Emilie Kormienko

Digital real estate has always had value. What’s different about web3 is that digital asset paradigms like non-fungible tokens (NFTs) make it possible for individuals to uniquely own – not just rent – specific pieces of digital real estate and metaverse land and locations for private or shared use. Blockchains, a core web3 technology, enable this

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Sharing ownership allows for more incentive alignment between products and their derivatives, creating incentives for everyone to become a builder and contributor. 

Tokens can be fungible or non-fungible:  Fungible tokens are interchangeable (e.g., the US dollar, bitcoin).  Non-fungible tokens (NFTs) are unique (e.g., a piece of art).  

Reputation has local value – it’s what distinguishes you within your world – but global demand for most people’s output is fairly elastic. In order to give people what they want, reputation is commoditized, bundled and traded on a global market.

If you’ve ever wondered why so much of the creator economy looks like a pyramid scheme—with course creators who teach other creators how to sell courses to creators who eventually sell their own courses on course creation to other unsuspecting creators—mimesis is at the heart of the matter.

Web 3.0 is now defined by digital ownership, and not just money or finances, but ownership of your digital self, digital art, applications, etc. 

Image if you had ownership of every post you made on social media and were rewarded. That content is owned by you, not some social media company. But where does it live? Well on the blockchain.

The

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This trust framework extends to the software that runs Web3 platforms: key operations can be encoded on the blockchain in “smart contracts” that are auditable and immutable. This makes it possible for a platform designer to commit upfront to certain design features, such as pricing rules, royalty agreements, and user reward mechanics.

The key difference between the web3 world and web2 world comes down to who owns user information.