Web 3:0 Latest: Justin Bieber's Royalty NFTs, Paypal Streamlines Crypto & Web3 explained...
Welcome back to our Web 3.0 Industry Insights! ??
In this edition, we'll explore some exciting developments, from Justin Bieber's innovative NFT that allows fans to collect royalties to Farm Girl's unique loyalty program using NFTs. ??
Plus, discover how PayPal is simplifying access to digital currencies. ??
Join us as we break down complex Web3 concepts and provide a clearer understanding of blockchain and cryptocurrency fundamentals. ??
Let's explore the transformative potential of these technologies together. ??
Web 3.0 Latest News & Updates
AnotherBlock, a music-focused Web3 platform, has released an NFT featuring Justin Bieber's hit song 'Company.' This NFT allows fans to own and collect royalties as the song continues to be streamed on platforms like Spotify. Each token represents a 0.0005% ownership share in the song's streaming rights, and Axidnet, the producer behind the hit, is giving away a portion of his stake to fans for approximately $27 each.?
That music royalty-sharing NFTs like this are transforming the music industry by connecting artists and fans more directly, fostering a deeper connection and support system. The NFT is now sold out with 2000 being supplied and minted.?
Farm Girl, a popular London eatery, is introducing a novel loyalty program through 70 unique NFTs, allowing buyers to enjoy perks like daily free coffee, priority access to brunch, and a year's supply of rice paper rolls from Roll Baby, a sister brand. These NFTs, reflecting Farm Girl's vibrant branding, cater to various customer profiles and can be purchased directly from the Farm Girl website without needing cryptocurrency knowledge.
Upon purchase, customers will immediately be able to view their artwork on the Farm Girl app along with easily collecting their free coffees, brunches and Roll Baby rolls. The physical A3 artwork will be delivered directly to the buyer’s front door, allowing for a bespoke purchase, one that no one else in the world has access to. Recognition that community/brand loyalty needs to change
Their aim is to modernise customer loyalty by connecting the community to the brand through intangible ownership.
PayPal is simplifying access to digital currencies by offering integration with web3 platforms, allowing users in the U.S. to buy and sell supported cryptocurrencies while benefiting from PayPal's trusted payment experience and robust security features. This expansion includes both "On Ramps" and "Off Ramps" options, enabling crypto wallet users to convert their holdings into USD within their PayPal balance, facilitating shopping, sending, saving, or transferring funds to banks or debit cards. The service is now available for wallets, dApps, and NFT marketplaces, with MetaMask as an initial partner.
At EIDGENSI, we've seen rising demand within our client portfolio for music NFTs like Justin Bieber's and brand NFTs that reinvent loyalty programs like Farm Girl's.
These examples highlight the wider potential of NFTs with intrinsic utility to transform relationships between creators, companies and supporters.
Thoughtful regulation and mainstream access remain important. But creative, real-world utility is key to unlocking the long-term value of NFTs across sectors. We look forward to pioneers pushing boundaries with practical NFT applications that strengthen connections.
Simplifying the Buzzwords of Web3 ??
Blockchain. Cryptocurrency. NFTs. The terminology of Web3 can seem complex and confusing at first glance. But fundamentally, it represents technologies with immense potential to reshape how we transact, create value, and interact online.
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So let's cut through the jargon to understand the basics, starting with what exactly blockchain and cryptocurrencies are and why they matter.?
Our goal is to make blockchain approachable and concrete - no advanced maths or computer science required!
At EIDGENSI, we believe education is key for audiences new to decentralised concepts. Because when people truly grasp the problems blockchain aims to solve, they can better evaluate its possible benefits to society as well as risks.
?Let’s unpack blockchain and crypto fundamentals - together.?
A blockchain is a decentralised and publicly accessible digital ledger that records a chain of transactions across multiple computers. Each transaction is grouped into a "block," and these blocks are linked together in chronological order to form a continuous and tamper-proof chain. Once a transaction is added to the blockchain, it cannot be altered or deleted, ensuring transparency and security. This technology underpins cryptocurrencies like Bitcoin and has various applications beyond digital currencies, including supply chain management, voting systems, and more, due to its trustworthiness and immutability.
Imagine a blockchain as a digital ledger, similar to a shared Google Sheet that many people can see and add information to. Each piece of information, or "transaction," is like a line in this sheet. Once a transaction is added, it's like writing it permanent ink and unchangeable. This ledger is copied and stored on many computers worldwide, making it very secure. It's used for things like tracking cryptocurrency transactions, ensuring no one can cheat the system or alter the records.
Cryptocurrency is a digital currency designed for internet use, combining cryptography, decentralisation and the internet's borderless and permissionless nature. It uses encryption to ensure user anonymity and operates on a decentralised network, meaning no single entity controls it. Cryptocurrency transactions can occur globally, 24/7, without intermediaries, taking advantage of the internet's borderless and permissionless features. This innovation leverages cryptography and blockchain technology to provide fast, secure, and accessible digital currency.
Imagine cryptocurrency like email. When you send an email, you don't need a postal service (middleman) to deliver it; you simply send it directly to the recipient over the internet. Cryptocurrency works similarly but for money. You can send digital money directly to someone, anywhere in the world, without needing a bank or payment service. It's fast, operates 24/7 like email, and is secure thanks to encryption. Just as email revolutionised communication, cryptocurrency is changing how we exchange value.
Cryptocurrency and blockchain are closely connected, with blockchain serving as the underlying technology for cryptocurrencies like Bitcoin. Blockchain is a distributed ledger that records all cryptocurrency transactions across a network of computers in a secure and transparent manner. It ensures the integrity of digital currencies by preventing double-spending and providing a decentralised and tamper-proof system. So, in essence, blockchain is the foundation upon which cryptocurrencies are built, enabling the creation, verification, and secure exchange of digital asset.
Events
We’re excited to be attending DMEXCO in Cologne 20.09.2023 - 21.09.2023
We're passionate about leveraging emerging technologies like blockchain to transform digital advertising and marketing. EIDGENSI is a specialist Web3 agency guiding brands on their decentralisation journeys.?
Please message Georges Tertois to meet in Cologne!