Ex-Google CEO thinks Web3 is the future
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
Ex-Google CEO Eric Schmidt thinks Web3 is the future
The NFT that will get you a Formula 1 car (or at least a piece of it)
RESOURCE: Why is Web3 the future of the internet?
What will it take to make Web3 technology mainstream?
Terms used (click for translation):
NFTs, DAOs, Fiat Currency.
Ex-Google CEO Eric Schmidt thinks Web3 is the future
You know those TV shows that come around every 5-10 years?
The ones that your friends won't stop talking about and almost bully you into watching?
You know the ones: The Wire, Breaking Bad, The Big Bang Theory.
(that last one was a joke, don't @ us)
Web3 is kind of like those TV shows. Once someone gets into it, they get cultish on it.
And it looks like the latest recruit into the Web3 fan club is none other than ex-Google CEO Eric Schmidt. He's kinda into cryptocurrency, but he's really into the broader Web3 space.
Schmiddy recently elaborated on his feelings around Web3:
“A new model [of the internet] where you as an individual [can] control your identity, and where you don’t have a centralized manager, is very powerful.
It’s very seductive and it’s very decentralized”.
He went on to acknowledge:
″[Web3′s] economics are interesting. The platforms are interesting and the use patterns are interesting”.
”[It] doesn’t work yet, but it will.”
Here's why this gets us all giddy:
It reminds us that Web3 isn't just considered to be 'the future' by a handful of fanatics scattered across a few Discord servers.
Some big names, with deep pockets are looking at the space and seeing the same possibilities as us.
The NFT that will get you a Formula 1 car (or at least a piece of it)
Ever wondered what you'd get if you paired a Web3-obsessed city (Miami) with a very well funded sport (F1)?
Neither.
But we have the answer.
You get an NFT series where two of the auctioned artworks will be paired with the physical rear wing from Mercedes’ cars at the Miami Grand Prix.
Have you ever heard the phrase 'it's not the NFT that matters, but what you do with it that counts'?
(Probably not, because we just made it up).
But we made it up to serve a broader point - the NFT space is in its infancy, every new use case (however weird) acts a new experiment in building out and proving the full spectrum of NFT utility.
The more proven use cases the community can add to the list, the less of a 'passing novelty' the technology becomes.
Resource of the day
Why is Web3 the future of the internet?
(~7 mins)
What will it take to make Web3 technology mainstream?
This week we wrote about a DAO that lets investors buy fractional shares of real estate, for as little as $50.
We saw it as a new and exciting concept.
But, then again - of course we did!
We're actively looking for products just like this one, day in / day out.
So what's it going to take for everyone to get excited about technology like this?
Here's our guess:
The buying process will need to become as easy as ordering a cup of coffee on the Starbucks app.
You select the product you want, hit the Apple Pay button, FaceID does its thing, your credit card is charged, the goods are exchanged.
In order to make this hypothetical scenario a reality, two things need to happen:
The Apple Wallet needs its own, native cryptocurrency wallet (i.e. a crypto bank account, without the bank).
This means no creating and linking a third party crypto-wallet (like MetaMask), instead it's just one click in the Apple Wallet and you're done.
The Apple Wallet needs to be able to exchange between any currency (digital or fiat), automatically and in the background.
This would be a BIG deal. HUGE! At Web3 Daily, we call this concept "making Web3 invisible".
Because universal functionality like this won't just help those selling fractional shares of real estate, but anyone building or interacting within Web3.
The less friction there is -> the easier the process becomes -> the more willing people are to use the technology -> the faster it grows.
This is why Web2 companies, like Amazon, have worked so hard to create things like the one click checkout and same day delivery options - it makes the idea of in-person shopping feel like a chore in comparison.
Someone get Tim Cook on the phone - we need this update, stat!
Your Daily Dose of Web3
Crypto added to Telegram by TON stewards, opening path to payments
Moonbirds NFT sells for record $1 million within week of launch
How an NFT creator lost $34 million due to a smart contract error
Illegal crypto exchange busted. The list of seized assets is incredible
Alright, that’s it for this week!
Love to the family,