By this point, you’ve surely heard of crypto. Perhaps you don’t understand the intricacies of how crypto really works or the exact definition of blockchain technology, but the good news is that outside of a few basics, there really isn’t much you need to know about crypto to use it to improve your day-to-day life. Most people don’t understand the intricacies of the global financial system, but that doesn’t stop them from earning money and spending it.
Unlocking Web3's Potential: Exploring NFT-Gated Communities and Crypto's Role
Until recently, most people have viewed cryptocurrency solely as a form of investment. You put your money into it, let it sit there (or, as they say, HODL it), and hope that bitcoin will one day see the great heights reached in 2021. At Olliv, we see cryptocurrency as much more than a vehicle for investment; it’s also a means of transacting value in the new digital ecosystem called Web3.
If the term Web3 sounds like one of those trendy buzzwords the crypto industry loves to use, that’s because it is. But it also has merit, because it is the one term used to describe a whole digital world built on the same technology as cryptocurrency where the exchange of value is ... you guessed it: Cryptocurrency. But more on that later. First, let’s take a look at what Web3 is all about.
What is Web3, really?
In the simplest terms, Web3 is a new version of the web that is built on blockchains. Just like crypto, Web3 is all about breaking away from centralized control and giving power back to individuals. It leverages blockchain technology to create a decentralized ecosystem where individuals maintain direct ownership and control over their digital assets, data, and identity.
Privacy is also a key pillar of Web3, providing the ability to decide how personal information is shared and accessed and pushing back against the invasive data practices of the traditional web.
And let's not forget about democratization! Web3 is all about leveling the playing field, ensuring equal access and opportunities for everyone, regardless of their background or location. It's a transformative shift that aligns with the core principles of cryptocurrency, paving the way for a more inclusive, secure, and user-centric digital world.
The concept of Web3 can sometimes be difficult to fully grasp, but that’s because the idea is not yet fully baked. We are still in the early adoption phase where users are trying out new things and figuring out what works.
Among the most developed features of the Web3 ecosystem are NFT-gated communities that offer a means of connecting with like-minded others, exclusive access to products, discounts, and workshops, learning opportunities, and more.
Inside NFT-gated communities
In the realm of Web3, token-gated communities have blossomed as vibrant hubs where kindred spirits unite. These communities revolve around owning specific tokens (NFTs) that unlock certain utilities, like access and perks for their members. Here’s a look at a few popular examples of these Web3 communities, along with the benefits they offer:
The Bored Ape Yacht Club: You’ve probably heard of this NFT community before, but did you know owning one gets you a lot more than a digital drawing of an ape? Bored Ape Yacht Club holders gain membership to an elite club with access to private parties, limited merchandise drops, and a buzzing community forum. One major perk is access to ApeFest, an annual festival where members enjoy music, merch, art, and more. The ApeFest 2021 event gave some memers time to spend on an actual yacht.
Poolsuite: This dynamic and inclusive NFT community brings together artists, collectors, and enthusiasts with a shared passion for Poolsuite’s unique aesthetic. Members engage in lively discussions, participate in exclusive events, and enjoy access to various perks and privileges. These include invitations to members-only events, such as virtual gatherings, artist meet-ups, and interactive experiences. Additionally, Poolsuite NFT holders often receive discounts on future NFT releases, access to exclusive merchandise, and even the ability to participate in community governance and decision-making.
Murder Head Death Club: This unique collection of severed heads from the canned water brand Liquid Death features a series of haunting and macabre characters, each with its own distinct story and visual style. By becoming a member of the Murder Head Death Club, NFT holders gain exclusive access to a range of perks, including early access to new NFT drops, invitations to exclusive virtual and IRL events, and special pricing on Liquid Death merch.
These examples highlight how token-gated communities offer more than just digital collectibles; they provide avenues for connection, collaboration, and shared experiences with like-minded individuals.
The role of crypto in Web3
To join these exciting communities within the Web3 ecosystem, one must have a basic understanding of cryptocurrency. Crypto is the primary medium of exchange in Web3, enabling transactions, ownership, and participation. This means that if you are looking to join an NFT community like the ones mentioned above, you will need to acquire the corresponding NFT; to do that, you’ll need cryptocurrency.
Most NFT communities are built using the Ethereum blockchain, which means you will need ETH to purchase your NFT and gain access to your chosen community. However, some communities are built using other blockchain ecosystems like Solana, Polygon, or Cardano, which means you’ll need to use that blockchain’s corresponding cryptocurrency for purchase.
Olliv: Your gateway to Web3
Olliv is a great first step for anyone interested in diving into the exciting world of Web3. As a self-custodial crypto platform, Olliv offers a user-friendly, secure, and affordable way to buy, sell, swap, send, and receive cryptocurrencies like ethereum. Whether you're new to the crypto space or an experienced user, Olliv simplifies the process of obtaining the crypto needed to embark on your Web3 journey with ease.