The easiest way to explain Web 3.0 for beginners is that Web 3.0 is the use something called blockchain technology to create a fairer and more secure environment when you use the internet.
Web 3.0 can help both individuals and businesses. It benefits individuals by allowing them to have better control over their personal information and online identity. For businesses, Web 3.0 technology can make things run smoother and be more efficient, removing unnecessary processes and third parties.
As Web 3.0 has developed, it has adopted a lot of jargon, including terms such as blockchain, cryptocurrency, NFTs, metaverse, smart contracts, DAOs and Dapps.
In this article about Web 3.0, written for beginners, we will explain what each of these terms mean in simple language, while also explaining how Web 3.0 solves many of the problems that current exist in Web 2.0.
The History Of The Internet: Web 1.0 and Web 2.0
To fully understand the benefits of Web 3.0 for beginners, it is first necessary to understand the previous and current version of the internet, and the main components that make up Web 3.0.
Web 1.0, also known as the “static web,” was the first iteration of the internet. It was primarily used for publishing information and was read-only, meaning that users could only consume content and not interact with it. Websites were simple and consisted of basic HTML pages with limited multimedia content. This era of the internet was characterized by a lack of user participation and control. Web 1.0 was eventually replaced by Web 2.0.
Web 2.0, also known as the “social web,” was the next evolution of the internet. It introduced interactive web applications that allowed users to create, share, and interact with content in real-time. Websites became more dynamic and started to feature multimedia content such as videos and audio. Social media platforms like Facebook, Twitter, and Instagram emerged, allowing users to connect with each other and share their thoughts and experiences. Web 2.0 was characterized by user participation and control, with users having a greater say in what content they saw and how they interacted with it.
What Is The Problem With Web 2.0 and Why Do We Need Web 3.0?
One of the main problems with Web 2.0 is the issue of data privacy and control. Large tech companies like Facebook have amassed vast amounts of user data, which they use for targeted advertising and other purposes. This has raised concerns about the privacy and security of user data, as well as the power that these companies have to shape online discussions and influence political events.
Another problem with Web 2.0 is the issue of centralized control. Most of the services we use on the internet today are provided by a small number of large companies. This gives these companies a lot of power over how we interact with the internet, and limits our ability to shape the online world in ways that are more aligned to our interests and values.
Web 3.0 seeks to address these problems by creating more decentralized and user-controlled systems. With Web 3.0, users will have more control over their data and identities, and will be able to participate in online communities and marketplaces without relying on large intermediaries. This could lead to a more open and collaborative internet that is more democratic and less subject to the control of a small number of powerful entities.
The Language of Web 3.0 For Beginners: The 8 Essential Terms You Must Know
Similar to any other topic or activity you are learning about for the first time, Web 3.0 comes with its own jargon. Below are the definitions of the eight essential terms you must know about Web 3.0 for beginners, being blockchain, smart contracts, cryptocurrency, NFTs, DAO, Dapp, Metaverse and Articial Intelligence.
For your convenience, each heading below is linked to further in-depth articles on the topic, including further glossary definitions and ‘how to’ articles, to help you navigate the Web 3.0 space in your area(s) of interest.
Blockchain is a way of storing information, kind of like a big digital notebook. But what makes it special is that it’s decentralized, which means there’s no one person or company in charge of it. Instead, lots of people all around the world keep a copy of the same notebook, and they all agree on what’s written inside. This makes it very hard for someone to cheat or change things without everyone else knowing. Because of this, blockchain can be used to keep track of things like money, contracts, and even artwork in a way that’s fair and secure.
Smart contracts are digital agreements that are stored on a blockchain, which makes them really secure and trustworthy. When you create a smart contract, you set up some rules and conditions that have to be met before something can happen. When those conditions are met, the smart contract automatically executes the agreement, without anyone having to manually check or approve it. Smart contracts can be used for all sorts of things, like buying and selling things online, paying for services, and even voting in elections.
Cryptocurrency is used to operate a blockchain. When you use cryptocurrency, like Bitcoin or Ethereum, you’re actually using a type of digital token that’s stored on the blockchain. These tokens are used to keep track of transactions and to verify that everyone is following the rules. Whenever someone wants to make a transaction on the blockchain, they use their cryptocurrency to pay a small fee, which helps to keep the network running smoothly. So, in a way, cryptocurrency is like the “fuel” that powers a blockchain, and it’s essential for making sure that the network works the way it’s supposed to.
Cryptocurrencies can be traded on exchanges, which are online platforms where buyers and sellers can exchange different cryptocurrencies, or exchange cryptocurrencies for traditional currencies like dollars or euros. These exchanges work similarly to traditional stock exchanges, allowing users to place buy or sell orders at a certain price. The price is based on supply and demand. Cryptocurrency can also be used to buy goods and services from merchants who accept it as a form of payment. To make a purchase, you simply transfer the cryptocurrency from your digital wallet to the merchant’s wallet. Transactions are recorded on the blockchain, ensuring security and transparency.
NFTs are a type of digital asset that represent something unique and cannot be replicated that are stored on a blockchain. NFTs can be used to represent all kinds of things, such as artwork, music, videos, and even tweets. They are different from cryptocurrencies because each NFT is one-of-a-kind, whereas cryptocurrencies are interchangeable. When you buy an NFT, you are buying the ownership rights to a specific digital asset, which can be transferred or sold just like physical property. NFTs have become popular in the art world as a way for artists to sell digital art and receive royalties each time it is resold.
DAOs are groups of people who come together to make decisions and take action in a decentralized and democratic way. They are similar to traditional organizations, but are run by software code and operate on a blockchain. Members of a DAO hold digital tokens that give them voting rights on proposals and decisions.
DAOs can be used for a variety of purposes, such as managing investment funds, creating new software products, or even running a social media platform. Because they are decentralized and transparent, DAOs can be more efficient and fair than traditional organizations, which often have hierarchies and hidden decision-making processes.
Dapps are applications that run on a blockchain network instead of a centralized server. They are similar to regular apps, but they operate in a decentralized and transparent way, which can make them more secure and trustworthy. Dapps can be used for a variety of purposes, such as social networking, gaming, and finance.
Because they are open-source and decentralized, anyone can contribute to the development of a Dapp, and users have more control over their data and how it is used.
The metaverse is a virtual world that is created by the convergence of physical and digital reality. It’s a fully immersive experience that allows people to interact with each other in a virtual space, almost like a massive video game. In the metaverse, users can create and customize their own avatars, explore digital environments, and engage in a wide range of activities such as gaming, socializing, and shopping. It’s essentially an extension of the internet, but with much greater potential for immersion and interactivity.
AI is a type of technology that enables machines to perform tasks that would normally require human intelligence to complete. It involves creating computer systems that can learn from data, make decisions, and perform actions based on their programming. AI is used in a wide range of applications, from voice assistants like Siri and Alexa, to generating human-like responses to text-based inputs like Google Bard and Chat GPT, to self-driving cars and facial recognition software.
By using algorithms and machine learning, AI systems can analyze large amounts of data to identify patterns and make predictions, allowing them to perform tasks with increasing accuracy and efficiency over time.
One of the most notable industries is finance, as blockchain technology and cryptocurrency have the potential to transform the way we store and transfer value. Traditional banking and payment systems may become less relevant as more people begin to use decentralized finance (DeFi) platforms and cryptocurrencies for their financial needs.
Web 3.0 has the potential to significantly impact the gaming industry by enabling the creation of decentralized gaming platforms. In these platforms, players can own in-game assets as NFTs, trade them freely on open marketplaces, and use them across multiple games. This can create a more immersive and rewarding gaming experience, where players have real ownership and control over their assets. Furthermore, game developers can use smart contracts to automate certain game mechanics, such as tournament payouts and item distributions, reducing the need for intermediaries and increasing transparency.
Web 3.0 can also revolutionize digital loyalty programs in areas such as retail, travel and service industries by enabling decentralized loyalty tokens that can be earned, traded. This can create a more seamless and rewarding experience for customers, as they can accumulate loyalty points across various merchants and use them for different rewards. Smart contracts can also automate certain aspects of loyalty programs, such as token issuance and redemption, reducing the need for intermediaries and increasing efficiency.
Other industries that could be disrupted by Web 3.0 include real estate, supply chain management, and social media. NFTs and blockchain-based land registries could revolutionize the way we buy, sell, and manage property, while Dapps could transform supply chain management by creating a more transparent and efficient system for tracking goods.
Meanwhile, social media platforms built on blockchain technology could give users more control over their data and provide a more decentralized and democratic alternative to centralized social media giants.
Discover how various businesses are utilizing the power of Web 3.0 in our in-depth articles on business use cases.
In explaining Web 3.0 for beginners, it is important they understand terms such as blockchain, cryptocurrencies, smart contracts, NFTs, DApps, DAOs, the metaverse, and AI and how they each work together to create a more secure, transparent, and fair digital world. They do so by providing individuals with greater control over their data and assets, while also enabling new and innovative decentralized applications and services.
You can download our Beginners Guide To Web 3 here.
Creating An NFT Collection And Storytelling Community: Essential Strategies From NFT Founder Nifemi Aluko
Share this Inspiring Episode:
In this episode of Web3TV, we speak with Nifemi Aluko, founder of Toffy’s Domes, about how to create an NFT collection and a storytelling community. Nifemi explains how he went about the entire process of creating an NFT collection, from minting to marketing. He suggests that learning by doing is a great way to get started.
It would be awesome if you could describe to the viewers the process of around building an NFT, an NFT collection, and then obviously a community that then supports that. How does that process work?
Definitely, and I think I said this in a previous interview, that a big part of me getting into this process was to learn, learning by doing. And I’m privileged enough to be able to have all these different tools to be able to build. So when I published, let’s say, Toffys Domes collection, I went through the entire process, including minting and or creating a collection myself. It all started as a side project, so I didn’t really want to put too much of a budget to hire a developer, to hire a marketer. So I was like, let me just create it all myself. So the process is there are different phrases. I’ll just go through it.
Each one, you create the digital assets. Right. Or let’s actually start before it’s just sitting down and thinking, what do you want your collection to be like? Right. That was easy for me. I was like, 405 tokens. Based on this book, we’re going to change 405 pages to 405 tokens. That’s first thing. The grand vision of what you want to do. Now, the second thing was to develop the digital assets. For us, it was just images similar to the book cover, but with different rarities, right? So different colors, different themes.
There were five different themes, and we created 405 unique digital assets for the collection. So that was step two. Now step three, you now had to store these 405 digital assets on a decentralized server or filing system to get technical. It was IPFs, which stands for Interplanetary filing system. There’s already a service out there. I used Pinata. So you go up there, upload your 405 digital assets.
Once you do that, it gives you the metadata for the collection and for each token, each 405. Once you have that, your next phase is to write the smart contract. Right? So there are already some templates for basic smart contracts. I found one by this South African guy on YouTube called Hashlibs. He literally has a two hour video of how to do this entire process. So you can literally watch this and do it yourself, which is very empowering.
It might have helped because I have an engineering background to not feel so intimidated to do it myself. So you write the smart contract and then what you want to do is now take the metadata from where you have uploaded the digital assets and put that into the smart contract. Once you’re done with that, you want to verify the smart contracts, make sure there are no bugs and anything. And then you publish the contract.
And once that is published, you’re almost there. I’ll say you’re two thirds way there, right? The next step is to create like a decentralized application. Some call it a Dapp. That allows people to interact with your contract. So your contract is already there. Literally anybody can go on. I did mine on Ethereum. Anybody can go to Ether Scan to interact with your contract. But most people are not going to go to Ether Scan. So you have to create something in between that acts like an intermediary to make that happen. A decentralized app. For me, it was a website page.
So you put that Dapp on your website, you can find mine at Mint Toffysdomes.com and that’s literally where people go to click the mint button. You can choose the amount that you want, you click the Mint button, you pay the amount for the token and you pay your gas fee. And within a few seconds, hopefully the network is not too busy, you have that token in your wallet.
That’s the process to get from collection in your mind to token in your community members wallets, create the collection, develop digital assets, upload that asset into a decentralized server, get the metadata, put that metadata in your smart contract. Publish the smart contract, create a decentralized application so that people can interact with the smart contract, and then have the mint button to get that into people’s wallets. Now I’ve said the process of actually creating and making it happen, that’s one part, it’s like writing a book. You wrote a beautiful story, you wrote everything, you put a nice cover on the book and everything and now it’s in the bookstore.
But that’s almost just 30% of the work. The biggest part of the work is actually selling this book. The biggest part of it is actually getting people to believe in what you’re trying to build. And that requires a lot of marketing and community building. And that’s the last part of the process. And once you build community, get people to buy your tokens, then you now have to keep delivering on the roadmap, delivering on the mission that you promised and then building with your community.
And Nifemi for you, storytelling is a massive part of that community building, isn’t it? So they’re buying into the message by reading the book. They then are empowered to want to own an NFT, but also become part of that community. So if someone does want to build a community to support that whether it’s a book or music or whatever it is that then creates an NFT or an NFT collection. Can you explain more about how that worked for you?
Yeah, so for us, we started out by onboarding people that were not, will I say, crypto natives, right. If you remember, one of the big missions for me is to get more people interested in the space, right? So I started off by convincing non crypto natives, my family members, my friends, to, hey, come support what I’m doing, use that to learn about how to get a wallet, how to buy cryptocurrency, how to mint an NFT.
And then now the next phase, which we’re currently in is now getting people that are already in the space, that want to write stories, that are interested in storytelling, that are interested in bringing more diversity into the space. And a lot of that is just building relationships. What we’re finding is people buy from other human beings, right. So it’s building community in terms of getting on Twitter. Twitter is one of the biggest places for the NFT space.
What I’m finding for myself is you want people to support your project, go out there and support other people’s projects, right. Buy some Nfts of people that you’re interested in and just kind of put it out there. And then you start to see other people kind of supporting your project, finding people that are storytellers, people that are trying to write. One thing I’ll say that cuts across, even though my project is really about this book and storytelling in general, I feel every NFT project is a storytelling project because at the end of the day, if you want to build traffic towards what you’re doing, you have to tell a story. You have to get people interested because stories is kind of what drives us as humans to kind of buy into like, this is important.
So part of that is being consistent in terms of what you’re putting out there to get people engaged in what you’re trying to achieve and just doing things like getting on Web3TV and talking to people kind of finding different communities that kind of interact with what you’re doing, different audiences and just putting yourself out there enough to kind of get the projects going. In my opinion, we’re getting to a more mature space with NFTs, where in 2021, it was more about release 10,000 tokens, get some hype, and then people just buy based on scarcity and fear of missing out.
But that also burnt a lot of people. So people are more apprehensive now. And I think the people that are building now are spending more time to educate people, to really communicate the value that they are bringing to the communities. And one strong way of communicating is by telling engaging stories.
It’s fascinating. So from me, having spoken to you, Nifemi, and viewers, if you haven’t seen it, I’ve done a fantastic interview with Nifemi about how he came, like the story of Toffy’s Divide the book to Toffy’s Domes, the NFT collection, and how, I guess, his whole journey too, into the Web 3.0 space. So if you haven’t seen it, we’ll put the link up there again for you. But what I found in that interview, Nifemi, and today, and for anyone else who’s out there trying to create an NFT or an NFT collection, is to me, what’s most important is that your people you’re trying to attract have the same purpose, same passions, and effectively all the same values. So when people are clear on that, obviously, as creators like Nifemi was, and on the receiving end of that, then it’s going to be easier to attract them, isn’t it, Nifemi? And then obviously, it’s just about, as you said, going on things like Web3TV and Twitter spaces.
Sure, there’s lots of discord groups, Facebook groups, Instagram, Tiktoks, whatever, and then putting your message out there.
So from your perspective, Nifemi, other than, say, Web3TV, what would you do on a regular basis that helps you project your message even more, other than just selling the book or selling the NFT collection?
Yeah, so I think my approach now is just building trust, right? The whole thing about the NFTs and blockchain is trust. So as a human, what can I do? I can build trust by talking to more people, being genuine in my intention to create value for those people, and also just being curious enough to be like, what are you trying to achieve? Right? And maybe some of that is my business background, where inherently a lot of us were, even while we’re scrolling through Twitter or we’re watching Web3TV, we’re looking like, what is in it for me in this moment? Right?
So I always try to I’m trying to get better at thinking, what is in it for Andrew? What is in it for Peter? And how can I then tie that back to what I’m trying to build? Because until I know that I can provide value for you, then once I know that, then it’s easier for me to say, hey, this is how you can use this to achieve. Go from point A to point B. And a lot of that is just being curious, being asking questions, and just being active in the community where you’re not always trying to sell your projects. It’s just you’re literally trying to find other people that want to write stories that you’re looking for other people that are interested in things you’re interested in. For me, it’s people interested in music and people interested in writing stories, getting better at communicating, improving their communication skills, and reducing economic inequality in the world. So the more I talk about these things, the more I get in spaces that are talking about these things, the more people know about me, the more people would start connecting to my message.
And then the NFT is almost a secondary thing to that. So when I look at my journey, I bought my first NFT because I’ve been following for a very long time. It wasn’t necessarily about all this beautiful artwork, it was more of, I trust what he’s doing, I trust his call on a lot of things, a lot of trends, so let me go with that. So if I use that as an example for myself, one thing I started doing this year is actually building more of my personal message and brand and getting clear on that.
So even on Twitter, I first started as an NFT account, but now I’ve even gone back to my personal account and said, okay, let me build that up. And then ever so often talk about my NFT project. And I find that to be, even just for myself, more beneficial, because I’m learning so much more about what people want and how I can provide value for them and then translate that to the value the NFT can provide.
I love that, mate. What I’m hearing is the key word there is trust. And if you look at the root word of that is probably true. I’m not a dictionary, but I’m assuming it’s true. So what I’m feeling from talking to you is you’re being true to yourself and all of your values. And as long as your actions are in alignment with that, that’s the integrity part. Others who value the same things will resonate with it and then it forms an attraction, doesn’t it? So the simple part about that is it’s not about trying, it’s just about being, isn’t it? Be yourself, who you are and what your cause is, what you stand for, and others will be drawn to that.
Exactly. Most of the projects I’ve been part of and tokens I’ve bought is mainly because of the person behind the project. So for anyone that’s trying to do that, just keep that in mind that people support other people, humans buy from other humans. So be as human as possible and put your message out there consistently so that you can attract the right people.
As always Nifemi, love what you’re doing. Love the fact that you’re helping people over and above what you’re doing. And really all you’re doing is being you. Right? It’s awesome.
Yeah, for sure. And to be honest, it has been a very interesting learning process for myself. When I think of the fact that I started a Twitter account in maybe 2011 and I never really used it. But then because of Nfts and debt being a central place for all these discussions over the last eight months, I’ve been very active and meeting so many interesting people. So you can also look at it as a way to build connections.
Besides it just being a project that you want to mint. You can look at it as a way to build yourself and learn more about yourself and find new people.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
In this episode of Web3TV, we speak with Nifemi Aluko, founder of Toffy’s Domes, about all things NFT and how to build value into them. Nifemi explains that NFTs are digital collectibles that act as a store of value, potentially giving access to exclusive experiences, digital identity, and a financial gain. He also shares the story of an NFT he bought for his 6-year-old nephew to explain the concept, as well as how he created his own NFT project based on his award-winning science fiction novel, Toffy’s Divide.
Nifemi, you recently minted an NFT collection at Toffy’s Domes. Can you just explain for the viewers before we get into that, what are Nfts, what is Toffy’s Domes, what’s the collection, and obviously, what was its inspiration?
Definitely. So Toffy’s Domes is an NFT project based on my Sci-Fi novel Toffy’s Divide, in which the main character, Toffy, pushes through self doubts and societal constructor, writes about a story that liberates himself and begins to mend his divided city. Our goal is to use our tokens to empower our collectors to liberate themselves through community and storytelling. Toffy’s Domes is a collection of 405 unique tokens which match the 405 pages within the book. And it gives you access to my book, also gives you access to my next book coming in 2023, and also gives you access to a storytellers lounge, which is a community that allows us to tell our stories and live more purposeful lives.
Wow. Great summation, mate. So to me, it sounds well, I guess the question is, what is an NFT? For starters, but you’ve already sort of articulated that it seems a lot more than what people think it is. So what is it? And then tell us more about how that you can build value to NFTs.
Yeah, so NFT non fungible tokens are digital collectibles that act as a store of value. That’s how easy I can explain it. That value could be a sense of digital identity. It could be being connected to a community of like minded people. It could be access to exclusive experiences, and it could also be a sense of, oh, I’m trying to gain financially and get some reward. I tried a few months ago, I bought an NFT for my nephew that is about six years old, and I pushed myself to try to explain what an NFT was or is to him.
And after explaining for a few minutes, my niece, who was two years older, was like, just show us the toy already. Right? It could be a toy to people, and toys do bring value. I think what it is for me is this signal that you own something that shows your identity, right? So when people ask me, why should I get an NFT? I’m like, why do you have art in your house? Why do you have a painting in your house?
It is a form of self-expression. And I think the biggest thing, the biggest value is the token provides a way to easily authenticate provenance, where you can always go back and say, this was the original, I can trace this thing to the original place it came from. And that original place could be directly from the artist, it could be directly from an entrepreneur, it could be directly from someone that you’re just trying to support. I think that’s the biggest use case.
And then in terms of value, the last 20 years has seen the rise of digital sharing. I can tell you an example of when I first just moved to the US in 2003. That was the era of Lime Wire and Kaza and all that kind of stuff, where you could literally download your favorite music from just because you’re connected to the internet. And we then went down this era of just digital assets and just excess. You can just keep replicating, replicating. I think the biggest value for the NFTs is, yes, we still have digital assets, but now the owner or the person that creates these digital assets can now bake in some scarcity and say, we’re only providing x number of tokens.
And now that person can then continue to add value to this limited supply of tokens. So when I tie that back to Toffy’s divide and Toffy’s Domes, we created a collection that is very unique because 405 is actually the number of pages in the book. So as we continue to build a project, the more value we bring to our community, the more value that we bring where this token acts as the access point to be able to capture that value. I believe we will be adding more, I say value to the token itself.
And it can be replicated. People can’t find our token and replicate it because you could go look at the wallet and figure out whether it was minted from my wallet. So I think those are the big things in terms of the space of origin, where it comes from, and then being able to have this digital asset, but a scarce value or scarce amount of digital assets that is controlled by the person that created the collection.
Yeah. So that’s what I’m hearing. I’m hearing you own an actual digital certificate, I guess, of ownership. That means it’s only you that owns that specific piece, whatever that is, whether that’s an event or an experience or a piece of art or music or whatever. But also from building value. Like, if you’re looking at Toffy’s Domes, you’ve got many ways of building an extra value, haven’t you? So if you’re a member or you’re an NFT holder of one of those 405 Nfts, you then get access to many other benefits, don’t you?
Yes. So all members of the community get access to my books, signed copies of my books. And if I was going to project into the future and believe that I’m going to be one of the most successful authors ever, right? Just imagine if you get exclusive access to signed copies of my book, you could probably resell that in 15 years, right? Saying, I got this because I was a Toffy’s Domes owner. So I look at it like if George Lucas decided, like, back then to just create 405 unique Star Wars, whatever it is, reels, right? And you just own that. And being able to say, I’m one of the first supporters of this project that has really impacted the entire world.
That’s how I look at what I’m doing. A big part of my publishing process in Web 2.0 was crowdfunded. And so when I stop and look at what is happening in Web 3.0, NFTs are also a way to crowdfund my process, right, so that I can write my next book. But also, not only does crowdfunding, where a company like Indiegogo is the owner of the relationship, you’re now coming directly to me and now you can now show the certificates and say, I was there from day one supporting this artist. And I’m using that as an example for myself. But that’s also why I support a bunch of projects, because I want to see the artists be more self-empowered, more independent, and also want to be part of their journey as they’re going along. So those are some of the little values that tokens that can be authenticated provide.
So if you look at Toffy’s Domes and you look at other businesses or even creators, artists, musicians, et cetera, what are other ways they could build value into their NFT? And I guess let’s do this as in a storytelling sense. Let’s just let your subconscious mind run wild here. If you’re just doing an ideation or a brain dump, let’s call it for a musician, what could they do to raise value for their NFT?
Yeah, different things. They could release exclusive music to their community. They could drop merch in terms of clothes, in terms of vinyls that is exclusive to their community. They could show a behind the scenes process of how they make their music that is exclusive to their community. What else? They could ask the community to collaborate with them on choosing the next person that’s going to be on their album.
They could do a contest where one person from the community who might be an aspiring musician also could be featured on their next song. I follow a musician where after we got her NFT, she sent a mixtape, like an actual tape to each person that bought the NFT and a crew neck T shirt. Also, there are also a lot of these digital products in terms of physical plus digital. So one of the crew necks, you can literally tap your phone on the crew neck to get new music from the artist.
Just throwing different things out there. You could do a one on one with one of your truest fans and have access to them and will, I say, build more brand personal brand awareness and some true meaningful relationships directly with your fans with nobody in between just because they own one token or they own a certain tier of tokens. So, yeah, one on one discussions, group meetings, in person meetings, a musician can decide and say, hey, the next time I’m in Sydney, everybody that is in Sydney that has my token can get access to this event that I’m hosting for this night’s show up.
So I just think once you have that and you can build a community about that around that, you can just keep giving access to unique experiences, because that is one thing I believe is not going to be commoditized, is the human experience. So the more we can do things around unique human experiences, the more value we can add. Absolutely.
And that’s what I’m hearing. So the key word to me is value. We’re trying to build value. So you’re saying what do people value in between their connection to each other? And if I’m a famous artist or a budding artist even, it’s just a great way. NFTs are a great way to store value. But then obviously in that store of value is a description of all the forms of value that are allowing me to connect with that specific artist or musician or business or whatever. And literally, like I asked you to do an ideation and brain dump, we could do it for hours, right. Literally, you could create anything. As long as they value it, they’re going to pay for it in return.
So I know we’re jumping around a bit here, but I want to go back to a little bit more left brain stuff. They talk about minting when it comes to NFTs. What is minting?
Minting, I just think is a process of creating the digital assets and putting it in your wallet. Right. So I almost look at it like from a very physical perspective. It’s like mining, right? That’s where you find a mine site and whatever you’re trying to extract, you pull it out of the ground. Minting is you go to a smart contract and then whatever value you’re trying to do, you grab it and put it in your wallet. So that’s like the analogy I use from actual technical perspective.
Minting is the process of getting your digital token into your wallet by you exchanging your cryptocurrency to get that token.
When you created your collection of 405 NFTs, is that minting them, or is that just creating them? Then the person on the flip side mints them to put them into their wallet?
Yeah, I think for me, the way I looked at it was I’ve created a contract, and the mint happens when someone comes to actually buy it the first time. Right. The primary buyer of that NFT. Now when that person goes on and sells it again, I don’t consider that the mint. I consider it the moment you actually get the token. So you can also look at it like the Federal Reserve or Central Bank, like a minting process. When you actually get the actual paper notes currency, that’s the process of minting. But in this case, it’s a digital asset token.
And what is reveal?
Yeah, so reveal is very interesting. Not a lot of people do it. Not that not a lot of people do it. Not all projects have to do it. But a reveal is when setting up your initial collection, you actually set within the smart contract to point to something that’s kind of a placeholder, right, a placeholder image, and you mint and everybody within the collection gets a placeholder image. And then whenever I say contract writer is ready to reveal the unique token, they go in there and hit review or type it up and it then reveals each person’s unique token. So when different projects have different ways that my first NFT project that I say collected V Friends, there was no reveal. You saw directly like what you were getting.
I got a tenacious termite. I was looking there are all these different traits and everything. You could go ahead and choose which you want. For my project, we did a review because I find the review is easier in terms of you don’t have to have a marketplace that shows all the different traits, all the different tokens. You don’t burden the person that purchases with all the decision making in terms of which one do I want?
You just have to mint one, you get a placeholder and it’s almost like part of the review is almost like, oh, let me see what I got. That’s why I find in other projects and you click review and everybody gets what they get. I’ve seen projects recently after the review, some people are happy with what they got, some people not so happy. So they start within discord, they start doing some trading. I give you this if you give me that. So for us with Toffy’s Domes, we still haven’t actually revealed yet.
We’re going to be revealing in mid February because we just hit our roadmap to reveal. And once we reveal, there are seven cities as traits, and there are all these different traits in terms of what I mentioned before, self-awareness, curiosity, empathy, and digital narrative and economic divide. So once we hit review, everybody then sees the unique token that it gets in their wallets.
From my understanding, you could either buy one NFT and you know what you’re going to get, or you could buy in a collection. Can you choose like for your one, you got 405 Nfts based on the 405 pages of the book. Can you choose the page you want? Or is it revealed that everyone gets at the same time and they may not know which page they get.
Yes. So since we are 405 tokens for 405 pages, the number of the page goes sequentially based on when you mint, right. So if I mint one now and I get number one, if you mint right after me, you get number two. If Peter mints after you, he gets number three. So there’s more of that sequential. Will I say number that comes with the mint, but the reveal, once we reveal you will get an artwork completely different from mine, completely different from Peter, and that is not as sequential. That is more likely randomly generated.
So the number is sequential based on when you mint, the artwork is more randomly generated. That makes more sense. And we’ll talk about that. And we’re doing another interview, guys, around creating an NFT and then building a community around it. So we’ll talk about that more in that interview. Rarity, obviously to me, it’s quite self explanatory, but in the terms of NFT, tell us about rarity.
Yeah, so rarity is more the unique traits within each token. For us, I believe we have four rarities, if I remember correctly. So there’s the rarity in terms of seven cities, right? Seven different cities that are, will I say, important to my storytelling journey. There’s a background color that’s another rarity. There’s a frame color, that’s a third rarity. And then there are the two rarities, where one of them is more of the divide.
So that’s three different types economic, digital, and narrative. And then the bridging elements, which we call self-awareness, curiosity, and empathy. So based on these five rarities, you can come up with so many different combinations. Right. And those combinations is what allows us, from a mathematical perspective, allow us to create different unique tokens. When I did the calculation, I think with the amount of unique rarities that we have, I think it came up to like 560 something, right? And then from there, we could cut it back to 405 to match the number of pages in the book. And that’s why every person will get a unique token and it won’t be one that is more you’ll never get two people that have exactly the same token. Now, there are different projects where they put weights on different type of rarity. So they can say, if you have a gold background, you are in a higher tier.
If you have music as empathy, then maybe you can join a music community. So people then use their rarities as a way to kind of even make smaller groups or subgroups within the community. So an example for us is we want to get to a place where the storytelling if you identify fully with what you get after the review, then maybe you want to write about self-awareness, maybe you want to write about empathy based on the token you get being a prompt for your storytelling.
So rarities are just more of a way to kind of create all these unique combinations for your collection.
Wow. As a creator myself, I just get even more excited. Right. Because it’s just another way of creating value, isn’t it? And scarcity and feeling of belonging or not belonging within a community like subcommunities. Just fantastic. Where do we store these NFTs? And how do we do that? So if someone buys one, what do they do with it after that?
Yeah, so you buy one first, to buy one, you need a digital wallet. The digital wallet I use is Metamask. Just recently, I’ve gotten a more secure wallet by getting a hardware wallet ledger. So you store your digital assets on these wallets. So that digital asset could either be cryptocurrency or NFT. So you use your cryptocurrency to go buy the NFT. As for us, on Toffy’s Domes, you buy it directly from our website, or you could go to a marketplace to actually go buy other tokens on the secondary market and you store it within your wallet. So the token is stored in your wallet. Now, if we want to go into the back scenes of where these things are stored, it’s mainly the smart contract pointing to these tokens.
That’s what I understand from actually writing the smart contract myself. It’s more of the smart contract has the metadata for each of these tokens and it points directly to those tokens. So the fact that you have that token within your wallet and it’s linked to the contract address that created the token, then it can link to the different points to the different tokens and where they are actually stored on a decentralized server.
Interesting. And I guess we’re just hearing that it sounds a little confusing for a newbie right. And I guess that’s why some web three developers and we interviewed Kazi Hussein from Thred Wallet, which again, I’ll put that link here as well, he’s simplifying that process right. To allow people to be able to buy NFTs, store their apps, et cetera, in a wallet with no problem. And it leads me to the other question, Nifemi is it appears to me that you can do things with Nfts that you can’t do with traditional web two assets. Would that be true? And if so, how?
Yeah, that’s a good question. It’s something I’ve been thinking about for the past five months. What value is here that you can’t get anywhere else? I think the biggest one is just easily authenticate the provenance of the origin of where the digital asset is from that’s first one, you can duplicate it and link it to another contract. That’s number two. So whoever creates this, you can maintain the scarcity of your intellectual property, and then it’s more not needing a centralized intermediary for me and you to interact. I think that’s the biggest thing. So a lot of the web two applications, there’s a big company in between.
When I was explaining NFTs to a friend and all the things they can get, and they came back and said, oh, that sounds like my American Express card. I can get access to things because I have this American Express card. And I sat back, I was like, oh, that’s very true. And I thought about it for a long time and I was like, yeah, but American Express is a company that can decide to give you a new credit card or not. You understand what I’m saying? Or you can lose that credit card or you can lose your credit history or deplete your credit history.
So NFT as a token that gives you access to things, right? And that token was created by the person that is creating the community as opposed to this giant in between. They’re saying, I’m going to give you this token for you to go get access to this thing. So I think a big part of the space is the disintermediation of a centralized entity that stands between the creator and the people that want to connect with what the creator has put together, which is the community and the experiences around that.
Absolutely. And ultimately the digital assets versus Web Three assets, it’s more about sole ownership, isn’t it? And as you say, no centralized intermediary who’s got their got their hands all over it and can pull it at any moment. I really appreciate your time, mate. It’s a really interesting take on NFTs. It’s a great way how we’ve combined a bit of storytelling and with your explanation with Toffy’s Domes and how you’ve done it. It’s just a great way to showcase to our audience in a better way, I guess, and a more creative way to be able to simulate what they can do with NFTs.
You got any ideas or you want to put something by him, or you just want to join his community https://toffysdomes.com, absolutely, go for it. He’s happy to support because obviously he’s trying to build that community as well of like-minded people. So, yeah, by all means, put your comments below or questions.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
Developing Communities And Economic Opportunities With Web 3.0: Nifemi Aluko’s Inspiring Journey
Share this Inspiring Episode:
In this Web3TV interview, we speak to Nifemi Aluko, the founder of Toffy’s Domes, an NFT project which seeks to empower collectors and bring more diversity and equity to Web 3.0. Nifemi is an engineer, entrepreneur, and two-time best selling author with a passion for developing communities and exploring economic opportunities with Web 3.0.
You’re the founder of Toffy’s Domes, an NFT project based on your award winning science fiction novel, Toffy’s Divide, which aims to empower your collectors to liberate themselves and their communities through storytelling and bringing more diversity and equity into Web 3.0. You’re also the founder of KPA, which helps sales and business managers navigate the African market. You’re an engineer, an entrepreneur, and a two time best selling author. So tell us, how did this incredible journey begin?
Thank you, Andrew. I think my NFT journey started in April 2021. It all started out by just to give you a background myself, right. Obviously, as you said, I’m a chemical engineer. I have a business background, I make music in my free time, and I’ve published two books. Now, in my writing journey, what takes up most of my time is Building my business, KPA, where we help global companies that are trying to expand across the African market.
So, as you can see, I have multiple interests, and I think the last decade or so is me trying to figure out how do I balance all these interests and still strive to grow while sustaining myself. So in 2021, someone I follow a lot for business advice is Gary Vaynerchuk. And I think in March 2021, he just started talking about NFT. So imagine you’re on LinkedIn just listening to business advice, and this person just switches and is like, learn everything about NFTs.
And what started as a quick Google research has taken me down this rabbit hole that I’m still in, and that’s kind of what started it off. I started participating in April or May when Gary V dropped his V friends and I purchased one. And ever since then, started off by joining the discord, following what was going on in the space. Started collecting a few music NFTs because of my interest in music. And yeah, the rest of this history, what just led down this rabbit hole just continued building.
And I decided to drop my own collection Toffy’s Domes that’s based on a book that I just published in that same year, 2021.
That’s awesome, mate. So obviously Gary Vee is a big inspiration, but I’m sort of sensing maybe the inspiration started earlier. Right? You’re obviously a very creative person. You love your music, you love writing. Can you tell us more about that writing background and probably more specifically, the science fiction sides of interest as well, for sure.
So the writing started right from when I was a child, I think, just playing music, but it was more of just a side thing. My background growing up, I’m Nigerian, so growing up in Nigeria, the education system is very you’re either a science student or art. So I was more of this science student to go through my background as an engineer. But there was always the side that wanted to explore my creativity through art and music was my main thing. So while I was working in Texas servicing mostly chemical plants, right, doing a lot of analytical work, I just found this urge to want to do more than just like the analytical side. So I started exploring a little bit more my music interest.
But that was just mainly at night. Come back home, start making music. A lot of that was YouTube education, just watching how producers make music. Mainly hip hop producers got my instruments, started making music and posting stuff on SoundCloud. And initially it just started by me just making music and sharing it with my friends. But then that became like something that was like a habit. And afterwards, after will, I say two or three years, I released about three mixtapes.
So while I was in business school getting my MBA, I released, I think, the third one. And right after I finished business school, I was like, okay, I want to release another one. But this time around I was thinking, okay, before I just my process beforehand was more make a bunch of stuff and then compile it and put it out. This time I was like, let me create a story first and then make a mixtape, right? So I sat down, I remember I sat down to write a short story for my mixtape. And that short story started off as just one day in the library, writing down a sketch of what the story could be.
But that led me down like a four to five year journey to actually writing, Toffy’s Divide. So what started off as a prompt for a story, to just put out a mixtape, ended up turning into this award winning science fiction book toffees divide. So even the writing started with the music and published the book in 2021. But along the way, one thing as I was writing is I struggled with the process of publishing. So I was writing the story, but after a while you kind of get stuck when you’re just on your own.
But then I learned through a writing class the power of writing together with authors the value of pre-ordering, doing a pre-order publishing process where I crowdfunded my book with indiegogo. And that’s how I learned how to publish a book. So I did that for my first book, which was about music and how it could be a catalyst for change in our society and organizations and communities that we live in. And then I just took what I learned from publishing my first book, Press Play, and I just repeated that to publish the science fiction book Toffy’s Divide.
Seriously inspiring, mate. So what’s interesting is there’s two things there for me. You’ve got that right brain, left brain thing happening with engineering or science and arts. So it’s great that you’re able to balance the two. And on paper appears that you started producing music and then you just naturally created a story behind it to maybe help the process. But what I’m really hearing, as you just mentioned, is it’s allowing you to be a real change maker in the world, right. And then support your community of followers, I guess, and then potentially put your message out there to the world. So what fascinates me about that is if I hear that story go, that was the A to Z of it, but the reality is there’s a deeper part of you that’s calling you underneath all of that. Did you find that was happening? Like, were you aware of that as it was happening or were you just following the process and sort of being guided as you went?
Yeah, I think when I started, I didn’t know what was behind it. It was just more of there was a need to do beyond the, what would I say, the left brain, the analytical side. There was just something that was like, okay, every day I’m going to work looking at chemical processes. I’m looking at some software code, which was necessary for a lot of the projects we were doing. I just had this need to explore more. So music is something that stuck, but I started doing different things.
I think one of the biggest things I even did was signing up for an improvisation class and learning how to do improvisation and be in the presence and learning the whole framework of yes and just going, right. And then I started sketching a bit. So when I look back, when I reflect, there was a big urge to do more than just, like, what I was doing with work. And that then eventually brought out the music part, which kind of connected me to like, oh, yeah, I used to like making music and doing that over time.
And once when I put everything back and what I say started off as just following the process helped. Now that I look back, now you can look back at all the data points and say, okay, what is happening here? And a big part of it is self-empowerment, trying to change the narrative. I’m Nigerian African, and when I moved to the US, a big part of the things that kind of robbed me the wrong way was the way Africa is depicted in the media.
Right. And it’s just something that probably just internalized. And a lot of my music, my writing, is about bridging the economic gap, bridging the narrative gap. And me as a storyteller is me trying to contribute to changing the narrative a bit and hopefully inspiring other people to change the narrative the way the people before me inspired me to contribute. So I’ll say that what is coming out now from, let’s say, years of doing this is more of that need to empower myself creatively and economically, but also then pass it on to use storytelling as a way to empower people also that look like me.
Fantastic. And Mate, we’ll get to the connection there to Web 3.0 shortly, because I’m sure with your ability to tell stories and project that message, Web 3.0 is going to provide some amazing tools to do that on a larger scale. But tell us more about the Toffy’s divide as a story, what’s it actually about.
Yeah, so Toffy’s Divide, as I said, when the whole thing started, I was just looking for a prompt, right? It was more about trying to make this mixtape. So I sat down. I was like, okay, I need to write a story. And then the next thing that came to my mind was, okay, let me just write a story about a guy trying to write a story, because I just felt like it would be the easiest way for me to keep moving. I’ll just kind of borrow things from my life and kind of write the story.
But it’s a dystopian tale based in the year of 2049. In the novel, the main character, Toffy, pushes through self-doubt and societal constructs to write a story that liberates himself and begins to mend the divided city that is living in. A big part of that was influenced by the things I was seeing where we were in society. As, at the time, I was just finishing business school at Stanford, and I’m in the middle of Silicon Valley, but at the same time, I’m trying to go back to Nigeria to start a business.
And then I was traveling between the two places, between San Francisco and Lagos. And then immediately you see the differences between these two places. And then when you go into these cities, you start seeing the differences within the cities. Right? So even though San Francisco is one of the richest cities in the world, there’s still a lot of economic divide within the city. So a lot of that came from what I was experiencing.
And I just kind of put that through Toffy’s story of he was an engineer trying to break away from this societal construct to write his own story. And there are all these forces trying to hold him back from writing a story, and he pushes through to finish, and that story liberates himself and the city that he lives in. So that’s what I say. The big inspiration for that.
So cool, right? Because, let’s be honest, it’s an internal inspiration that’s come from you, right? It’s just all about you and your manifestation of life and observation of life and everything else. Just a side thing too, Nifemi, is how does someone access your book if they want to read it? Because I’m already feeling inspired and I’m an avid Kindle downloader. So we go and get it.
Yeah, if you go to Amazon, I think that’ll be the easiest place. Just go on Amazon. Just type in Toffy’s Divide. So that’s T-O-F-F-Y-S Divide and buy Nifemi Aluko, and you’ll find it right there. You could get the hardcover, paperback or ebook.
Fantastic, mate. And so obviously from the let’s call it the left brain side of things, there’s the business side of what you’re trying to do. And we’ll come back to the storytelling part shortly. But tell us about KPA and how that’s helping people in Africa.
For sure. So KPA is a business development advisory agency and we have consultants in 20 countries across West and East Africa. And what we do is we help international companies that are trying to expand across the African continents with a focus on industrial and automation companies. And what we do is we help them understand the markets. We help them come up with their sales strategy, we help them identify their customers, and then we also facilitate some strategic partnerships between those businesses and local businesses. What we find is that most of our clients are industrial companies.
They are trying to sell mainly to manufacturing companies. So there’s a lot of B to B. So as you can imagine, there’s a lot of face to face conversations. The challenges a lot of people face when they are trying to expand across Africa is like they put Africa as like just one thing. That is just one thing I have to figure out. In Africa, there are 54 countries, I believe, the most diverse continent in terms of language, culture. So you have to understand all the different nuances.
One of the biggest challenges we have on the continent is trust because of the institutions are not as well, I say developed as some of the Western countries. So a lot of trust comes more from the community, you know, someone you can trust to do business with them. So things don’t scale as fast as what someone in the US will be used to. So we come in as well, I say currently as an intermediary that bridges the gap and helps people move faster.
And it all started out as a website that I created just before I went to business school as an information resource. And then it turned into this business development agency. And it’s something it’s still tied back to some of my goals in terms of utilizing my engineering background. I really believe industrialization and automation would be a big part in the development across the African continent.
And one of the big things for Africa is we have so many young people, so many I don’t know the stats. I think it’s about 60% to 65% of the population is still younger than 25. So in terms of opportunities, when I look at that as one of our unique assets globally is more of how do we empower the creative youth to kind of use their mind and believe in themselves so that we can kind of move things faster and build the economies within the African continents faster. So those are things that we’re focusing on, but right now it’s mainly B, two B, helping global companies partner up with local companies to build our economies.
I love it, man. So again, they look like two separate things from what you’re doing with your storytelling, your book and KPA. But I’m already sensing that they’re not, right? There’s a bigger purpose there with 65% under 24. Got to empower those people to obviously make successful businesses for themselves as well. As obviously, as I also heard, was the trust element, increasing trust. So in regards to that, and I guess this is our segue into web three is, do you see that NFTs are that way to create more trust, or what’s the connection there for you in relation to.
So in relation to that, definitely, I believe one of the big things for us to build is trust, right, globally. And I believe we’re being pulled in different directions. They’re the people that want to build trust, and there are all these tools that is actually working against us in terms of building trust, where there’s now a lot of divide, a lot of divides in people sitting in their own echo chambers believing whatever information they want to believe.
I think NFTs, and just the blockchain in general, is going to help in that aspect. When I tie it back to what is happening across Africa, I think what I’m inspired by is when I really go into the space and I get on Twitter spaces, I was so impressed by the number of Nigerians that were on in the space already. And when I say they were already selling NFTs, these are young university students that are just in there already. And I was kind of surprised, like, oh, this is amazing to see that there are already all these young people that are getting economically empowered, finding ways around the institution that is kind of, in my opinion, holding them back and working and selling the NFTs to people in South Korea, in the US. Whatever it is. So I think it’s going to build a lot of trust.
But I think there’s still a very long way, a very long way to go. It might happen faster than I think, but a lot of governments are still kind of scared of the whole thing. They don’t want to get dis-intermediated in terms of control, right? So they still want to stay in there. For instance, in Nigeria, it’s not so easy to buy ethereum. It’s not so easy to start up a Coinbase account. You have to know someone that maybe can help you buy it and send it to your wallet.
So there’s still all those things in there. But I really believe that what the blockchain technology offers is a way for us to kind of come together and say, okay, I trust that this is from you, and I trust you as an individual, so we can continue to exchange value between one another without some big entity between the two of us.
That’s awesome. Obviously, there’s many countries out there repressed, right, with institutions and governments and everything else, and they don’t want to lose control. Do you see those NFTs as a way of getting around that? And the other thing for me, Nifemi, is if someone’s new to this conversation and they’re wondering, first of all, what is an NFT? And then what the hell are they talking about? How’s that going to help the youth of Nigeria? Do you want to just fill us in a little bit on that from a business perspective?
Yeah. NFT, obviously from the definition, is the non fungible tokens, right? Towards the end of last year, I started just boiling it down to like, okay, I call them digital collectibles, right? That act as a store of value. And that value can mean anything to anybody. It can mean a sense of identity. It could give access to exclusive communities that you want to be part of. It can mean access to exclusive experiences, whatever that means.
And it could also just be a sense of giving you this empowerment that you can make some kind of financial reward from making the right decisions, right. Buying low and selling high, basically. So in terms of business, when I think about it, I got into the space to almost experiment, just to see, okay, what was the space about what works and what doesn’t work. And when I think of it in terms of my actual business, like KPA, I kind of keep it separate because I haven’t figured out what type of value it brings to, for instance, my clients. Right? And the reason I say this is a lot of my clients are in big corporations, so they don’t want it to be honest.
Starting last year, nobody wanted to hear anything called NFT, right? It sounded like the biggest not scam, but it’s just like, no, let’s just focus on the regular business. Right? So I found that as I kept doing this, I had to find ways to talk about it where it doesn’t become a sticky point in a conversation and just more focus on, even for me, trying to figure out what’s the true value of using an NFT as opposed to just using a website, as opposed to just writing down a contract on paper and sending it and getting someone to sign it by PDF and sending it back, which is what we do with our business.
But I truly believe that it creates value by bringing people together on this exchange that we can all trust, this decentralized exchange. And that’s the main thing that drives me in terms of, okay, let me keep going. Let me keep experimenting and see what can be built here.
And I suppose for those young Nigerians, too, that’s the attraction with Web 3.0, right? It gives them a pathway outside of the system that allows them to, I guess, monetize their own IP, their own creativity, their own community or whatever, but also on a global scale. So it’s empowering entrepreneurship, really, isn’t it?
Yes, definitely. And some of these things that’s fascinating, and especially with will I say the Nigerian or African community in NFT space, I’m really just on the sideline watching, like, wow, this is happening. I’m not as plugged in. But what is fascinating is the switch from when the person I was just maybe drawing on their iPad, right, doing this digital art, to now saying, oh, I can sell this. And the switch to becoming an entrepreneur, that’s the part that is very interesting.
The artist no longer has to be that suffering artist. That is like, eventually my parents wanted me to be an engineer or a banker, but I love drawing. And now there’s this path where you can use your creativity directly to empower yourself economically. Absolutely.
And again, like, I look at your scenario. You are chemical engineer, you’re at university, you are using your left brain, and you start to unfold the right brain or unleash the right brain with more creativity. You create a book that’s inspired by your own journey, which then leads to Toffy’s Dome. So Toffy’s Divide is the book. Toffee’s Domes is the NFT collection. Tell us more about that. What is toffee’s Domes. And tell us I just love hearing the connection here with your backstory. And then the bigger part of it was the Nigerian African connection and how you’re doing the same in your business. So Toffy’s Domes is that to me? Tell us about that.
All right, so, yeah, Toffy’s Domes is a collection of 405 tokens. It was inspired by, as you mentioned, the Toffy’s Divide, which is a dystopian science fiction story about an aspiring writer who battles all the tech forces to get his story heard in the year of 2049. Book was published in 2021. And because of my interest at the same time with NFTs, starting in April right. I’m writing a story. I’m running my business. I’m making music.
As soon as I see the NFT thing, it was almost like a light bulb moment for me, like, oh, wow, all my interests can kind of come. I can combine everything. My interest in music, technology, business, art, writing. I was like, this is perfect. This is for me. That’s how I felt. And I started looking around in different communities, and I’m personally, someone that learns by doing, I can research all I want, I can look around and see. But for me, to really understand something, I have to start doing it.
So I just told myself, okay, I’ve been collecting a few. Let me go create a collection. So what I did was there are 405 pages in Toffy’s Divide. So what? We converted the 405 pages into 405 unique tokens to inspire and empower the storyteller in everyone that has the token. So the token gives you access to what I call story merch, both in forms of physical and digital collectibles. And those collectibles are books.
My book, a signed copy of Toffy’s Divide. And my book that’s coming in summer of 2023, every token holder gets access to that. Also the Audiobook, which I’m currently publishing to be published in a few months here. The token also gives you access to something I started earlier last year called Storytellers Lounge. Now, Storytellers Lounge is a community of multifaceted professionals, entrepreneurs. We come together to write together and improve our will, I say, creative confidence and live more meaningful lives.
And if you have the Token, it gives you access to that online community, and it also gives you access to some of my behind the scenes of my process of writing a book. There are a lot of people that tell me they want to write books, and it’s just like, I don’t know where to start. So what we’re also creating within Storytellers Lounge is a Scribe program. And Scribe is just a manuscript development program where you go through this program where we help you write a very good first draft of your book within four to five months.
You have to have two tokens to get access to the Scribe program. And we’re also trying to base off every sale of our 405 Tokens, 10% to either donate to an organization that is trying to bridge the divide within their communities or even use it, give it to an artist that is using their art to bridge the divide. I think a big theme in Toffy’s Divide is bridging the divide, right? So if you look at the COVID art for the book, it’s a silhouette of Toffy and like a split between his right and left brain, where that split also depicts the city that he is in. A very divided city.
On one side is the most technologically advanced city in High Town, but in Low Town is one of the most deplorable places to live. And he uses a story and storytelling to kind of go between those two worlds and bring them together. So I do really believe that we are increasing our capacity to be more human, right, the more human beings evolve. But at the same time, I think a lot of things that we’re building is causing more divides within our communities. And those divides could be anything from wealth to digital to narrative divides.
So even the artwork has all the different rarities of using three things, self-awareness, curiosity and empathy to bridge the economic, digital and narrative divide. And the combination of those traits is what makes each token unique in the 405 collection in Toffy’s Domes collection and then gives you access to story merchandise, Storytellers Lounge and Describe program to write your own story. So yeah, that’s mainly how it came about.
We launched the project in September 2021 and we’ve been minting ever since then.
That sounds incredible, mate. So like, for anyone listening who sort of thinks they know what NFTs are and it looks like an investment. You buy low, you sell high, and you might make it rich by buying an image of an ape. It’s not about that, is it? Like, I’m hearing so much more than that. It’s like you’re mentioning inspiring creativity, you’re bridging the divide, you’re becoming a member of an amazing community. And I’m assuming that 405 people or NFT owners, and I guess you can own more than one, is an exclusive group. Right? That group is never going to ever happen again because that was the 405 and then beautiful benefits that go with that. So it’s just a really awesome way that you’ve just described the power of NFTs to me. I’m pretty new to them myself, but every day I meet people, like unify, I feel more and more like it’s like a really different way of doing a membership program. Right, but what exactly people are really doing, they’re buying into you and your values and what you stand for because they also stand for that and they want a piece of that as well. Not just for themselves, but to be part of a community like that. So just such a great depiction of the power, I guess, of how to build value in NFT.
Yeah, I think what I’m learning for a lot of projects I’m a part of is I’ve collected a bunch of NFTs and apart from my project that is minting, I’ve never sold any NFT that I bought. So they’re different type of collectors. They’re the ones that flip, which is also a cool thing for people that flip. Almost like buying and selling baseball cards or anything. But for me it’s more about what I’ve found. The biggest value is meeting other people that are within the community.
So I’ll use an example as V friends, right? So the biggest sell for me then, when I was about to purchase literally a picture that Gary V drew, there’s a video of him drawing this with a pen. I never thought Garvey is like this artist, right? He literally drew it with a marker, changed it to a digital thing and sold it. Right. And when I was about to make the purchase, which I thought was not, I was on the fence, I was like, this might not be the best thing to do with my income right now, but the biggest sale for me was he provided this utility where if you had the token, you get access. To three years of this NFT entrepreneurship conference called VCon.
And when I just did the calculation, like, okay, I get three years for how much it is, okay? I used to live in Austin before, and I know how much South by Southwest tickets used to go. I know how much Austin City Limits tickets used to go. So once I looked it out, like, you know what? Even if I don’t sell this stuff, it makes sense. I get three years ticket to this event. And going to the event, I’ve met so many people, so many entrepreneurs, artists, people that are just curious.
They’re not even thinking of building anything. They’re just like, what is going on? And just meeting all those people, the value has already paid off just in a year. Right? And some of those people have become very good friends, people that were working together, building stuff together. And I just believe that access to this diverse community of people that have come from different fields is something that is very valuable.
Absolutely, mate. It just sounds incredible. Like, I’ve noticed that with us, with Web3TV, the community that we’re creating and becoming part of, they all tend to be very open minded, and I call them freedom fighters, but they’re up for all possibilities, right? And most of them well, I’d say all of them so far have been not just up for any possibility, but making a difference. Right? It’s not just take take or win lose scenarios. It’s all about the win win and making the world a better place. And I know that sounds maybe a little fluffy for some people, but it’s true, right? That’s how it feels, your community.
Definitely. And it’s almost like the last five months, maybe six, have been tough in the space, right? Maybe even seven have been very tough. We’ve gone all the way down. It wasn’t as cool as it was in 2021. And then the whole FTX thing happened, which just threw everybody that was even on the fence just jumped off the fence. I was just like, no, I don’t want to deal with this crypto thing.
Which kind of slowed things down for someone like myself that started a project. But the blessing that that brought was it kind of weeded out a lot of bad will, I say bad actors. So the people that are still in the space now that are building right now, I find, are people that are really driven to actually use the technology to do what we believe it could do, which was decentralization. Which was we believe that our data is going to be more and more important the more we get into this digital world to supplement the fiscal world.
We believe that that data is going to be segmented into metadata. And we know that ownership of this data is going to be more and more important as we go on, especially what we’ve seen in the last ten years, fifteen years with all the big technology companies. And a lot of us want to disintermediate some of that ownership and bring the ownership back to the people. So I think that’s what drives me a lot, and that’s what’s driving a lot of people that I interact with, that I see in the space.
And to be honest, they’re just some people that they just want to put some positive vibes into the world. And those are the people I find that I am interested in connecting with and following.
Absolutely. Again, it’s sovereign individuality, right? Instead of being controlled by someone or something else, an entity really has not necessarily everyone’s best wishes at heart. If we look at Toffy’s Domes, I can feel people just hearing you talk. They’re going to know they’re attracted to it anyway. But if you were to, say, do the marketing pitch and who you’re looking for to either buy the collection or become part of the community, who is it and how would they go about that?
Yeah, I think this is a very interesting question, because obviously this is something marketing and building a community is actually the hardest part of doing this. Beyond minting and everything, who we are looking for, we’re looking for collectors that believe that storytelling can be used to empower ourselves and bridge gaps in our community, where we looking for collectors that are interested in identifying as storytellers that can change the world.
We’re also looking for aspiring writers that want to actually get frameworks and support to actually write their own stories, and also people that just want to believe in the diversity and inclusion that could be brought, one by storytelling and by being participating in the space. Right? I think that the trend in Web 3.0 is that it could be the next wave of, let’s say, economic empowerment, right?
And when I look at that, I think, like, okay, I don’t want to miss out on that. I don’t want my family to miss out on that. I don’t want my friends and people that look like me to miss out on that. So even when I went to ZCon, as much as it’s diverse, I was looking around. We’re like 10,000 people in this stadium. I’m looking around like, oh, man, I’m not seeing a lot of people like me around here.
And to an extent, I’m a little bit used to that because I’ve gone to a lot of schools where I’m a minority, or whether it was a Stanford as well, I was in Texas or Chicago, so I’m familiar with these spaces. But this was one thing that I was like, I remember leaving VCon thinking, we need to get into the space, right? And I was telling all my family members, I convinced my mom in Nigeria to get a wallet.
I think part of the mission is to try to get more people to participate so that we don’t feel left behind. Also, from a digital and economic perspective.
Sounds incredible, mate. And what it really sounds like, as you mentioned, the word is mission, right? It’s not a book, even though there is a book, it’s not an NFT, even though the NFT, it is a community, but it’s empowered by an incredible mission to bridge the divide between let’s call it the High Town, Low Town, the have nots exactly, et cetera, mate. It’s just truly inspiring and it’s so good to talk to someone like yourself and I wish you all the best with it. Guys, if you haven’t watched it yet, and this is the first time you’ve met Nifemi, we’ve actually done another interview which is about it’s a bit more how to stuff, but it’s how to build what are NFTs and how to build value in them.
It’s very inspirational and obviously it’s like if you’ve been inspired by Nifemi’s story, it’s a way of going, well, what do I do about it next? Other than obviously going to Toffy’s Domes website and connecting with Nifemi, it’s another way of learning more in the space. So I’ll put the link for that. Again, I’ll put that here for you. And if anyone has any questions for Nifemi or they have anything, they’d love to talk to him about Nifemi, if they could put those in the comments, would you be happy to answer those on an ongoing basis for them and obviously help connect them to your community?
Definitely. I think once that is shared, I can jump in the comments to discuss with anybody, especially when with the NFT project, I’m very active on Twitter, so that would be a good way to connect with me. It’s just Nifemi Aluko. That’s how you find me. And, yeah, each token is 0.15 Eth right now and you can mint it directly from the Toffy’s Domes website, which is toffysdomes.com.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
Shea Richburg of Future Wise Group Talks About the Future of Web3 2023
Share this Inspiring Episode:
In today’s Web3TV interview, we’re talking with Shea Richburg, the Founder and COO of Future Wise Group. Shea is a female futurist and metaverse thought leader, focused on top organizations, start-ups and mid size corporations, is the executive producer and co-host of Metaverse-ology and is a certified metaverse expert.
Shea Richburg, How Did Your Journey Begin
This journey began around 2017 when I created the Future Wise Group. I am a futurist and I’ve always tended to look at a work mobility trends. I’ve worked with huge corporations, educational institutions and policy makers and always try to bridge the gap between the three, and really try to think ahead and stay afloat of societal changes that are taking place.
So I’ll give you example, one of the things we did in about 2019, we had an open symposium and we were talking to colleges and stakeholders and we were trying to figure out why there’s such a gap between college graduates not being able to get adequate paying jobs after they graduate and ultimately it’s because they’re not going into the right fields.
We’ve learned that it’s apprenticeships that are actually helping people get higher paying jobs here in America, and so this was something that we really had to dissect and look at because I ultimately feel like that’s a real issue, we’re having people having degrees and not being able to use them and being in tremendous amounts of debt.
So that was one trend that we looked at and then at the end of 2020 and early 2021, we started to focus mainly on the metaverse. We knew there wasn’t a hotter trend and we jumped head first into that arena. I’m certified as a metaverse consultant so I love talking to people and essentially what Future Wise Group does is work with big corporations and help them understand and implement emerging trends in their organizations.
That happens through trainings and workshops that are centered around the metaverse and AI and sometimes blockchain, depending on their needs. So that’s my story. I mean honestly, I’m a woman that always wants the masses to be involved in the decision making. I want them to be aware of all the information and make the best decisions for themselves. So, as a futurist, that’s how I started out.
How did you become a futurist?
I’ve always had a sixth sense but this doesn’t necessarily mean I’ve always been a futurist. Before I started the Future Wise Group I had a company called ‘Family Con’, it was like ‘Comic Con’, with its purpose to bring the latest and greatest ideas which all centered around family. I’m very family orientatated and I’m all about children and understanding all their options.
That could be schooling, it could be standardized tests and could also be going to College. I have always been an advocate that everybody fairly understand the trends and, what’s going on and whether these things are the right option for your child. I don’t like to see people forcefully placed in a situation where they have to be involved in something society decided for them. I want them to understand the process and understand the changes that’s happening and all over the world today there’s so many changes. People really need to understand everything, so they can make the best decisions for themselves and not simply leave it to other people to make that decision for them.
So What Is Your Underlying Passion For Children Having Choices and Opportunities?
I think I’ve always loved children. When I worked on my master’s, I used to teach and before I had my own children I always said, I really want children to have the best capability in knowledge for themselves. No matter what socioeconomic group they are, I just want fair opportunity for everybody right, and we are living in a world where everything is changing. I mean to the point that there’s rewiring going on, and so, as you can tell, I am passionate about this and people can see how passionate I am.
The first speech I gave was about GMOs and foods and it really did kick up a notch when I had my first child and as I said, I love children, so I feel as though there was a lot going on with foods and a lot of other situations amongst children, and I really want people to understand what’s happening, don’t just sit by the wayside. No matter who you are and it’s everybody, I really have this love for everybody.
I just want it to be a fair playing field for everyone all over the world. So many people are really at a paradigm shift. They’re going to be left behind or they’re going to be eons ahead of other people.
What was it the drew you to Web 3.0 when you first heard about it?
The first thing that drew me to Web 3.0 was the endless possibilities. I honestly feel as though we live in an overly saturated world meaning you can find hundreds of the same type of business, the same ideas that are being regurgitated over and over again.
I feel a lot of business owners are now looking for the new trend, something that’s going to set them apart. So when I learned about this metaverse, it really sparked interest because it was a breath of fresh air. This is a new virtual environment where people can be creative and really put their stamp on who they are and what they are building and adding to this world.
If you’re a creator, if you can draw, I mean so many skills can add to the metaverse and it’s endless and I just said, oh my goodness, this is something that so many people need to know about. This is not something that just a small group of people know about and then create, and then it’s too late and then you’re just thrown into this environment.
I personally would like the metaverse to be a better place than the real world meaning I don’t want to see the same stresses and division that we have in the real world taken into this metaverse and I am passionate about that. This is our chance to try and change things and do things a bit differently and better. So that’s what drew me to it.
What Is The Meaning Of Metaverse To You?
There’s so many different personal definitions of the metaverse but ultimately to me, it’s a virtual environment where humans will be interacting with one another and that’s either financially, socially or even educationally. It is a new world that will be able to connect people from all over and it will give us the chance of going on trips that we couldn’t do physically.
The futurist in me is saying we’re not going back to work in the office Monday through Friday. I feel as though there needs to be other options to connect us and get the job done and the metaverse is it. As adults, it is our children who really will be fuelling this metaverse as adult and we’re only going to get our feet wet within our lifetime. Let me tell you, it’s really the children who are already in there as they play Roblox with one another that are going to develop this space and really be working in there.
I’m just trying my best to do my part, to educate people to embrace it and figure out their stance on it and what they can do to make it a better environment.
What Is The Future Wise Group and What Does It Do?
Ultimately, the Future Wise Group do a lot but people generally seek us out for our trainings. That can be traditional training such as a workshop or educational curriculum.
Our ideal client is an organization or a person open to embracing this new technology into their lives, someone who is open to understanding the need for it and then how they can use it to assist them in their day-to-day activities. Someone who understands that it’s not to replace human to human contact because there are rumors out there, people think it’s going to be some dystopia and we’re never going to see each other again. The purpose is really to enhance human experiences.
At Future Wise Groups, we really sit down and paint a clear, understandable picture on where the client fits into this entire technological equation and how it can help that company or individual connect with others and most importantly, stay safe while they build or they are in there for themselves and their clients.
We’ve had schools ask us about creating curriculum, so we also do that. That is a strong demand right now. Colleges reach out to me personally to create courses surrounding the metaverse or AI and that’s exciting. That means that the students are learning about this new technology.
Aside from that I also co-produce two podcasts.
In terms of what we have actually built for clients in the metaverse, we actually have had smaller non-profits who want to protect their intellectual property and so upload it in to this digital world.
We have clients who are interested in NFTs and I’ve worked with producers before and we have a couple of projects on the table to create NFTs and develop the marketing strategy behind it.
I know my company can’t do it all which is why I have these podcasts and talk to leaders like you and other people to see how everyone is working together in creating this whole metaverse and Web 3.0 space.
So As A Futurist and Being Ahead Of The Crowd, How Do You Explain To People What They Should be Focussing On?
Typically, I start out speaking to policy makers and stakeholders. I talk to the people who explain to me what the problem is and why we have Web 3.0 being developed to answer a need within society. So right now we just came out of a pandemic. We have a climate issues going on and a plethora of other issues that a lot of governments are tackling right now.
I show them problems and issues and I show them how it can be resolved. You know it’s funny because I actually even go back in time, and I show them an issue or a problem that was possibly in a movie or on television and they get amazed and they’re like oh my gosh, this is something we’re dealing with today. These are issues that people knew about years ago, but we’re now having to face them and this is what we have to do to really stay afloat, be successful and really lead our next generation into success.
You know on large levels, if people do not understand what Web 3.0 is, embrace it and honestly be creative and add value to it.
What Will Happen If We Don’t Embrace Web 3 Technology?
Well, some of the biggest challenge I can tell you is if a person finds themselves being forced to go into the metaverse, to pay a bill or to work a job and not understanding how to navigate themselves in a virtual world, for example, because they don’t understand the technology behind it.
This is a major issue with older clients and bricks and mortar business owners business owners who really haven’t had to implement a lot of technology to make money. But we’re living in a new age in a new era, and I’m trying to explain to them it is just like when the internet was being developed. We’re going from an age of information to an era of experience, and so this experience is really going to guide us into new information, new education experiences and really set people apart.
We’ve just lived through this pandemic, and if a child didn’t do well with their online learning, we have to take this by the horn. We really have to understand your child needs to know how to be responsible and navigate them through the internet, as when we get into Web 3.0, it’s one step even further with our avatars and work from home experiences.
Everything shut down and then people had to log in and go to meetings via zoom and virtual backgrounds and people had to understand this is the wave of the next generation and there’s no getting around this. I mean, even if you turn around and you look at self-driving cars, things are changing in our real world every day, so just letting people understand that this is continual learning and things are not staying the same.
You cannot be combative to what you see today, because ten years from now, everything will look different, and it’s really up to you, your organization, your staff members, to really understand this. There’s no getting around this and it’s if you learn early enough and embrace it and understand how you can benefit from this, you will flourish and do fine in the next generation.
How Is Future Wise Group Helping People Understand Web 3.0 Technology?
Unfortunately, there’s a lot of people really stand-offish and saying I don’t need this and that’s the problem Future Wise Group is addressing. I think the biggest difference between Future Wise Group and some other organizations who provide training is we don’t work for anybody so we don’t push agenda on anyone. We take a holistic approach. We teach people because this is information to survive. Honestly, this is what’s happening and this needs to be embraced for financial reasons, for educational reasons.
What really makes people feel comfortable in learning through Future Wise Group and working with us is we genuinely want to help people and they feel that and I feel obviously the making a difference part is your really futureproofing them so they will embrace the new technology and not get left behind.
How do people find out more about the Future Wise Group?
Typically, people reach out to me via LinkedIn or find me when they hear me speak. I’ve actually been part of lots of conferences and seminars. I was recently asked to do a training in the United Arab Emirates for their government officials and so I was quite honored. So I’m going back and forth there and I believe they found me on LinkedIn.
When you hear me speak, typically you hear me talk about what Future Wise Group does, our trainings, and then we do the marketing for NFTs and strategy for transitioning in the metaverse.
I am equally interested in educating children as well as adults because they are the ones who are going to be really fuelling this machine, and I want our kids safe. I want them to understand how they need to connect with one another in this virtual world and how they can really thrive, learning new hands on experiences, with positive energy.
The Future of Identity and Privacy in the Metaverse 2023
Share this Inspiring Episode:
In today’s Web3TV interview, we’re talking with Shea Richburg, the Founder and COO of Future Wise Group and we’re going to discuss the future of identity and privacy in the metaverse and why it’s so important to the whole of humanity.
We’re going to go into more detail around what your personal identity and privacy looks like in the metaverse and how to protect yourself.
What Is Your Identity in the Metaverse?
I think the most simplistic answer is it’s your digital wallet. Your digital wallet is your new physical documentation in the metaverse while your avatar is your physical representation.
Is There Such A Thing As Privacy In The Digital World?
I don’t believe so because, honestly, I don’t think we have much privacy on the internet. So what can we expect in this digital, fully immersed world? We have people tracking us all the time and I think that’s going to be an issue in the metaverse of being tracked and having your data collected without transparency.
So I would hope there would be some type of privacy but I don’t think there will be a full scale level of privacy in this digital world.
How Does AI Being a Large Component Of The Metaverse Affect Privacy?
There are a lot of ramifications mixing AI with the metaverse. Number one is stolen identity, and we have people who are really stressed out about stalking issues.
When you have artificial intelligence knowing a bit too much about user to user interactions where information is shared about one another, there are lots of ramifications of people getting your data and you not understanding what their going to do with it.
For example, there’s a company out there that is able to track a lot of data through your eye movement, and they know information about you before you even do things. They then like to market to you, because they see what you are attracted to, what you’ve looked at and there’s really scary people collecting information about you before you even know about yourself.
What Are Your Recommendations For Maintaining Privacy and Security In The Metaverse?
There’s a lot we can do and I’ve written some down because I’m passionate about this.
Firstly, we need privacy policies that are clear and easy for everyone to understand, not overly wordy and tricky to people.
Secondly, we also need to know what rights we have in this Web 3.0 world we’re getting involved in. We need to know what rights we have and again people need to be transparent about the data that they’re collecting from us, what they’re using it for and provide an option for people to opt out having their data collected.
Thirdly, there really needs to be a lot of options provided to people involved in these spaces. I think there needs to be laws and regulations openly communicated to people. I think there needs to be some type of identity transparency so you know who you are talking and interacting with.
Lastly, we really need to keep minors safe in there right and we want to make sure there are kids only zones in the metaverse. We don’t want to have adults secretly engaging with our children.
Is Bullying An Issue In The Metaverse?
When we hear of bullying, we always assume this is with children and not adults, but I have to tell you, I had a guest on my podcast. Metaverse-ology and there was a gentleman and he said he’s in his fifties and was in some type of virtual lounge environment and somebody just came up to him and just ripped into him verbally. It was totally unprovoked and he said he was so stunned he couldn’t hit the exit button fast enough.
Unfortunately, people are also saying things explicitly in there and we don’t want this for adults or our children. So we really need to set some parameters and some new behavioral frameworks as to how we conduct ourselves in there.
What Is The Metaverse Intelligence Quotient You Have been Working On?
The Metaverse Intelligence Quotient is helping people develop the soft skills they need to deal with some of these issues in communicating in the metaverse.
It is something that I think we all need to conduct ourselves with in the metaverse and it’s based off of four pillars of awareness, inclusiveness, empathy and respect. If we can share all of those, I think our experiences in the metaverse will be just so much heightened into positivity.
I don’t think we can stop bullying because we have bullying right here in the real world, but if we have this new framework and starting with the children right, really talking to them about this new framework on how they interact with one another, I think we’ll see a lot less of that.
How Can The Metaverse and Web 3.0 Help Bring People Together?
I’ve talked to so many people and everybody says that the end goal is to bring everyone together in humanity through Web 3.0 and the development of it is to connect us. It’s to relate to people who aren’t from our area, who don’t have the same accent, but we can work in the same room together. We can learn together right. We can go to the same college in the metaverse.
I spoke to an artist and she created something called the Mars House and she said something that really stuck with me. She says she created that as a place full of zen and peace in positive energy, and so the metaverse people need to look at it as a place to escape to, something more positive. We don’t want to bring our stressors from the real world into this new space, so a lot of people have been creating spaces focussed on people getting along better.
Even Governments want to bring their residents together in a more positive manner in the metaverse.
How Can Individuals Best Protect Their Privacy and Safety in the Metaverse?
It’s really hard as of today. You want to protect your digital wallet, you want to protect the platforms are servers you’re on, but nothing is sureproof. You really have to understand how you engage and interact with people in these new spaces. If you feel that, though, something is a little shady or something’s off with somebody you’re engaging with, you have to be attuned to your experiencial awareness.
In this environment it can get really out of control, and I don’t want to see that, but as far as the privacy make sure you don’t tell too much information or details about yourself right, and this includes even where you live.
You don’t want to share too much information when you’re in that environment because it can have effects on you in the real world. Be reserved on the information you’re sharing, really get to know people and be cordial with one another, treat others how you want to be treated because it can really come back and bite you in that environment.
We need companies and the policymakers to ensure that these technologies are developed and used in a way that’s safe, responsible and respect individual rights and freedoms. We need platforms that will be open to everyone. Things need to be as transparent in a virtual environment.
So for an example of this, I know on Facebook, somebody said their avatar was physically harassed by another person. So now they have parameters you can put up so no one can touch your avatar in the metaverse, and I know that may be a little crazy to some people but it isn’t when you feel your being attacked.
It goes back to the mental shock and experience that you’re having and how it really does have big implications on people, especially the children.
What Are Governments Doing Around Regulation and Development In The Metaverse?
I know certain governments are creating digital responsible councils. I know one particular government is actually focused on people being in safe, enjoyable environments, and being able to enhance their prosperity while they’re in these virtual spaces and to be able to express themselves freely. They are setting goals and then trying to create policies to enable those goals for everybody.
China are going one step further and developing a social credit system. This system basically rewards or punishes you based off of your trustworthiness and you being a good citizen.
So we are at the forefront where possibly this new technology is going to dictate our new social norms in the real world as well as in this metaverse, and so I can’t really stress enough, we need to get this right.
Now we do have powerful world leaders who are looking at these type of models, and it may extend you know across borders where you know people are getting rewarded by donating blood or donating money or, if you don’t go visit your parents enough, you can’t stay at a certain hotel or you don’t qualify for a certain level job.
I don’t want to see this happening amongst the masses though. I want web 3.0 to be fun, a place of freedom happening, and so, if we don’t get these policies and this openness together, I can see this happening. I can see our real world norms changing because of what we do in the metaverse.
What Is Your Idealistic Version Of The Metaverse in 5 to 10 Years Time?
Idealistically, the metaverse is that alternative environment that enhances your day-to-day life. It is the environment where you will go with coworkers. It’s the environment where your children will be meeting with their classmates from all over the world. It will be the new leading place for medical students because you know they’re cutting open the cadavers in the metaverse before they actually do it in the real world so they have a certain level of mental preparedness.
It’s a place where we’re going to buy our cars. It’s just a place where we have extensive positive experiences. It’s a place that we log into to talk with people that aren’t right in front of us; it’s a place to learn and to show respect to people from all over the world. It’s a place where we’ll see many things built and it’s going to connect with our real life.
We’re going to be able to order our food in there and it’s going to be delivered in real life. I think we might have doctors’ visits in there, we’re going to talk to our lawyers in there and companies are going to have these avatars as their front desk help.
The key is to remain balanced in our lives. We cannot let technology take over our lives. We control technology and we cannot let technology control us. I’m a human and I love humans and I want to see us thrive. I want to see us working together and we need to do that by showing compassion, respect to one another. You know being transparent to one another as we’re in this new world and I believe we’re capable of doing it. I think in the future we will be able to achieve all of that.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
What is The Metaverse 2023 | Interrelationship With Web3, NFTs and AI
Share this Inspiring Episode:
In today’s Web3TV interview, we’re talking with Shea Richburg, the Founder and COO of Future Wise Group, about what the metaverse looks like in 2023 and its interrelationship with Web 3.0 technology, NFTs and artificial intelligence.
For the beginners out there who are trying to understand the metaverse, how would you define it?
Well, there’s lots of different visions as to what the metaverse could be but ultimately, I would say the metaverse is a virtual world which will be either augmented reality (AR) or virtual reality (VR) where humans will be engaging with one another. The types of engagement include financially, educationally, through work or socially in the near future.
How is the metaverse important to the future of the digital world?
The future of the digital world is extremely important. It’s important because we see companies left and right jumping in these metaverses and building in the metaverse. We see companies having their organizations hold staff meetings in the metaverses in virtual rooms.
We see particularly colleges, building digital twin cities, which is just a digital replica of their college. This allows them to teach students who are unable to attend their physical campus in the metaverse.
We also see a lot of people socially hanging out in the metaverse, getting to meet one another from all over the world.
I’ll go as far as to say, I recently met somebody who is trying to implement a dating app in the metaverse. So pretty soon people living no where near Paris might be meeting at the Eiffel tower on their first date.
So the metaverse is not going anywhere, what is being being built is very important and we should all be very aware of what’s happening.
What would you say to the skeptics who are seeing very little development in this space and believe the concept of the metaverse is dead?
I read a lot of articles and I even look on Linkedin and understand a lot of people are saying well, I really thought the metaverse was going to explode by now and it hasn’t and Microsoft has just fired their metaverse team so I get this viewpoint.
However, I think it’s just distractions. There’s a lot of building in the metaverse and in things connected with the metaverse. For example, Starbucks is unleashing their NFT program. So they’re really trying to get a community involved around this Web3 by offering these NFTs.
We have a lot of governments getting involved in this. We have South Korea, we have China, we have Dubai, we have the Bahamas who are heavily relying on the metaverse as their residents begin to engage with one another. Some residents are actually getting Government services through the metaverse and through their avatars.
So for all the naysayers who are saying it’s not developing, the metaverse is not going anywhere. I don’t think the masses are in there yet but that’s not to say it’s not growing and being developed.
If governments continue to get involved in this and one day you’re be forced to get in there to get benefits or access to goods, it is important you learn how.
What is your five to ten prediction for what the metaverse is going to look like?
My predictions for the metaverse is we’re going to be in there more and more often because of corporate jobs. I’ve seen a car dealership in the metaverse. I think we’re going to have opportunities to buy our vehicles in the metaverse.
We’re going to be learning in the metaverse and it’s important for us to remain upskilled and learn about all these technologies because artificial intelligence (AI) is coming and it’s messing together in the metaverse.
If we don’t upskill ourselves, a lot of jobs will be displaced. I’m a human that loves humans, but I feel as though we need to understand how this technology can help our day-to-day lives and our experiences and how we can work together with it.
So ten years from now the metaverse will be built and you’ll be able to order your food in there and in a matter of minutes, the food will be delivered at your front door.
Your work colleagues will not just be from the same area where you live in, they’re going to be from all over the world but be in the same meeting rooms when you have meetings.
The same thing goes for schools, from elementary school to higher education. You’re going to have classmates from all over the world.
Tourism is also going to be different. You’re going to be able to go to the Amazon in Brazil which you haven’t been able to do before, directly through the metaverse.
So there’ll be a lot of entertainment in there, a lot of educational focuses in there and for work. People will be working for big organizations in the metaverse. So I see all of that coming together.
For those still struggling to get this vision, can you paint a vision as to how people will have these experiences in the metaverse?
I think it’s going to be based on augmented reality. So it’s going to look like our real world but then you’ll see something in front of you. Let’s say you wanted to find a recipe. You can look on your phone and then you’ll see this cool hovering cookbook right next to you with the recipe you requested. So I think it’s going to be a blend of the real world and this virtual world, but we are going to be pretty submerged in this virtual world.
I think that people are scared to jump in because, like you said, they think, it’s the goggles but no they’re, trying to make it as easy, as you know, jumping in there on your phones and I know there has been a lot of infrastructure built in America so everyone has access to it.
You can log on through your laptop, or ipad and jump on one of these platforms and get into the metaverse, or some other part of Web 3.0. Trust me, they’re going to work on this and it’s going to work simultaneously; it’s going to be an open metaverse where you can jump from one space into another. Your avatar will be jump from one space into another space. You don’t have to log back out and log back in.
So it will be very intricate, but I think it will be very pleasing to people and hopefully, as seamless as possible.
How important is AI going to be in the metaverse?
AI is going to be extremely important in the metaverse. We see AI being implemented right now in our real world. Imagine the things that they’re going to do in the metaverse. Eventually we will have these really cool avatars and their skins, which are their clothing. But we will have very realistic life-like avatars one day and that’s when you’ll be going in there to work, going in there to school and so that’s going to be powered by AI.
We also have digital humans who are in there, but you see them as 3-D bots. So when there are violations that take place in the metaverse, these bots pop up and they issue warnings or tell people their behavior is not allowed on this platform.
Lastly, I had to tell you, I just spoke to somebody a week ago and he said he was in Japanese subway, and it was literally a digital twin of a real subway in Japan and he had to interact with AI. He had to purchase his ticket and he had to find the right time and schedule for his train. So you can get quite intricate in creating a digital twin of our real world and using AI to power it.
So who is going to determine the moral code and behavior allowed in the metaverse?
I do not believe in Web 3.0 or metaverse policing. I have faith in humanity. I have faith that we will be able to positively conduct ourselves in the metaverse through these avatars.
While there might be some violations which need to be policed, it is important the laws and policies are transparent and open. I really feel it will be a space where it’s a breath of fresh air. A space where you are really connecting with people and having a good time in there and that’s what really my vision for the metaverse is.
What opportunities will the metaverse present?
Oh, there are endless opportunities. You have to look at the metaverse as this completely new world, and so we’re going to have metaverse real estate agents. There’s a lot of buildings so people will be purchasing properties in there.
A lot of people want their own platforms. We’re going to see a lot of communities building in the metaverse. So if you hold these NFTs for example, you get to go to exclusive concerts or exclusive book signings in there, and so I think that that’s really cool. I said you could order your food in there.
We need the creators to put their thinking caps on. We could have digital libraries and even digital museums. There is a lot of history that we have in the real world that I think needs to go in the metaverse too because we need it coincide as we’ll be in the metaverse a lot.
What challenges is the metaverse going to present?
When I engage with people, either via training or just talking, the biggest challenges that I foresee are safety and privacy issues. You know we hear all the time in the real world, people are being hacked, and that’s scary, and those are be issues that we’re going to face in the metaverse and under the whole Web 3.0 umbrella.
So I would really like to see serious safety precautions taken from user to user. I like people and it is cool they can come in with any kind of avatar, but at some point we need to know who we’re speaking with and that our children are protected in there.
I would like to see people conveying a certain level of respect and empathy to one another in the metaverse and even on the internet. Because the avatar is a depiction of you, it is like you are talking to the person face to face. Hopefully this discourages the types of behavior people feel they can engage in when hiding behind a keyboard.
Privacy policies are huge in the metaverse and we really need these privacy laws. We need the people building these metaverse platforms to be upfront with the data that they’re going to be collecting from us, what they are using that data for and for us to have the choice to opt out of providing that information.
These are serious issues that need to be answered and I hope we get that before the metaverse really explodes into something huge.
What type of impact do you think that metaverse and NFTs will have on the way we experience say, music and entertainment?
Well, overall, I think NFTs will create more community so it’ll get people really excited about these entertainment products. I’ll give you an example. I worked with a company that tried out NFTs where you as an NFT holder were able to change the ending to a movie. They got to vote on it. There were two alternative endings and NFT holders were allowed to actually vote on it. They decided the ending to a movie.
So I think you’ll see people really engaging with one another more, supporting these projects, and I think that’s what these companies really want. I think you’ll see more private events surrounding these NFTs. It’s really to make people feel like a community. That’s what it is and this virtual world, they want these people, these NFT holders to really be leading the direction of the company and its projects.
Can you discuss with us the potential economic and social implications of the metaverse, including it’s impact on the future of work and jobs, not only in the entertainment but other industries?
So for me, the metaverse has huge implications on future of work. I do not believe people will be back in the office Monday to Friday, nine to five. I think people will be meeting virtually. I think the metaverse and AI is going to take away jobs in some industries. I just saw the CEO of Microsoft say that and so what I want everybody to remember is because we have this new world and these new creations, always remember to upskill.
You’re never too old to get certifications. That’s what I really need people to do now. I don’t know if you’ve heard of this but they are predicting there’s going to be a new class of people called the ‘useless class’. They will not be capable of skilling themselves to be part of this new workforce, and I don’t want to see that happen.
So people need to be able to embrace continual learning and really be open to understanding these new technologies in the metaverses and how it works and how they can work with it. So it will be job loss, but if you have the right skills, you’ll, be okay.
Are Governments afraid of the metaverse and this new technology or are they embracing it?
They are completely embracing it and I think we’re a little behind over here in America because other countries are completely crushing it. For example, South Korea have a government sponsored metaverse, as does Dubai, as does China. They are actually implementing the metaverse and working with it so people can use government services through the metaverse and they’re, also using this for digital tourism.
So a lot of these governments want to embrace digital wealth and currency and they’re embracing the metaverse. This is the direction of where we’re going, and so they have already built these worlds so they can encourage their residents and others to bring tourism and digital currency spend to their countries.
So in summary, the metaverse is here, it is growing and developing and there is no better time to get involved and learn what it is all about.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
Threedium | The Future Of Augmented Reality In E-Commerce 2023
Share this Inspiring Episode:
In today’s Web3tv interview, we’re with Mike Charalambous, the CEO of Threedium, and we’re going to discuss how in 2023, Threedium are building the most automated infrastructure for any brand to scale 3-D commerce so they can increase their sales and delight their customers and the future of augmented reality in e-commerce.
Mike is a passionate entrepreneur with international experience and the launch and development growth of new innovative businesses skills which are now being or bringing across to envision and shape the future of three dimensional internet.
Mike Charalambous, CEO of Threedium Backstory
After beginning his professional career as part of the tech team and then joining Moody’s as a risk analyst, he then moved back into providing product launch strategies for consumer electronic brands and it was about that time that he started exploring and seeing how consumer behaviors were becoming ever more immune into traditional media formats.
He then started his own company called Frenzy Media which ultimately created a SaaS platform for brands to introduce gamified ad formats so instead of just seeing a boring static banner you could actually interact with it and could play a game which if you won would allow you to claim a specific discount or a reward.
Then when he went to a large tech event in London in he met some guys that said they could get real time 3-D on the web and fast forward to 2023 we’re now sitting um as one of the leading 3-D Augmented Reality commerce engines providing full digital transformation and empowerment to all major brands within luxury fashion, jewelry, and consumer electronics and gone from a five people team to a thirty five people team with offices in in in the UK, Paris and Serbia.
What Drew You To 3-D?
I was not born within the 3-D world so I just organically got into it but the more you dig deeper the more you explore the possibilities of 3-D it is quite fascinating because if you think about it, it’s almost like a living organism within the web and therefore gives you a plethora of utilities once you’re able to extract its full power and allows you to have real time and dynamic displays on a product. It can allow you to connect it with different consumer behavior data so it can again in real time interact and correlate with specific consumer behaviors on the web which enables you to create so many new content generation techniques from using the same model.
So with the same 3-D model a brand can generate static renders, it can generate cgi, they can generate real-time 3-D and AR product displays and configure 3-D ad formats and with the same ad and with the same 3-D format as well you can even convert it and optimize it so you can create gaming assets so all of a sudden you can also be gaming ready. So it’s such a fantastic world and what really excites me is the ability to create the next generation content factory with 3-D being the backbone of all that and I think we’re still in day one so there’s so many more frontier technologies coming in tying nicely with 3-D from AI to VR to blockchain.
The fact that we are so early on and we are right in the middle of all this, we wake up every morning and we’re like okay what’s going to happen today and how are we pushing boundaries. What great ideas do our are brands and partners have so that we can go and innovate together and really there’s no stopping and it can never get boring.
Tell us more about um Threedium and then tell us more about your elevator pitch to your ideal client
Threedium is all about trying to make 3-D accessible and inter-operable and give the ability for brands to generate huge benefits in their value chain using our technology.
We have built a huge tech stack within our ecosystem of 3-D technologies ranging from 3-D compression algorithms so you can compress very heavy 3-D models into super lightweight 3-D models that they can go and render and we have created an AI that allows you to turn images or videos into 3-D stills. It’s a great foundation and it allows us to do a lot of cool things also shortern lead creation times.
We have also launched our patent pending 3-D ad formats which basically are being used by biggest publishers in the world and we’ve generated this gaming bridge that ultimately allows you to take the same 3-D format that a brand is using within our ecosystem to power their e-commerce solutions and optimize it and convert it and massage it automatically so it can become a gaming asset and they can consider ways start selling the same kind of product within a gaming world.
This is our most ambitious product to date because it’s an infrastructure that ultimately connects e-commerce with gaming commerce for brands at scale and on top of all these things because we are embedding everything into a very robust and agile infrastructure we allow the brands to connect this with any kind of data analytics software that they’re using so that they’re able to extract very precise user behavior data as to how users interact with their 3-D displays on e-commerce or avatars interact with their products within games.
This then synthesizes into a much more accurate data center that will enable them to either predict future trends or understand exactly how they can optimize engagement within their channels once people coming in interact with their product and so our goal is basically to build the world’s most scalable and easy to use integrated 3-D infrastructure and to be become the backbone of 3-D for any of these large enterprises that we work with.
Taking at a step further, while we are currently working with the big brands, our goal is to our make our technology accessible to smaller brands.
What Are The Main Industries Threedium Is Currently Working With?
Right now the majority of the enterprises that we work with are sitting within the sectors of luxury such as jewelry, fashion, consumer electronics while we’re also slowly seeing kitchenware becoming a very interesting category that is benefiting a lot from 3-D.
The reason we’re focusing on these industries is because from our own personal understanding of friction in the market, we’re seeing these industries tend to see the biggest benefits while implementing 3-D into their workflows and commercial strategies because they can see straightaway a bigger uplift on their conversions, a bigger increase in the amount of time and engagement a user has with their products, larger potential drops in product returns and also it helps them alleviate a lot of their supply chain struggles and logistics.
So we help them with the use of 3-D to communicate dependencies on shipping products back and forth, for product prototyping or for inventory management purposes so it gives us a very strong business presence.
What Are The Types Of Challenges Threedium Is Helping Organisations Overcome?
As an example, one of out biggest customer’s challenges was that they wanted to stay relevant and create a hyper personalized experience for their high-end customers but at the same time meet their very aggressive sustainability quotas.
So we licensed them our infrastructure and were able to configurate for them a 3-D experience that would enable either the shopper or shop assistant or visitor to their e-commerce website to be able to see the product in real- time 3-D, and be able to customize it with their own colors or personalize the label with their names.
The goal was to see whether their community would engage and support something like this because it was a huge transition going from fully seeing a product physically and touching it and exploring it versus going fully digital and exploring it and seeing it on a 3-D avatar without having being able to touch or feel the texture of the product.
Because of our high fidelity 3-D viewers, we were able to replicate a one to one look and almost feel and this enabled the brand to actually have a very successful launch and they were able then to introduce this 3-D configurator of their new collection across all of their flagship stores in different jurisdictions and they didn’t even have to ship the physical products.
So you can imagine how much money they saved on supply chain around logistics, around inventory management and on top of that they sold out so it really allowed them to have a much bigger gross margin on the collection.
We are also now integrating blockchain technology into the configurators so brands can authenticate and certify their whatever they created is one to one.
What Was The Initial Customer Reaction To This New Experience?
Before we launched, we were very conscious that when it comes to these super high in luxury brands, their customers are not really avid users of this technology so we wanted to ensure that the experience was going to be easily comprehendible but at the same time it was going to be smoothly adopted and accepted. So we spent a significant amount of time training the in-store shop assistants to understand how to use it and how to explain it to customers and the benefits that it had it versus actually seeing the real product.
Our first line of defence was to bring down the barriers of resistance from the in-store shop assistant so once they understood it, it was much easier to have these advocates to go around and start introducing the story about why do it is this way and what are the benefits for the users. We first rolled it out into physical stores so that people could familiarize with it better and then we introduced it online and this actually generated nice word of mouth and actually there was a lot of user-generated content as well with people taking videos and photos and saying how amazingly innovative a brand was.
So What Differences Are You Seeing In Terms Of Brand Spend As A Result Of 3-D Technology
In general we are seeing the average budget spend on brands we are working with increase on online commerce compared to physical commerce. E-commerce is becoming an increasingly important revenue stream, especially post-pandemic and it is important that visitors to their e-commerce store have a great experience straightaway.
What Do You See As The Future Of Avatars In E-Commerce?
While avatar technology is still in its infancy, brands are now looking into different possibilities as to how they kind of generate new engagement points with those digital identities. Ultimately it would be great for a person’s avatar to be try on a piece of jewelry or item of clothing for looks and sizing purposes or even to purchase in both the physical world and digital world.
What Is The Interaction Between 3-D And The Metaverse?
What we are preaching as a company is that the whole notion of metaverse to brands is not a gamified world necessarily but rather a moment in time where we’re seeing a shift in consumer behaviors, a moment in time where users are not just willing to spend on physical products but they’re also willing to spend on digital products. It’s at that moment we as humans are actually placing almost equal value of ownership on digital collectibles as we put on the physical collection.
The moment we see mainstream consumers willing to spend a hundred thousand dollars on something that is purely digital that’s when we’ll see the formation of a dual economy for the brands because right now they can generate products that they can sell directly to consumers but they can’t now generate products that they can sell directly to avatars or to consumers that want to build a digital collection for whatever purpose.
So what we are building with the brands basically is a whole new notion of gaming commerce irrespective of where this is going to be carried out whether it be within Sandbox, Decentraland, Fortnite, Roblox or any other desktop game build. The important aspect for the brands is that they understand that right now they have this amazing opportunity shaping up for them with the same 3-D model that they’ve designed. They now have a physical product they can repurpose and then start selling it as a product that has superpowers within the game.
Our goal is to actually build this amazing very scalable, automated infrastructure that connects a brand’s products with gaming commerce across all these different game development studios and they can then synthesize really good strategies as to how they sell or use their products to inspire gamers in those different environments.
If I Am A Brand Approaching The Use Of Web 3.0 Technology For The First Time, What Would Be Your Advice?
The answer will not be the same for everybody and reason being is that the first thing that any brand regardless of which sector they come from, they need to understand their target audience and the purpose for using the new technology.
I’m tired of seeing companies spending thousands to create an AR filter where you put your phone on their products and you have volcano or a dancing peak coming out of it. You’ve added zero value, people forget about it and it has zero return on investment.
Whatever you are using the new technology for has to provide value and have tremendous utility and they need to understand as well that if they want to go down the path of digital transformation and this notion of Web 3.0 is that their customers are no longer customers but a community.
They no longer expect to be treated as customers but rather brand campaign protagonists if you like so this is the first thing that the brands need to embrace and understand that if they’re going to go down this path.
Augmented Reality E-Commerce Examples and the Interaction With Web 3.0
Share this Inspiring Episode:
In today’s Web3tv interview, we’re with Mike Charalambous, the CEO of Threedium, and we’re going to discuss augmented reality e-commerce examples and the interaction with Web 3.0 technology.
What’s the difference between the internet and the 3-D internet?
It’s basically the flat version of the internet versus the vertical version where you can go away from the swiping to the navigating which brings a whole new dimension to how you interact, discover and explore products and brands and information.
Can you give me an example of the difference between swiping and navigating?
Imagine going into a marketplace and you need to swipe to go and see products. Unfortunately, you will need to swipe quite a lot to be able to discover the products that are sitting at the bottom. But if you go into the three dimensional internet where all of a sudden it’s more of a kind of a virtual shop build that allows you to just walk around and immerse yourself and navigate and see the things in front of you.
That’s where we create a whole new way for people to discover and explore and at the same time instead of clicking an image and then having to go open another page where it gives you all thedescriptive information, in the 3-D world you go in, you click the 3-dimensional products and just right next to it generates more information.
Ultimately, it gives you a much bigger, browsing autonomy and and everything can be interconnected right from the data from the products.
What is Augmented Reality That Is Becoming More Common?
Augmented reality is one of the major frontier technologies that is being introduced in the world and ultimately it’s the tool that allows you to blend your physical world with the digital world and having the ability to be able to either generate experiences or see products right in front of you or within your physical contextual space which will either inform you better about specific products or specific experiences.
It enables brands to provide a tool for users to generate content in ways which we have never thought before so from an e- commerce, creative, informative or education perspective it is, is really one of the best tools that are going to optimize all these foundations, and this is why we’re also saying some of the biggest hardware out there like Apple are talking about introducing glasses and lenses, because really that’s going to be the natural evolution of moving everything from a screen where we swipe and read into our contextual world.
It’s very interesting and still very early on and there’s still a lot of things that one needs to adhere and resolve but it’s showing huge promise and can really take interactions to a whole different level.
Was The Pokemon Craze An Example Of Augmented Reality?
Pokemon was the first of its class that was able to make AR accessible to everybody and give them a small taste of what it is like to really start embracing and enjoying things that are not really there but you see them in front of you and you get the rush of excitement. That was definitely a huge unlock into the possibilities of AR and also to understand how user behavior shapes what they encounter. It is like the merge between the physical and digital world.
Can You Give Another Example Of What AR Looks Like In A Sporting Context?
Imagine you’re, walking into the stadium and you can scan something and all this information appears in front of you. All the players appear in front of you and you can see their their size and you can take pictures next to them, even if they’re not physically present.
Entertainment is definitely one of the industries that are embracing augmented reality faster and are doing some really cool stuff, and everyone else is like watching so that they can try to implement it into their own brand.
How is AR going to affect or be beneficial to e-commerce?
There are three ways right now, as we speak, that augmented reality is becoming truly beneficial for a lot of the brands embedding it into their commerce channels.
The most important aspect, especially for products such as bags or barbecues or cars, is the sizing. For example, does that car actually fit in my garage? Does that barbecue actually fit in the space in the garden I’m looking to put it? What is the actual size of the bag before I buy it? Am I confusing the size based on the images that I’m seeing so? The opportunity that comes out of AR where your able to see the products in their true dimensions in your space is phenomenal. It adds value on the conversion side but also on the product return side because the customer gets exactly what they see.
Secondly, especially for accessories, we’re now seeing this whole new notion of AR try on, where you’re able to see what a watch looks like on you, or you can try on shoes and sometimes even garments, although it’s still not perfect for garments. It fulfils that psychology in a user’s brain that they would like to see it on before they buy.
The third thing is just an experience and it’s user-generated content. It’s a whole new way for people to show off that they’re testing something or they are seeing something and if they are creative, they can create a whole nice user-generateed content with the stuff in AR which they can share and and show off with their friends. It also enables the brands to tap into a whole new way of marketing their products.
What are nfts, and how are they related to e-commerce and why should I care as an e-commerce store owner?
The only reason that, right now, that nfts should be of discussion is purely for token gated access, and I think that is going to be the focal point of discussion for ecommerce in 2023. Do you have something in your wallet that shows that they’re part of the community? Do you have something that proves you are already a legal owner of a physical or a digital item?
Then here is like this very hyper personalized page or experience that you can unlock because you’re already part of the community. And to some extent this can also be tied back to CRM. So having this community of wallets and people owning your products makes it much easier to generate all sorts of different loyalty, programs and experiences that can make them advocates for your brand.
While this idea is still new, as an e-commerce owner now is a goog time to learn and get educated and just get ready for what is going to happen later on. Mike is currently advising brands to launch something small so they get familiarized with it now, and do small touch points to understand how they can connect physical with digital and how they can forge different experiences in real life and digitally.
What is your future vision of Web3 and E-commerce?
Everything is going to start by being a bit more immersive. With the evolution of the internet, everything is going to become more transparent in terms of authenticity and tied back to blockchains to ensure that what you see is what you get. Your going to have way more protection as a consumer after you purchase something that you are the legal owner and that it’s certified you as being yours.
There is going to be much bigger accessibility and traceability of things so really we’re going to see a shift in power going more towards the buyers versus the sellers and we are truly going into a whole new era where product displays are going to go to the next level.
In the mid-term it is likely brands can provide a personalized experience where a user can use a 3-D internet and have a whole different experience to the next person and I think that is going to be a very beautiful thing and that’s where we’re going to be seeing true engagement and true long-term relationships between brand products and users.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch
How Web 3.0 Technology Is Helping Brands Eliminate Waste From Excess Manufacturing And Become More Environmentally Friendly
Share this Inspiring Episode:
In today’s Web3tv interview, we’re with Mike Charalambous, the CEO of Threedium, to discuss whether Web 3.0 technology is actually environmentally friendly and how it’s helping to eliminate waste from excess manufacturing.
Mike, can you tell us how Web3 technology can actually help to eliminate waste from excess manufacturing which obviously will benefit the environment
Basically what we’re talking about is traceability and sustainability. The fact that one can now use a digital train or a three dimensional model, certified on the chain, being able to then use it as a prototype to ship it back and forth so anyone that interacts with it or sees it can then see on the chain that it is certified and say belongs to Rolex.
That’s the rolex prototype and the fact I don’t need to physically create or send something to you to prove it to you is already a huge win.
Secondly, the fact that you can first buy the digital collectible and then as proof of ownership it can carry inside information such as traceability of the materials that were used and sourced to produce the actual item. The fact that you can have it authenticated on the chain means you don’t need to print certification.
Thirdly the fact that you don’t need to physically see something manufactured but can trust the digital twin or the three dimensional display to ensure that it is real and what your going to order is certified and guaranteed to be sent to you means brands no longer need to require mass producing before selling the product. This is so huge in terms of inventory management and shifting to more of an ad hoc production line so that brands only produce exactly what is being ordered or what is being demanded instead of building a huge inventory collection which they need to then toss or burn or recycle if they remain unsold.
What Are The Types Of Industries That Can Become More Environmentally Friendly Adopting Web3 Technology
Fashion is an obvious industry that can benefit from digital trains and three dimensional models being certified on the blockchain but the same also applies for any kind of industry that requires manufacturing, be it for example automotive, or jewelry, or even the fact you’ll need to extract diamonds and you can shape diamond and then certify them on the chain as the perfect cut, clarity, color and carats.
The same applies with microchips right now because if more and more users are going into the habit of ordering a car based upon a three dimensional configator design, and only after they place the order does that car go into production this enables the car brand to require a much lower up front payment and demand for microchips, which right now it’s a huge problem in terms of supply in the industry, could possibly be alleviated.
All this is again powered by Web 3.0 because the digital train acts as the proof of ownership or certified proof of demand on chain which then sends the signal for production.
So anything that has to do with production, Mike sees as having huge transitions and huge shifts in manufacturing behavior and strategies.
We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch