What Creators Need to Know About Web3 and Crypto
Web3 is upon us.
And if you struggle to understand it, you aren’t alone. In addition to being an extremely male-dominated space, it’s also stuffed to the brim with jargon, all sorts of things we never learned in school, and a heckuva lot of uncertainty. (And what’s up with the cryptobros and apes, really?)
But a few decades ago, people felt the same about the internet. And now, we can’t imagine life without it.
NFTs, cryptocurrency, the blockchain and are the result of the evolution of the internet into something more secure, integrated, and functional. And we can already see the effects on several industries like finance, online events, and digital art.
In this week’s episode, we’re talking more about Web3, cryptocurrency, and why we as creators and business owners need to learn more about this industry.
Here’s what you can expect from this one:
Why crypto will affect how you live, work, and buy in the future, no matter what business you’re in
The importance of participating in the Web3 conversation as a female business owner or creator
A foundational understanding of Web3 terms that we hear all the time (blockchain, NFTs, smart contracts, and more!)
How NFT art sales work and why they’re revolutionary for the digital art world
Understanding the difference between hot wallets and cold wallets
Proof of work, proof of stake, and the environmental concerns around Web3 technology
Regulations in the NFT space and why you need to know what you’re getting into as a buyer
(If you’re thinking of clicking away from this episode because it’s not your speed, we’re going to urge you to explore that for a second!)
Since it exists online, the creator economy is going to witness massive waves of change as the influence of Web3 grows. So, as a creator or online business owner, you’ll be impacted either way, so you might as well get a head start.
So, pour yourself a cup of coffee, get your good stationery out, and get ready to take some serious notes as you tune into this episode!
This Week’s Joy:
Jeni has been loving spending her time growing microgreens with her family! It’s a super fun hobby, it’s extremely healthy, and it’s also a great way to cut down food costs because you literally get to eat what you sow.
This Week’s Hustle:
In her quest to learn more about the world of cryptocurrency, Sandy found the true-crime documentary Trust No One: The Hunt For The Crypto King. And in addition to being a very gripping story, it’s a great way to wrap your head around Web3 concepts and how they work.
RESOURCES:
Web3 Explained
A Glossary of useful terms
NFTs: non-fungible tokens, a type of cryptocurrency that represents a unique digital asset (like a piece of art or a video)
Blockchain: a decentralized, public ledger that records all crypto transactions
Cryptocurrency ("crypto"): a digital asset that uses cryptography to secure its transactions and to control the creation of new units. Some examples of popular cryptocurrencies are Bitcoin and Ethereum.
Web Wallet: a type of digital wallet that allows you to store, send, and receive cryptocurrency
Fungible: able to be exchanged for another good of the same type (like a $20 bill)
Non-fungible: not able to be exchanged for another good of the same type (ex. land, a work of art, etc.)
Cold Wallet: a type of cryptocurrency storage that is not connected to the internet (offline storage)
Hot Wallet: a type of cryptocurrency storage that is connected to the internet
Mining: the process of verifying and adding transaction records to a blockchain
Smart Contracts: digital contracts that can be executed automatically when certain conditions are met
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