This is the first blog in our "Web3 Collective Stories" series, where we invite dedicated community members to share with us what inspires them.

Is Web3 Worth The Hype?

Web3 is the next generation of the internet that allows us to own digital assets just like we do in the physical world. It prioritizes Ownership, Privacy, Censorship resistance, and Inclusivity. Before I got into Space, I didn't know know what I was getting into because resources were not as available as they are today, but showing up every day and educating myself has given me a lot of clarity on why Web3 is the future of the Web. 

With Web3, you no longer have to be bothered of being the product because a service is free and your data is constantly harvested and sold for targeted advertising. The digital assets that you own are rightfully yours with real value and you can do with them as you wish.

Freedom is taken back from the centralized systems and evenly distributed to the people.
The Blockchain tells us "Verify, Don't Trust".

But in 2022 we have seen a lot of things go wrong in space, from the Terra Luna crash to 3AC, the FTX Brouhaha, and even the Tornado Cash incident. Meanwhile the Government looking at all of this as an avenue to regulate space and bring back the centralization that we are trying to run away from in Web2. Except for the Tornado Cash incident which is giving users privacy with their funds, the other incidents in my opinion have helped us to rid the space of certain bad actors. The effect would have been more catastrophic if it waited any longer and although many people lost their life savings, things will always get better.

Web3 is bigger than just buying low and selling high. A lot of people make the mistake of seeing the Web3 Industry as just about Finance. Blockchain technology has made a lot of things possible and can cover a lot of industries from real estate, to healthcare, fashion, music, arts and so much more.

Let's talk about Africa for instance in the Web3Verse.

In the 2021 Global Crypto Adoption Index published by Chainanalysis, Nigeria ranked 6th and crypto markets in Africa are among the fastest-growing in the world. Kenya, Nigeria, and South Africa are the countries with the most users in the region. Now, Exactly 2 years ago the Central Bank of Nigeria banned Nigerians from involving in crypto related transactions claiming that it's used for issues related to fraud and terrorism. When we look at Nigeria’s population, it stands at over 200 Million according to “Worldometer,” as at August 25, 2022. With the youths accounting for 70 percent of the entire population.

A lot of these youths have dived into the Cryptoverse as an escape from traditional banking industry, inflation and Naira depreciation and even with the government trying to label crypto transaction as illegal, the youths have found a way around it and we have lots of Web3 startups with great ideas whose founders are youths from Africa and Nigeria!

Web3 is about improving existing systems by utilizing Blockchain technology.
The most exciting part for me so far has been learning more about how DeFi protocols operate and working in DeFi and NFT projects in non-technical positions and building a career for myself.

TheCollective fully supports the whole idea behind Web3. They try to bridge the gap between normal internet users and businesses moving into the Web3 world by offering a solid foundation for knowledge and how to get started. By providing a free and accessible toolbox, they want to provide people with useable tools to help them move away from centralized players and start to explore the Web3 industry. 

If you're considering leaping today, I advise you to stop thinking about it and start acting immediately! There are so many untapped areas in this industry and who knows, you may just be the one to create the next big thing.

See you at the TOP!

Rita Mkpado is a pro active Growth Expert and Community Manager. She writes about how to build, Manage and Sustain Web3 Communities.

Follow Rita on her socials to learn everything you need to know about Community Building! https://linktr.ee/RitaMkpado