Web3: reading, publishing and ownership

We use the term Web3 to identify a set of elements from the blockchain to crypto-currencies through NFTs and metaverse. To understand what Web3 means, it is necessary to re-follow the evolution of the Web since its first version. Web1 focuses on reading, Web2 on reading and publishing. Web3 combines reading, publishing and ownership. This is a real revolution for many industries. When it comes to luxury, Web3 has affected this sector in a variety of ways.

First of all, it refers to the possibility of digital luxury because it introduces the fact of being able to certify the ownership of a digital object and its authenticity. In the past, if I had an image and sent it to 20 people, it was impossible to prove who the owner of the original image was or prevent it from being copied. With Web3, NFTs make it possible to certify ownership of an image or any digital asset such as a gray card: if I have an NFT and I decide to send it to someone else then i no longer own this NFT and man can’t. copies thereof. Web3 allows the creation of unique or even unique digital objects. However, the possibility of owning a unique digital benefit refers to the idea of ​​digital luxury.

Web3 is also echoing a new source of status. While some use prestigious items only for hedonistic purposes, the fact remains that a large proportion of customers buy luxury to reflect their social status. During Web2, these customers bought a watch, bag or car, took their photo with it and then shared these images on social networks to improve their “flex”, an American expression that focuses on reality. to make someone proud. muscles. The best example of this kind of behavior is the RKOI (Rich Kids Of the Internet) Instagram account, which captures the lives of wealthy young people among their private jets, sports cars and other luxury bags. .

Web3 refers to the possibility of digital luxury because it introduces the fact of being able to certify the ownership of a digital object and its authenticity.

David Klingbeil

A good way to understand how Web3 can be a game changer is to look at the phenomenon of PFP NFTs that involve the use of an NFT as a profile picture. Other NFTs like Bored Apes or Cool Cats give their holder a status similar to owning a luxury item. This trend has even affected Alexandre Arnault, CEO of Tiffany & Co, who has replaced his Twitter profile picture with CryptoPunk. And if this event is for a time reserved for early adopters, it is reminiscent of this quote from author William Gibson: “The future is here but it is not distributed equally.”

Ultimately, Web3 is the contemplation of an entire market to be conquered. The rise of cryptocurrencies has spawned many crypto-millionaires called “whales”. Perhaps the most famous of these were the Winklevoss brothers who accused Mark Zuckerberg of stealing their Facebook idea and getting $ 30 million from him. After investing this amount in bitcoins, they now lead a fortune estimated at more than 6 billion dollars. And they are far from the beneficiaries of this digital gold rush … However, it is legitimate to wonder if these “whales” will decide to spend their wealth in the same way as traditional luxury customers. Would they rather buy a Hermès bag or resort to digital items like NFTs, like Bored Ape #2087 which sold for about 2.3 million dollars? Or maybe they will favor digital clothes for their avatar, like the virtual dress sold for $ 9,500 at start-up The Manufacturer?

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