(upbeat music)
- In this lesson, I'll teach you on a high level
what is Web 3.0?
What the blockchain is?
And go into a little bit more detail about what an NFT is.
And at the end, we'll explore
some cool NFT projects together.
What is Web 3.0?
My personal favorite definition is from Chris Dickson,
where he says Web 3.0 is an internet owned
by users and builders and orchestrated with tokens.
So the main difference between Web 2.0 and Web 3.0 is that
Web 2.0 refers to anything
that came from the social media era.
For example, apps like Twitter, Instagram, Facebook.
And the difference between Web 2.0 and Web 3.0 is
that all the apps on Web 2.0 are mainly centralized.
Meaning that one centralized company
will have full control and ownership over everything
and all the content that's on there.
And Web 3.0 is more decentralized,
in which all the users and builders are uploading
their data on the blockchain,
and it is more permanent, transparent,
and also decentralized.
So the main cons of centralization
is that you don't truly control or own
any of the content that's being put out there.
So let's say you're an influencer on Instagram.
Your entire resume and body of work
exists as posts on Instagram.
But because Instagram is a centralized entity or company,
they can decide to shut your account down
or take away your content at any point,
and there's not really anything you can do about that.
Therefore, in Web 3.0,
where content is decentralized,
there is no centralized entity or company
that can take control or ownership over your work.
As a creator in Web 3.0,
you have full ownership over your creations,
and it also creates new opportunities
in which you can monetize
and make money for yourself with your work.
Web 3.0 is all about things like efficiency,
transparency of smart contracts,
so that you don't have to worry
about things like bank transfers
or signing a bunch of unnecessary paperwork.
Everything that happens in Web 3.0
mostly happens on the blockchain.
So now we're going to talk about what is the blockchain.
The blockchain is the underlying technology
that enables trustless transactions,
so that things like cryptocurrency and NFTs
can exist on top of it.
There's a lot of benefits to the blockchain,
such as the fact that it's not manipulatable.
And once data is stored on chain,
it can't be reversed,
as well as the fact that everything is transparent
for everyone to see.
As a creator, you don't have to go through
other distribution platforms.
You can sell directly to your collectors
and earn royalties.
Once a creator gets a taste of money in Web 3.0,
it's really hard to go back to traditional ways.
So for example, because with NFTs
you're getting paid right away when the sell goes through,
you don't have to do things like the awkward freelance dance
of reaching out to your clients and being like,
hey when am I going to get paid?
And then, you know, waiting a few weeks
or sometimes months for that to even happen.
My previous work,
I was doing mostly executing other people's visions
and it was less creatively stimulating for me.
But now my day to day looks a lot more different
where I'm always working on projects
that in interest me and inspire me,
and I'm not having to do work
just for the sake of making money to pay rent.
This is just a really brief overview of the blockchain.
If you're interested into diving
into the nitty gritty of everything,
in the resources tab, there's a link
to a bunch of block posts
that really do a deep dive
into what is the blockchain
and a bunch more resources about the space.
And so now that leads us to ask the question,
what is an NFT?
NFT is also known as non fungible tokens
allows you to assign or claim ownership
attached to any digital asset,
and it is tracked on the blockchain.
Now there's a lot of different blockchains out there,
but for this class we're going to focus
exclusively on Ethereum.
Ethereum is like a virtual computer
that has run on a network of physical computers
on the cloud.
And you can build apps on it using smart contracts,
which is code, or create tokens,
which are either fungible, like cryptocurrency
or non fungible, like NFTs.
The difference between fungible and non fungible
is that something that is fungible
means that you don't care if it is one or the other.
For example, if you're going to a store
and you're using a dollar bill,
you don't care if this is a dollar bill
that came from 1979 or 1992.
Whereas non fungible means that within each token,
that is unique, you care whether or not
it's this one or the other one.
And NFTs are non fungible because you care
whether or not your NFT is a people pleaser NFT
or if it's an NFT from 7/11.
For this class, I'm focusing on Ethereum
because Ethereum is the most popular blockchain
that people are building apps on
as well as making NFTs on.
So how do you compare between the different blockchains?
You can think of the different blockchains
kind of like cities.
So Ethereum would be most akin to someplace
like New York City,
where it's the most popular, everybody's heard of it.
Everybody loves to visit or live there.
Even though it's expensive,
you're also more likely to get noticed
if you set up a shop there.
NFT could represent digital art
such as gifts, collectibles, 3D objects, videos, music.
They can also represent real world items,
such as tickets to an event
or access to something you've created.
The benefits of creating NFTs are
that you can easily prove you're the creator.
You determine the scarcity.
You can earn royalties every time the NFT is resold.
You can sell the NFT on a marketplace or directly.
You're not locked into any platform specifically
and you don't need middle men to intermediate your sales.
The world of NFTs is not just about making sales,
but it's also more importantly
about the community that you build.
So with building communities in Web 3.0
there's a sense of ownership and belonging.
And also people seek out communities
that have values that resonate with them.
When people buy NFTs,
each project has their own specific cultures.
In my opinion,
one of the best ways to understand the space
and participate is just to become a collector.
So go out there and collect your first NFT
and then you'll know quickly what the experience
of becoming part of a community is like.
Everybody thinks about collecting NFTs differently,
but the way that I like to think about it
is that you should never spend money,
especially more than you're willing to lose.
And when I buy an NFT,
I'm buying it because I like it
and simply because I want to collect it,
not because I'm trying to make money off of it.
Similar to when you go into a store
and you're buying a hoodie
or a computer you're spending that money
not expecting anything in return.
So I've been collecting NFTs for a while,
and I want to show you some of my favorite NFTs,
as well as other examples of utility NFTs.
Here we're on OpenSea,
and this is the site that most people
like to use to browse NFTs.
And these are some of the NFTs
that I've collected over time.
Here you can see all different kinds of NFTs.
Some of them take the form of digital art,
such as this one.
So this is a video of art that I collected
from an artist named, ever fresh.
And this is a looping video.
Now there's also other NFTs.
For example, these are 3D object NFTs.
So these are little Bonza trees
that you can use to decorate your metaverse apartment with.
And what I mean by that is there are other NFTs
such as artifact space pods, which look like this.
Now, what does it mean to own this NFT?
There are actually literally 3D virtual spaces
that you can own and go into.
If I show you a live demo of this,
you can enter somebody's space pod
and it's fully interactive.
And here you can see an apartment looking like space.
And within this NFT, you can also hang
and display your other NFTs as art on the walls.
And lastly, there are also utility NFTs
such as these membership cards.
And here is an example of one.
These typically give you access
to something that you might be interested in
or a community that you want to be a part of.
That's just a tip of the iceberg of what is possible
and all the different kinds of NFTs,
but yeah really anything is possible within the space.
So now I want you to go to the resources tab
where you're going to find a link
for all the people that I recommend following
within the space,
just to get a sense of what it's like
to be part of the community.
So in the next lesson,
we're going to explore if NFTs are right for you.
So join me there.
(upbeat music)
- [Narrator] Thanks for watching.
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