If you’ve heard people say they’re “getting into Web3,” they might be talking about cryptocurrencies, blockchain technologies, virtual reality, non-functional tokens, or any number of other topics that make up this connected—yet decentralized—future of the Internet concept.
Over the past few years, the Philly region has gained a number of organizations and advocates for these technologies as they permeate other industries. You may have seen esports companies like Nerd Street Players or even convenience store chain Wow bet on NFTs. The City of Philadelphia even briefly considered entering a cryptocurrency called CityCoin.
On the 10th of August Technically gathered Web3 enthusiasts on our public Slack for a live AMA (“ask me anything” in Reddit terms) about what drew them to the space, why they’re involved, what to do in a volatile crypto market, and where they believe the future technology is going. A few of them represented some of the local groups that have formed in recent years, i.a NFT Philly and DeFi Philly.
Why are people interested in Web3 in the first place?
We’ve heard that these people are excited about Web3’s promise of freedom, openness, and the idea of ”fully owning something.”
Jake Voorheesa co-organizer of DeFi Philly, which hosted its first conference in July 2022, said the group intentionally targeted the week of Independence Day for its first conference to highlight the ideals they feel are embraced in the decentralized finance community.
“What Web3 means to me is the next era of technology that focuses on a cause that was lost a long time ago,” Voorhees said last week during the AMAs. “John Locke’s original trinity, “Life, Liberty, and Property” is finally brought to life in Web3 where ordinary people can avoid property restrictions on their assets, and be free from objections and challenges caused by banks, institutions, boards or governments.”
A panel on building digital communities at DeFi Philly’s 2022 conference. (Photo by Paige Gross)
Others, as NFT Philly co-organizer Bar Franek, was drawn in by those involved. He first became involved in the NFT community via Bored Ape Yacht Club — the now-elite NFT collection built on the Ethereum blockchain — and said he met some of his fellow “monkeys” for the first time at an NFT NYC meetup last year. Now he is helping to build the scene in Philly through his own meeting.
“I was amazed at the diversity of people and what they do and how they got into the space,” Franek said of the 2021 gathering. People interested in Web3 and NFT seem to have a brighter outlook on life and the future, and they are very happy to meet others who do the same. We’re all here to help each other.”
A few of the participants mentioned that Web3 technologies give users the opportunity to monetize their work. Artists, musicians and even athletes have made money through NFTs or other digital assets, and it gives them a more direct connection to their fans, some say.
Why do some NFT holders anonymize their identity?
NFT Philly co-founder Tyrone Robertson, who entered the space from collecting physical art, said NFTs have made it fun for people to use a JPEG as their identity in this digital space, noting that some even dress up as their real-life profile pictures . They may also do it to keep their real identity hidden.
The anonymity of Web3 is something that draws some into the space, while confusing others. Example: Another NFT Philly co-organizer uses an avatar and pseudonym Squiddy as his online persona. Squiddy is a nickname carried over from high school, he said, and while it used to annoy him, he now embraces it — “hiding in plain sight is so much fun.”
Others stick to avatars and usernames for more practical reasons.
“There are some people who are hardcore about anonymity. It makes sense when you’re dealing with assets worth a lot of money,” Franek said. “You don’t want to be a target.”
Bar, wearing a black Mutant Apes Yacht Club sweater, at the Falling Down the NFT Rabbit Hole event in April 2022. (Photo: Valerie Dowret)
What about the volatility of the crypto and NFT markets?
It is true that we have seen a lot of money changing (digital) hands when it comes to assets such as NFTs and various cryptocurrencies. The NFT market alone passed $40 billion in 2021, and last fall the value of all cryptocurrencies was said to reach $3 trillion. Some well-known institutions are further normalizing its use by accepting forms of cryptocurrency as payment, including The Wharton Schoolwhich now takes Bitcoin, Ethereum and USD Coin along with regular US dollars for its blockchain financial certificate program.
But the market can be volatile, and this year has been a “crypto winter” — one that could be worse than others before it. From CNBC: “Cryptocurrencies have suffered a brutal fall this year, losing $2 trillion in value since the height of a massive rally in 2021.”
Has it turned people off? In this group, hardly.
Voorhees said that’s how emerging markets go, leading to a cycle of building, innovating and progressing. Eric Caputoof BeMetaVersed consulting firm, said he thinks the crash was the best thing that could have happened to the market: It weeded out people who weren’t very serious.
“The last year created a lot of hype and drew in even more consumers who were looking to ‘get rich quick’ by flipping NFTs etc. he said. While others quit with the market decline, “those who were serious about this technology and used it to build/innovate industries and not fully as a financial path” is now firmly established.
What do Web3 enthusiasts say to the naysayers?
Franek said he understands some people are critical of crypto, NFTs and the wider Web3 space. Voorhees said he usually starts by asking people what their relationship with money is like, and Robertson said he usually asks if there’s something that inspires them, such as sports or music or art, that might have a digital asset. He also emphasizes that the community here aims to be inclusive.
But others, like Squiddy, aren’t too keen on getting involved.
“I’m not interested in talking to people who are skeptical of these technologies. I see the good and what it can do, and worried about making my own impact,” he said. “I love to bring people who are interested. Don’t want to waste my time arguing with people.”
What’s next for Web3 technologies?
Ultimately, those interested in Web3 are grateful to have front-row seats to how the technology will evolve in the years to come. Caputo said he still has a lot to learn, but he’s adding some knowledge every day, and he feels respected for the time and effort he puts in. Being a younger professional is no deterrent here, he said, and anyone can get involved. .
“Because the technology was so new, no one was really necessarily an ‘expert,'” Caputo said. “I also see these opportunities for growth as endless, there are a number of different industries that will be innovated from this, and being able to see how the world is evolving around you and this technology is enlightening. I can only imagine that this was the experience in the 2000s when the internet developed, and now I’m here to see it first hand.”
Read the entire conversation in the #ama channel of Technical.lys Slack:
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