That Nick Cave response was new to me, and I loved it. It scratched an itch. Thanks.
Also, I’d be keen to hear some examples being used or proposed for how this can be used effectively “Automatically execute many actions on every transaction, in seconds, with confidence.”. My imagination isn’t working well but I feel like this could be massive
The "many automated actions" aspect is mainly due to smart contracts which is essentially just executing code via the blockchain. Once you can execute code you can in effect hook it up to any other system, which doesn't necessarily have to be web3/blockchain based. These systems could then also interface with the physical world.
A simple pure digital web3 example is the zine "The Tickle Lit" where all 23 artist contributors are automatically paid when an issue is purchased/traded. Normally this would be a laborious process that takes time and trust, but once it's setup as part of the zine nft, it's forever instantaneous. https://objkt.com/asset/KT1LA5NeudWHSKXToy5WZkSmMPE3TT1iey3d/2
Another example are drops where a percentage of the proceeds goes straight to the wallet of another organisation (without explicit consent). This could be a charity or a non-profit, or more recently, straight to the gov of Ukraine's wallet (which is then used to fund the military). Or then many charities and many governments.
In a way it's a little boring to say "faster automated payments" is a worthwhile innovation but anyone who's ever had to deal with this kind of thing would understand the time and administrative savings, let alone all the middlemen who take a cut along the way.
A recent example of web3 + web2 integration is metal band Avenged Sevenfold. They've teamed up with Ticketmaster to enable fans who own an nft access pass, priority access to tickets to upcoming shows. Because the band controls the access pass, they can attach whatever utility they wish to the pass by integrating with more and more partners. The more utility they attach to the pass over time, the more in effect is transferred between holders as the pass changes hands. https://decrypt.co/124607/ticketmaster-debuts-nft-gated-ticket-sales-starting-avenged-sevenfold
In a way an access pass is kinda like a web2 ye olde user account, but once again, because the system to seamlessly transfer and verify token ownership is already in place, it dramatically reduces related administrative friction which is often all it takes to switch an idea from "too hard" to "actually viable".
The concept of ease and transparency of ownership and verification becomes more interesting when you consider that an unrelated third party could theoretically attach any utility to a token. Own a Nike virtual shoe? Adidas will give you a discount on their physical shoes. Earned "proof of attendance" tokens from going to 100 different shows from 100 different bands? You now have access to every Virgin airport lounge.
tbh I feel the real power of web3/nfts is when it's combined with existing web2 systems and then ultimately humans and the physical world. If isolated they are just boring transaction records.
That Nick Cave response was new to me, and I loved it. It scratched an itch. Thanks.
Also, I’d be keen to hear some examples being used or proposed for how this can be used effectively “Automatically execute many actions on every transaction, in seconds, with confidence.”. My imagination isn’t working well but I feel like this could be massive
The "many automated actions" aspect is mainly due to smart contracts which is essentially just executing code via the blockchain. Once you can execute code you can in effect hook it up to any other system, which doesn't necessarily have to be web3/blockchain based. These systems could then also interface with the physical world.
A simple pure digital web3 example is the zine "The Tickle Lit" where all 23 artist contributors are automatically paid when an issue is purchased/traded. Normally this would be a laborious process that takes time and trust, but once it's setup as part of the zine nft, it's forever instantaneous. https://objkt.com/asset/KT1LA5NeudWHSKXToy5WZkSmMPE3TT1iey3d/2
Another example are drops where a percentage of the proceeds goes straight to the wallet of another organisation (without explicit consent). This could be a charity or a non-profit, or more recently, straight to the gov of Ukraine's wallet (which is then used to fund the military). Or then many charities and many governments.
In a way it's a little boring to say "faster automated payments" is a worthwhile innovation but anyone who's ever had to deal with this kind of thing would understand the time and administrative savings, let alone all the middlemen who take a cut along the way.
A recent example of web3 + web2 integration is metal band Avenged Sevenfold. They've teamed up with Ticketmaster to enable fans who own an nft access pass, priority access to tickets to upcoming shows. Because the band controls the access pass, they can attach whatever utility they wish to the pass by integrating with more and more partners. The more utility they attach to the pass over time, the more in effect is transferred between holders as the pass changes hands. https://decrypt.co/124607/ticketmaster-debuts-nft-gated-ticket-sales-starting-avenged-sevenfold
In a way an access pass is kinda like a web2 ye olde user account, but once again, because the system to seamlessly transfer and verify token ownership is already in place, it dramatically reduces related administrative friction which is often all it takes to switch an idea from "too hard" to "actually viable".
The concept of ease and transparency of ownership and verification becomes more interesting when you consider that an unrelated third party could theoretically attach any utility to a token. Own a Nike virtual shoe? Adidas will give you a discount on their physical shoes. Earned "proof of attendance" tokens from going to 100 different shows from 100 different bands? You now have access to every Virgin airport lounge.
tbh I feel the real power of web3/nfts is when it's combined with existing web2 systems and then ultimately humans and the physical world. If isolated they are just boring transaction records.