We created a guide in line with our main stage panel on 'Building Communities in The Metaverse' at 11 am on Thursday 30th September. Purpose of the guide: web3 terminology definitions and links to exciting projects/communities/businesses and individuals we mention on the panel and general references to help guide you on your web3 rabbit hole quest. The guide below is high-level - if you want a more in-depth guide, see here. And follow our NFTLovers Twitter List to follow others in the space. PS. We are giving 3 winners Neustreet NFTs. Sign-up over the course of the #DSLive4 event for a chance to win. Simply enter your email address on neustreet.com
👽 Panel speakers and where to follow us
Dan Murray-Serter, Founder @ Heights
Anthony McGuire, Head of Marketing @ Neustreet
Metaverse, a term first coined in science fiction, is a combination of the prefix “meta”, meaning beyond, and “universe”. It refers to shared virtual worlds where land, buildings, avatars and even names can be bought and sold, often using cryptocurrency.
The term is typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe. The Metaverse in a broader sense may not only refer to virtual worlds but the Internet as a whole. Example of experiences in the Metaverse: Cyber (3D experiences to display your art NFTs and collections in a Cyber virtual gallery)
(2) NFTs (Non-Fungible Token)
NFTs are giving more power to content creators than ever before, powered by smart contracts on the Ethereum blockchain.
NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. And celebrities are joining in as they spot a new opportunity to connect with fans. But digital art is only one way to use NFTs. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.
If Andy Warhol had been born in the late 90s, he probably would have minted Campbell's Soup as an NFT. It's only a matter of time before Kanye puts a run of Yeezys on Ethereum. And one day owning your car or house might be proved with an NFT.
While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with proof of ownership. NFTs are valuable for authentication, proof of ownership, and continued revenue/royalties for the creator and its collectors.
The NFT market value tripled in 2020, reaching more than $250 million. During the first quarter of 2021, NFT sales exceeded $2 billion.
(3) Social Tokens
Social tokens – also known as personal tokens, community coins, and creator coins – are decentralised and secured by blockchain, and built on the same model as common cryptocurrencies like Bitcoin or Ether or alts. Buying a $FWB social token would give you access to exclusive content and a premium members-only chat group.
It is an entity that lives on the internet and exists autonomously, but also heavily relies on hiring individuals to perform certain tasks that the automation itself cannot do.
So far DAOs are being used for many purposes such as investment, charity, fundraising, borrowing, or buying NFTs, all without intermediaries. So you can have a better idea, for example, a DAO can accept donations from anyone around the world and the members can decide how to spend donations. I.e. FlamingoDAO, SyndicateDAO etc
DeFi applications aim to recreate traditional financial systems, such as banks and exchanges, with cryptocurrency. Most run on the Ethereum blockchain. Through DeFi lending, users can lend out cryptocurrency, as a traditional bank does with fiat currency, and earn interest as a lender.
🤓 Resource list
- All NFT, media, collectibles and creator economy information. Subscribe to Neustreet Newsletter [https://neustreet.com/] Best explanation of NFTs [https://ethereum.org/en/nft]
- Best explanation of DAOs by Vitalik Buterin [https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide]
- Rainbow wallet beginners guide to understanding gas fees, wallets and more [https://rainbow.me/learn]
- List of NFT Marketplaces: - OpenSea - Nifty Gateway - Hic et Nunc - Foundation - Rarible - SuperRare + many more
- Examples of DAOs - FlamingoDAO - SyndicateDAO +more
- Buy fractionalised NFTs or form DAOs to buy NFTs - PartyBid - Fractional.art
- Examples of communities using social tokens - Friends with Benefits ($FWB) + more
- Examples of virtual immersive experiences in The Metaverse - Cyber - Oorbit