Empowering Web3.0 commerce in the Metaverse
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This post was originally published on Refinable
Refinable in 2022: Integrate with Web3
You’ve heard the buzzword “metaverse” floating around, even hitting you as a curveball from your aunt who you haven’t messaged in 5 months. Is it entirely new? What does it look like? Is it already here?
Web3, otherwise known as web 3.0, is a name given to a future vision of how the internet operates. Web3 envisions a world where the internet operates on decentralized platforms that allow quasi-anonymity, with the elimination of web 2.0 tech giants such as Facebook (Meta), Google, and Twitter acting as middlemen in internet social life, and more.
Web3 hopes for a better way for users of the internet to gain control of their own information and have more privacy in using such information, with the freedom to interact with one another. The metaverse is essentially the realization of this very vision of Web3, and it is happening in the cloud, right here, right now.
So, what does Web3 commerce look like?
As Web3 refers to an internet that is built upon decentralized networks, like Ethereum and BSC, Web3 commerce brings the creation of commerce platforms that no single entity owns, yet everyone can still trust. This trust is put in the form of ledgers in a network’s transaction, where everything is visible and transparent to users on Web3 platforms.
Decentralized networks are equal to communal consensus. In Web3, crypto communities get to decide via consensus algorithms (mechanisms and inner workings that allow users or machines to coordinate together) to determine which transactions, or decisions, are valid. In order to sustain the crypto market, more and more projects rise up in order to build any respective network further.
Notable forms of Web3 commerce include:
- Decentralized Finance (DeFi):
A catch-all term to refer to all financial activities with cryptocurrency, which kind of mimics our current financial world as we know it. In DeFi, payments, lending and borrowing (with interest), and token swaps through decentralized exchanges for currency conversion are all performed on the blockchain. Traders can also get into margin trading and prediction markets, investments and asset management, and even crowdfunding. If you’re feeling a little less risky, Stablecoins are available for you to enjoy the rush of cryptocurrencies, with less volatility. Of course, these activities can take place 24/7, irregardless of timezone. - NFTs and Collectibles:
NFTs are assets that can take the form of being digital (GIFs, PNGs, music, videos, other fancy multimedia), and non-digital (signatures, invoices, documents, deeds, very important stuff). NFT creators can also create “shares” for their NFTs — allowing many different users to have shared ownership of the same item, which may, in fact, lead to you forming a DAO. - DAOs:
Or Decentralized Autonomous Organizations — technology-centered co-ops where all users have voting power and governance in issuing tokens, grants, building social networks, and pooling capital for early investment.
Through Refinable, we empower our users to share and create the NFT content that they love, while earning profits. As you know, NFTs allow creators to own their work, where the profits of each sale are directly transferred over to them. If someone decides to sell their NFT, the original creator is able to receive royalties for each sale.
Shopify for NFT Marketplaces: Refinable Stores
By being a Store as a Service (SaaS) platform focused on NFTs, Refinable Stores empower users in accessing this new way of commerce, with our own twist. In giving users, fans, patrons, and creators a space to show off what they are creating and collecting, we want to move culture forward in a Web3 way where users are free to express themselves. In doing so, we want, with your help, to reinvent e-commerce in ways where our storefronts feel empowered and more in control as the internet gets bigger and bigger. Sign up for Refinable Stores to be a part of the first pioneers of individual NFT marketplaces!
We want to see NFT marketplaces thrive and grow at the hands of those who make all possible: you!
About Refinable
Refinable is a decentralized multi-chain NFT platform and marketplace designed for creating, trading, exploring, and leveraging NFTs. The project’s aim is to become the go-to platform that empowers individuals and communities to adopt and benefit from the experience of using NFTs through their low transaction fees and high efficiencies when it comes to creating and trading on the blockchain.
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