, Maker, etc.
This year NFTs and gaming...
... were the next wave of blockchain apps to break out: NBA Top Shot, CryptoPunks, Axie Infinity, etc.
11/
DeFi shows it’s possible to build financial services that are inclusive, fair, transparent, and composable.
On Wall Street, value flows inward to institutions at the center.
In DeFi, value flows outward to people at the edges.
DeFi shows it’s possible to build financial services that are inclusive, fair, transparent, and composable.
On Wall Street, value flows inward to institutions at the center.
In DeFi, value flows outward to people at the edges.
12/
Programmable blockchains are the computing frontier, as PCs were in the 80s, internet in the 90s, and mobile in the last decade.
Programmable blockchains are the computing frontier, as PCs were in the 80s, internet in the 90s, and mobile in the last decade.
13/
A lot of today’s NFTs are adaptations from the offline world of art and collectibles.
This leads people to think that NFTs are limited to those domains, in the same way people once thought the web was limited to brochures and magazines.
A lot of today’s NFTs are adaptations from the offline world of art and collectibles.
This leads people to think that NFTs are limited to those domains, in the same way people once thought the web was limited to brochures and magazines.
14/
Composable NFT games like Loot incentivize the community to build an entire world around a single set of NFTs— an activity that would be impossible without the ownership and portability that Web 3 enables.
Composable NFT games like Loot incentivize the community to build an entire world around a single set of NFTs— an activity that would be impossible without the ownership and portability that Web 3 enables.
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What might new economies built on top of existing networks look like?
We can get a glimpse of the future by looking at emerging NFT communities.
For example, the CryptoPunks economy flows across Discord, Twitter, Telegram, OpenSea, Larva Labs, etc.
What might new economies built on top of existing networks look like?
We can get a glimpse of the future by looking at emerging NFT communities.
For example, the CryptoPunks economy flows across Discord, Twitter, Telegram, OpenSea, Larva Labs, etc.
16/
NFTs are important because they offer radically better economics to creators and developers versus existing Web 2 platforms.
NFTs are important because they offer radically better economics to creators and developers versus existing Web 2 platforms.
17/
NFTs give users the ability to own objects, which can be art, photos, code, music, text, game objects, credentials, governance rights, access passes, and whatever else people dream up next.
NFTs give users the ability to own objects, which can be art, photos, code, music, text, game objects, credentials, governance rights, access passes, and whatever else people dream up next.
18/
Long term, we think NFTs will onboard hundreds of millions of new users into crypto, and will be a cornerstone of Web 3, helping to free users and creators from intrusive, high take-rate centralized intermediaries.
Long term, we think NFTs will onboard hundreds of millions of new users into crypto, and will be a cornerstone of Web 3, helping to free users and creators from intrusive, high take-rate centralized intermediaries.
19/
DAOs (decentralized autonomous organizations) are internet-native, global collectives that share resources, build products, and work together toward common goals.
Building on mechanism designs pioneered by DeFi entrepreneurs, a new wave of DAOs are exploring...
DAOs (decentralized autonomous organizations) are internet-native, global collectives that share resources, build products, and work together toward common goals.
Building on mechanism designs pioneered by DeFi entrepreneurs, a new wave of DAOs are exploring...
...ways for groups to come together, pool resources, build things, and self-govern.
20/
Social tokens are new ways for creators to make money online.
They remove rent-seeking intermediaries and enable the development of mini-economies that grow along with the fan base.
Social tokens are new ways for creators to make money online.
They remove rent-seeking intermediaries and enable the development of mini-economies that grow along with the fan base.
21/
Music is going to be an amazing category for NFTs.
It’s where the gap between fan enthusiasm and creator monetization might be the widest.
Today, vast majority of the revenue is kept by the streaming services and music labels.
With NFTs, musicians keep over 90% of sales.
Music is going to be an amazing category for NFTs.
It’s where the gap between fan enthusiasm and creator monetization might be the widest.
Today, vast majority of the revenue is kept by the streaming services and music labels.
With NFTs, musicians keep over 90% of sales.
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