Despite the intimidating world that is Web3–the underlying technology that allows for non-fungible tokens (NFTs)–there is much to be excited about when it comes to how it might change our world as we know it. Regardless of your feelings towards blockchain, it is here to stay.
Web3 is the next iteration of the internet we all know and love but with a slight twist. Thanks to blockchain technology it will now be possible to “own” everything you do online. The data that you provide to websites will be owned by you and you’ll get to control who sees it. You will own your social media accounts (right now you are only renting them from Facebook, Instagram and Twitter).
One of the most important and exciting facets of Web3 is the use of utility NFTs. In short, NFTs are like digital certificates of authenticity. Right now, they are making headlines as a way to have ownership over digital art, cultural moments, and video game characters. However, a lot of the hottest uses of NFTs sort of “sit on a digital shelf” and don’t really do much else.
The development of utility NFTs (sometimes called functional NFTs) allows this technology to be more than a bragging right, instead creating a more inclusive and accessible economic system. No longer are we bound to false signifiers, such as educational status or manicured self-promotions to prove an accomplishment with these tools.
It’s no longer who you know, or what you know, but more importantly what you’ve done.
With the rise of utility NFTs, you now get a digital badge for participating in online and physical communities. These badges will differentiate the doers from the talkers, and reward those who show up.
Delivering a project on time, attending a conference, and taking part in an important seminar could all reward you for your engagement efforts within the Web3 community.
Web3 finally gives us a chance to have the true stars rise to the top without unconscious biases or traditions getting in the way. Amidst trolls and fake news taking over the internet, Web3 is the ‘put up or shut up’ version of the internet we desperately need. NFTs are rewarded like badges that prove our efforts within the community and act as currency in the new online world where systemic privileges no longer exist.
NFT badges can unlock access to new communities, exclusive offers, and even be a way to filter out job applicants. The possibilities are endless.