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first let’s all agree to a definition of web3, please? 😄

@Sid Web3 is like page3 of delhi times but more sensational

Webpage of Page3?

ha ha 🙂

Genuine question - what do you plan to do from a content standpoint in Web3? Are your prospective customers lingering within Bored ape Yacht NFT discord channels/boards or the Metaverse?

Does this help to get some clarity on Web 3?

That is a really poor interpretation of all three webs. Web 3.0 is in no way about communities. It would be a leap to call most of the blockchains even decentralized.

To add to this illustration, adding a KEY point which it misses: Web 1 = internet owned, controlled and profited for by the governments or institutions Web 2 = internet owned, controlled and profited for by companies, both big and small Web 3 = internet owned, controlled and profited for by users and creators

This article is giving 🤌🏼 : https://www.reforge.com/blog/web3-marketing-overview

@Rahul Nair Thanks for point it out 🙂 Agree that the illustration is not covering all the aspects of web 3. The idea was to show shift of power in 3 generations of the internet.

I would contest the definition that creators can profit in Web 3. There are ample examples that is not the case. In fact, NFT sales have declined 92% since their peak. One of my favourite bits from the article "An NFT of the first tweet from Twitter co-founder Jack Dorsey, which was purchased in March 2021 for $2.9 million by Sina Estavi, the CEO of Malaysia-based blockchain company Bridge Oracle, was put up for auction earlier this year and didn’t receive any bids above $14,000."

@Rahul Nair enlighten us sensei instead of calling bullshit on every definition

The only reason the hoopla around NFT exists is so that crypto bros could effectively run pump and dump schemes. The objective of NFT and by extension Web 3.0 was to bring money into the cloistered ecosystem of cryptos. Crypto market had reached a threshold without a single real life use case and NFTs acted as a valid exit route for a lot of initial investors.

So you believe in the conspiracy theories surrounding crypto hype? That's one view point but not the only one and certainly not the only truth out there.

oh absolutely! There would always be multiple viewpoints. My contention is that NFT as a device doesn't always empower creators. It becomes about who minted the token first.

It's always been a question in my head, how the hell am I supposed to make money on a decentralised application? If there is no controlling authority it just becomes an ecosystem where other people can come and make money Would also love to know the possibilities of advertising on Web3 platforms and if it has some potential value in it... @Rahul Nair @Aniruddh Jain

how are you making money in a centralised economy?

@Aniruddh Jain how doesn't matter, but the most crucial thing is I own my thing. There are a lot different ways to make money after that one foundation. Just wanna know as an amateur in Web3, how would I do the same if can't control my platform

How matters to the basic premise of this question. One earns money by exchange of value. The platform on which it happens is only incidental to the story. In case of either centralised economy or decentralised economy, the platform is owned by a third party. It is better in a decentralised economy partially because power is divided amongst multiple parties and is not concentrated in a few parties unlike the centralised economy.

In retrospect, I understand that my initial response to OPs question was snarky to what was essentially a very valid question. I owe her an apology (some days are just bad) Use Cases of Blockchain It is important to understand that majority of use cases you read online today regarding Blockchain are conceptual and theoretical. NFT’s are probably the first feasible use case to come out of blockchain technology. Imagine if you were in 90s during the inception of World Wide Web. You might read someone writing that with the powerful capabilities of a web browser soon people could stream movies over internet. But it took good decade for the software and hardware to mature to support it. Think of Web3 in a similar vein. The platforms in no way can even remotely replicate what we execute today over Web2.0 ecosystems. Regarding Advertising on Web3 One often postulated example of blockchain and by extension smart contracts is using it to replace the nebulous ad tech ecosystem. Anyone who has dipped their feet into the world of Adtech know how it is riddled with third parties including DMPs, Ad networks, Ad servers, SSPs, Publishing ecosystems, ad verification platforms, the list goes on. The result is a few people gaming the system leading to challenges like ad frauds by bots, brand safety issues, lack of transparency over pricing and poor inventory. Considering Blockchain is theoretically decentralised you can streamline the transaction between the advertiser and publisher with limited (important to understand that Blockchain doesn’t eliminate intermediaries) third parties. Considering the clicks are stored in an immutable ledger, the chain could verify on whether the click was legitimate. A third party can verify and probably also add a privacy layer over the ledger (through multiparty computation - MPC) to protect the parties involved. Instead of paying commissions to third party platforms like you do in ad tech ecosystems, you would pay them to the miners who verify your ad transaction (based on proof of work or proof of stake). But as I said this doesn’t essentially negate the influence of third parties. You would still need companies to write systems that can help you match audiences, or store your creatives. I would recommend reading this research paper by IEEE which goes deep into how this can be executed but also highlights some nagging issues that we already see in the crypto industry including the massive electricity consumption, the problems with trust, regulations etc. There is no need to feel FOMO with the developments in Web3. You can keep an eye on the developments in the space, but be rest assured that as it stands, Web3 offers none of the capabilities of Web 2.0

Ver helpful read, thanks @Rahul Nair