Web3 is a term you’ll hear often this year. It’s the new iteration of the internet where digital technology is built on the blockchain allowing for decentralization and token-based economies.
For newcomers, there is a lot to learn. Fear not, though, we are here to help. In the world of Web3, you can buy NFTs. Once you make the purchase you’re entered into a smart contract. Don’t know what a non-fungible token (or NFT) is? Read our blog here.
Smart contracts exist on the blockchain as a digital contract between the buyer, seller and future buyers written in lines of code.This code controls the execution of the terms, and the subsequent transactions are traceable and irreversible. The benefit? Everything is tracked publicly on the blockchain to ensure the creator is paid every time an NFT is bought or sold.
Want to see the NFT minting and smart contract process in-person? Blockchain Creative Labs (BCL) is building an immersive installation visualizing the blockchain, the first of its kind ledger experience at SXSW. Follow BCL’s Twitter to see how you can get access to see it and receive a participation token for attending.
Photo provided by Blockchain Creative Labs