WEB3 ORGANIZATIONS

There are different organizations and ecosystems in the Web3 community. Just in case you are hearing of it for the first time; Web3 is an ecosystem that is built on Blockchain technology. It includes, and is not limited to Decentralized Autonomous Organizations (DAOs), Decentralized Applications (Dapps), Non-Fungible tokens (NFTs), etc.

All of these ecosystems come with their different use cases and brings their respective value to the Blockchain ecosystem. Let’s take a brief look at what each of them brings to the ecosystem before I’ll finally dwell on the one that has captivated my heart, hehe.

Well, it is nearly impossible to do without it…- DAPPs

I think everybody on Web3 has engaged with one Dapp or the other. I mean, it is nearly impossible not to. What are Dapps? Fully known as Decentralized applications, they are the sum total of all protocols hosted on the Blockchain.

They provide financial services and serve as marketplaces. They even provide games and social media platforms for users. It operates like the regular mobile app you’re used to, with the difference of being decentralized, i.e., all that is needed is the smart contract. In addition, you do not need to provide your personal details to make use of the features of these apps. For example, @PancakeSwap is the most popular Dapp in the market today. It is based on the BNB chain; hence, it comes with lower fees for those trading on the platform.

My second Favorite -DAOs

DAO stands for Decentralized Autonomous Organizations. It is an organization of people coming together to achieve a goal. One key thing that makes it special is the bottom-up way it functions; in that, every member can make decisions regarding that goal using a smart contract on the blockchain. For example, Move is a DAO that has the goal of promoting social good and fighting for change in the environment.

My All-Time Favorite and the one that has claimed my heart- NFTs

NFTs, NFTs NFTs; fully known as Non-Fungible Tokens (the one after my heart if you ask me) stands for unique digital assets. There has been a lot of hype about NFTs, even with the bearish market we are having right now.

NFTs possess different utilities, depending on what the project wants to achieve. In some cases, NFTs serve as a badge to show membership of a particular community just like in BAYC & VeeFriends, some operate under the concept of royalties whereby a portion of the sale is channeled to #hodlers such as in Azuki & Doodles NFT, some are based on play to earn gaming, as in Axie Infinity & The Sandbox, and so many others with different utility.

Regardless of their use case, NFTs cannot be reproduced, and cannot be divided (although I hear of fractional NFTS- the new wave of NFTs coming in now where multiple owners can own a particular NFT. So many people are saying it will help with illiquidity due to the non-divisibility, and will also work fine in real estate- we’ll see how it goes), they are unique, and it is based on the rarity (known as scarcity, limitedness of traits, etc.) of an NFT.

There is a lot to be said about NFTs, just as there is a lot to be said about the other 2 Web3 organizations I highlighted. However, I paid more attention to NFTs because, on my transition to Web3, I first started with NFT communities. So, yeah, it has become my first love.

There are so many aspects to it that I am yet to discover and I will. But before I end this, I would like to add that most of the NFTs are traded on Opensea, SuperRare, Binance marketplace, Solsea, etc.

What is your favorite Web3 organization and why? Do you also love NFTs? what do you love about it? Do let me know in the comments