Updated: April 8, 2024
Web3 or blockchain technology is the next generation of the internet. It gives you control and ownership of your property, data and privacy. Web2 applications today such as social media, online stores and banking use either your photos, videos, purchase behaviour or personal information for their own financial gain.
Web3 revolutionizes the way we transact property, data and personal information through the implementation of blockchains and their associated coins and tokens. This advanced technology promises to vastly improve human behaviour and eliminate the need for bureaucratic organizations and processes that currently cause us frustration. Imagine receiving tokens for your social media and browsing activity, while also being able to use these tokens to offer credible reviews and comments. Picture receiving cryptocurrency instantly from your insurance company for safe driving. The process of selling your house will become as simple as a peer-to-peer transfer of a blockchain token. Collectors, you will be able to showcase your treasured items in a metaverse vault with virtual tours that you create, narrate, and charge admission for. This innovative future is just around the corner.
Tokenization (NFTs) or blockchain registered certificates (Web3 COAs) of your collectibles, creations or moments is important because it offers proof of creator, ownership, verification, security, digital identity and traceability. This is what we have been doing since 2021.
The tokenization market amounts to $68 million. NFTs find utility among a diverse array of users including collectors, athletes, artists, writers, photographers, musicians, chefs, and brands, catering to both personal and business purposes. These tokens are coveted for their status, individuality, and inherent value, possessing qualities of exclusivity, scarcity, functionality, personalization, or popularity, often evoking emotional connections based on their specific applications. NFTs have their own value and function when paired to a digital picture, art, song, video, event ticket, story and even a physical item as examples.
Here's a diagram and video showing a tokenized graded Wayne Gretzky rookie card. Web3 conversion is known as minting.
Features & benefits of Web3 presence:
- Proof of creator and ownership: An NFT or a Web3 COA is proof of ownership, title or provenance. It will include details about the creator, the item or content and if present, a serial number for matching to the physical item. The creation of the NFT or Web3 COA is linked to your Web3 wallet and can be tracked using a block explorer.
- Security & Identification: Physical items can now have an official digital twin for identify and preservation. Since the decentralized blockchain ledger can never be edited, duplicated, lost or stolen, the meta data and images will match the real item. Whereas centralized registries of item images, certificates, serial numbers or receipts used today are vulnerable to altering, hacking, database corruption and server failures.
- Digital content: The Web3 COA can have exclusive video, pictures or messages that either the owner only has access to or the public can access as well. Content can also be used as rewards, redemption or validation that only the owner can unlock.
- Resale or Transfer: NFTs can be sold and re-sold within an NFT marketplace or simply transferred from your Web3 dashboard to another person's Web3 wallet. NFT marketplaces are secure, safe, and transactions are simple. Just ship the physical item to the buyer when the NFT is purchased. No more need to mess around with the traditional resale platforms where scammers and fraudsters hang around. Similarly, Web3 COAs can be transferred to the new owner.
Linking labels:
Elevate the engagement of acquaintances, fans, or attendees with your item, by establishing a link between your physical product and its digital counterpart with Link Labels.
Tokenized or blockchain registered items can be easily accessed, organized, shared, traced, or transferred through a dashboard or marketplace from your phone, tablet or computer.
With Sprunger Originals, we offer Web3 presence for brands, athletes, teams, artists, events, trading cards, collectibles, clothing and more.
Read: How does Web3 presence affect the value of my item?
Real world scenario:
Let's use a $100 bill as an example. It's the same as the other $100 bills you and your friends have in leather wallets. It has value and is interchangeable with other $100 bills or equivalent currency such as five $20 bills. This is known as fungible or fungibility.
Now consider this. You have possession of the currency but no record of ownership. Put it in the bank, it still has value and a centralized ledger record indicating that it's in your possession.
Take that same $100 in the bank and convert it to cryptocurrency coins. You now have ownership of coins on a decentralized ledger known as the blockchain. Since the coins are the same and interchangeable, they are considered fungible. You keep these fungible coins as digital assets in your Web3 wallet.
Let's go back and replace that $100 bill with a Gretzky rookie card. While the card may look the same as other Gretzky rookie cards, the trading card market considers each one different based on their condition and characteristics. The value of each card is not the same either. They are not equally interchangeable. They are non-fungible.
Similar to the $100 bill example, you have possession of the card but no record of ownership or a secure digital identification of the card. Items or memorabilia like this have traditionally transacted or sold on what we call possession platforms. Online auctions, dealer retail stores or trade shows for example. You might get a receipt (centralized ledger) that you purchased it but no real ownership record. This will become old school and Sprunger Originals has already started.
Types of NFTs
Phygital - paired to a real physical item.
Digital - linked or embedded digital media such as a picture, video, music, blog post, recipe, poem.
Fractional - Part ownership of a physical item or digital work.
Connecting with Web3
You will need these apps and accounts to integrate with Web3 assets. For all services, use the same email address:
A. Web3 Wallet Options. This is necessary to mint digital assets into NFTs or claim Web3 COAs.
B. Web3 interaction. All of these accounts will be linked to your Web3 wallet address.
Create a Sprunger Originals account to purchase items from Sprunger Marketplace and view or transfer your tokenized assets from the dashboard. Access the Rewards folder from here for exclusive digital content.
Create a Verisart account to view, organize, print or share your assets. Access your Rewards folder from here. Add public or private files to the Web3 COA. Switch the Web3 COA from public to private or vice versa.
Create an OpenSea account to view, organize, share, transfer or sell your tokenized assets that you acquired from Sprunger Originals or any other blockchain marketplace. The Web3 COA with rewords folder is transferred to the new owner.