What is Web 3, NFT, and Cryptocurrencies in less than 3 Minutes
Web 3, NFT and Cryptocurrencies
If you think about the major themes over the last couple of years, what comes to mind are Cryptocurrencies, NFTs, and Web 3.0.
At the center of all three of these ideas is the core concept of Decentralization.
This week, we present how the current internet giants like Alphabet, Facebook are focused on collecting and aggregating data and monetizing their users. Former executives at Big Tech companies: Google, Facebook, Twitter, YouTube and Instagram claimed that these companies are primarily profit-based and exploit their users to drive more likes, clicks, comments and shares.
Singular seeks to gain a deeper understanding of the convergence, market potential, and long-term impact of Web 3.0 and its potential impact on industries, and markets.
This week, it’s time to rage against the “Big Internet” Giants and Singular aims to identify large-scale investment opportunities in Web 3.0, Decentralized Finance (DeFi), and the Crypto industry.
At Singular, we are big believers that crypto and Web 3.0 startups will disrupt many financial services and industries.
Image Source: Adrian Web on Medium
Crypto is currently disrupting money, lending and borrowing, data storage, gaming, telecommunication networks, and more. Yet, there will always be tradeoffs between security, decentralization, speed, and other features of a blockchain. For example, bitcoin is a great store of value because it's the most secure, decentralized, and scarce crypto assets and that's exactly what developers should optimize for if bitcoin is going to store trillions of dollars worth of value and people’s life savings.
In partnership with the founding team at Point Hope Group, an alternative investment fund. Singular is proud to announce our Web 3.0 and Decentralized Finance-focused newsletter. The Singular team targets superior risk-adjusted returns through a combination of quantitative strategies enhanced by the staking of crypto assets on today’s DeFi platform.
Why Now? Why Users Value Privacy Today
Everyday our team at Singular monitors a large number of cryptoassets and groups them into various categories to see which themes emerge over time.
There are more and more concerns by users and we see headlines outlining data breaches by big tech.
According to Identity Theft Research Center (ITRC), there is a reported 17% increase we’ve already seen over the 2020 total number indicates we could be facing a record-breaking year for data compromises. You might say yes we did spot in for lengthy and complicated Terms of Service (TOS) and let’s face it, no one flips through those lengthy document when we create an account online, we just scroll through, check the box and get access to the product or service.
If you watched one of those Netflix shows and documentaries on how big tech collects data from the average user building products that are highly addictive and how harmful this constant dopamine hit can be, most products are gamified to perfection for high engagement.
Apple, for instance has increased its privacy settings to protect its users. This is helpful and as mentioned above people are generally lazy and prefer ease of use.
New Architectures of Web 3.0
Web 2.0. As the saying goes: “If you’re not paying for it, you’re not the customer. You’re the product.”
So why Web 3.0 and why you should care. One of Web 3.0 attributes is that it allows users to take back control. While we are all trying to grasp the concept of Web 3.0, this week I had just one word to describe it, I know it’s a bit too short, so let’s build it out from here…
We believe the combination of technology products that embody the following principles will emerge as a standard in the next wave of Web 3.0
What about NFTs? You probably heard of the digital artist known as Beeple — had ever sold a print for was $100.
Beeple sold an NFT of his work for $69 million at Christie’s. Image Source: The Verge
When NFT’s first came out, people thought “it’s just like a website” and then they try to map it to the offline world. But the core concept of NFT is owning something on the internet.
Let’s build out on this powerful statement because the very core tenets of Web 3.0 could become a revolution in the history of humankind.
Decentralization = No Gatekeepers
Permission-less from central authority = No central Node = No single point of failure
Community governance = created by the people
According to A16Z, the next wave of computing innovation-along with entirely new sectors of the economy- will be built on decentralized technology. One of the key use cases and products today will be
DAOs (Decentralized Autonomous Organization)
Here at Singular Disrupt, we recognize this space is technical and fast-moving, and this presents new opportunities leveraging the scale of the decentralized nature of this technology, emerging as a standard in the next wave of Web 3.0
Why does it matter? and Why Now?
As mentioned earlier, users continue to value privacy as an important feature, not because it protects users’ personal data, but also because it fundamentally extends the design space for applications.
Notable Projects and Companies to Watch
As more and more people are spending more and more time online and digital spaces, emerging Web 3.0 companies continue to revolutionize the front end user experience, Web 3.0 will put the power back in the hands of the people rather than corporations.
Bitcoin: a Decentralized Digital Currency without a central bank or single administrator.
Ethereum: A Smart Contract powering the revolution
Solana: Potential long term rival of Ethererum? Currently the fastest blockchain in the world.
Polkadot: Blockhain just getting started
OpenSea: NFT Marketplace
Binance: #1 Trasaction centre for all things Crypto
Axie Infinity: Pokemon on the Blockchain Game using crypto growing to 10 million users now valued at $3Bn.
Singular believes the future of Web 3.0 aims to democratize financial services, gaming and art to everyone with a smartphone and an internet connection by offering a transparent, censorship-resistant universe of smart contracts.
We are now seeing smart money like A16Z getting lazer focused on Web 3.0 and why you should understand it before everyone else as decentralized technology is still early and we expect Web 3.0 to lead to the development of whole new digital worlds and economies.
Thank you for reading this!