FantomStarter Crypto 101: What You Need to Know About Web3
If you’re spending any time in the Twitter crypto sphere, you’ve probably seen the term Web3 thrown around. You might be thinking, “What are these people talking about?”, “Is this a new gold rush or pure marketing hype?”.
We’ve got you covered. Read on to learn what Web3 is all about, how Web3 changes gaming, and a few Web3 projects launched on FantomStarter.
What is Web3, again?
If the development of the Internet is a movie trilogy, then Web3 is the last instalment of the saga. When people talk about Web3, they refer to the third generation of the Internet. To understand this new wave of the web, we have to go back to the 90s. Back then, the Internet was a collection of links and pages. All you could do was read and publish basic content on static webpages.
Then, Web2 came along in the early 00–10s. During this time, you can produce content as well as consume it. We saw the rise of centralized corporations like Twitter, Facebook, Google, Amazon. These tech giants are built around user-generated content to profit the shareholders. But what’s missing from Web2 is ownership. Individual users don’t have control over what gets published.
Enter Web3. What is this?
The third generation of the Internet is built around ownership. Still scratching your head? We will give you an example.
A web3 company would have its own digital token that gives users governance rights. If you have a certain amount of these tokens, you can vote on proposals and influence the company’s policy. The votes will be part of the public record. The company’s tokens would make you an actual owner of the platform rather than just a user. And in this Web3 company, you’d own and store your data.
This is what Web3 is all about — ownership and decentralization.
How Web3 creates a new type of gaming?
Gaming is one of the most exciting parts of Web3. Right now, the vast majority of gamers spend thousands of dollars on in-game items without actual ownership of these items. You have them in your account, but your account can get banned by the company at any point, and you’ll lose everything.
This is where Web3 comes in. It introduces blockchain technology into gaming. Imagine if a game like League of Legends was built on the blockchain. The in-game items would be Non-Fungible Tokens (NFTs), making them easy to trade. You’d be able to mint, upgrade or trade these NFTs in exchange for the in-game currency.
This mechanism is called play-to-earn. It’s the cornerstone of Web3 gaming. Games like Axie Infinity showed that it’s possible to create a fun to play game that’s generating income for the players. And we are still in the early stages of crypto gaming. So imagine all the possibilities that will arise from Web3 based blockchain projects.
Web3 projects that launched on FantomStarter in 2021–2022
- ModaDao — decentralised technology network and community.
Designed for the metaverse and the play-to-earn era, MODA is dedicated to the adoption of Web3 in the music industry via NFTs, micro-licensing, DAO governance and DeFi.
MODA is being established as a not-for-profit foundation (with a tokenised value structure) for the sole purpose of pushing Web3 music forwards and establishing a more sustainable future for audio creators. Therefore, the token model itself contains a balance of free and open-source tooling for the music world, and value-creating functions which will drive its long-term growth.
At the core, MODA is designed to bridge not only the legacy music industry with Web3 but to also bridge existing networks through standards and interoperability. MODA is about allowing people freedom, not locking them into walled gardens.
2. Dexbrowser — the future DEX super platform and Web3 data aggregator
Dexbrowser is a combination of advanced trading tools, intelligent farming, arbitrage trading, attack alert, etc.
In its first stage, a range of advanced trading tools will be available. These include spread and arbitrage tools to compare the prices and order books of different trading pairs across multi-chain DEXes, as well as other search tools to facilitate smart cross-chain trading. In addition, there will be safety tools such as the “attack alert,” which can notify users of any potential security breaches in networks.
Finally, the product will evolve into an open-source data network, including data sharing, data mining, and open-source product development. With BRO, Dexbrowser’s native token, users will be incentivized to share trading profiles in secure decentralized databases. At this point, other data-driven derivative products will also become available on the platform.
Dexbrowser is also being built by an accomplished team. The product and development team have backgrounds in a range of decentralized architectures, including DEXs, dApps, Ethereum, and futures and options platforms.
3. Savage — the world’s first carbon-neutral content marketplace for photos and videos
With 98% creator payouts, 2GB file size uploads, Rights Management, Stripe Integration, Team NFT’s, and more, SAVAGE is revolutionizing content monetization for Web3, the Metaverse and beyond.
SAVAGE is the world’s first completely carbon-neutral marketplace for current stock media users as well as Web3 and the Metaverse. By partnering with some of the world’s top creators and brands, SAVAGE will help usher in a new era in content monetisation where creators receive 98% of each sale.
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