Web3 and Tokenization; The concatenate

Introduction

Pranav and Jatin had unique ideas about web3 and tokenizing everything around it. The concept bounced over Vriksha’s mind. Then Pranav and Jatin decided to simplify things to make Vriksha understand its significance.
Below is the account of Vriksha’s understanding of Web3 and tokenization and its interrelation.

The Conception

The blockchain provides the decentralization layer supporting Web 3.0 networks, which can be considered a globally available, unstoppable service in and of itself. The execution environment, such as Ethereum’s Virtual Machine (EVM), is the crucial abstraction for Web 3.0 and provides the layer to execute logic expressed in smart contracts. Because the layers beneath it give the platform and availability assurances that are not achievable with centralised platforms, this is the critical layer for innovation that will lead to widespread acceptance of the technology.

The tokenizer

On the blockchain, Web3 members are tokenizing themselves. These tokens, which bear the name of the person who developed them, are being sold as shares in the brands or “digital communities” of their creators.
When they don’t offer a dividend from the tokenizer’s pay, these tokens can be redeemed for services like talking to the tokenizer, viewing their content, or renting out their professional time rather than a share in their life.

Tokenization for begetters and communities

There are distinct tokens, one of which is social tokens or generally regarded as fan tokens.

Furtherance

Non-fungible tokens, or NFTs, have recently evolved from fun collectibles and profile pictures (PFPs) within the Web3 community to serious brand assets and forms of art, with many of the world’s leading marketers, artists, and galleries embracing NFTs to reach new audiences or create digital art that can be owned equally by individuals or communities. This also influences gameplay and storylines in the metaverse, which are gaining traction.
The obstacles to constructing an NFT are pretty low; at its most basic level, it can represent any unique object, the most popular of which is a JPEG image. However, it can also refer to a document such as a passport or a legal agreement between two organisations, a physical item such as a home, a car, an insurance policy you own, or even a paid subscription service. The point is that the ability to depict anything opens up a floodgate of possibilities for the individual customer or business. Because a blockchain backs the token, it can quickly validate the issuer.

Conclusion

The world has transitioned from Web2 to Web3 smoothly. Tokens are the new digital primitive that will serve as the primary building blocks for many of the future businesses, services, and innovations that will impact our society, according to the developing narrative in Web 3.0, the decentralised web. With the divergence of NFTs from the gaming arena to more focused things like collectibles, a token has become an evolving concept.
It won’t be long before everyone acquires the concept and work around it.

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