With the arrival of blockchain technology, the term Web3 (Web3) has become a hot topic. The most important point about Web3 is that it has become possible to give ownership to data on the web using the mechanisms of tokens such as crypto (fungible tokens) and NFTs (non-fungible tokens).
Differences between Web 1.0, 2.0 and 3.0
Web 1.0 (Read)
In Web 1.0, users only received information in one direction. You can think of the Web 1.0 world as one where service operators provide information and users simply read it (read only). In this case, users are consumers. They read the information provided or buy products on e-commerce sites.
Web 2.0 (Read&Write)
In Web 2.0, users no longer just receive information in one direction but can also publish it, and service operators provide the information users publish to other users. This can be thought of as the Web 2.0 world, with social networks such as Facebook and Instagram as typical examples. Most of the information on these services is published by users. In this case, users are consumers & producers. They post information that entertains other users, or list and sell their own skills.
Web3 (Read&Write&Own)
In Web3, users can own part of a service, and part of the service operator is now the users themselves. This can be thought of as the Web3 world. Users come to hold some of the rights that, up to Web 2.0, belonged to the company running the service, such as tokens carrying voting rights over how the service is run, or ad-space NFTs for the service. One example is how future ad space on the HEXA platform is being sold to users as HEXA LAND NFT, with some of it given away. In this case, users are consumers & producers & owners. When the service grows in the future, the users who are its owners also gain economic benefits.
The explosive growth in awareness that Web3 makes possible
One example of great success built on the Web3 model is the blockchain game Axie Infinity. Axie Infinity's monthly sales in January 2021 were about ¥10 million, but without spending anything on advertising, its monthly sales in August 2021 reached about ¥30 billion, explosive growth in seven months. There were several factors behind this growth (such as the scholarship system, in which NFT holders lend out their NFTs for others to play with), but one reason it achieved such explosive growth without advertising is thought to be that users held part of the service in the form of NFTs and tokens, so they could gain economic benefits themselves by bringing in other users and helping the service grow. As a result, consumers became countless owners and the service was able to grow explosively.
In Web 2.0 marketing, companies paid influencers to spread the word. Influencers who are paid promote with great enthusiasm, but as the message is passed along, the incentive to spread it disappears and the enthusiasm fades. With Web3, however, as shown in the diagram below, influencers instead buy NFTs and spread the word, and the users who hear about it also buy NFTs and spread it with the same enthusiasm, so the enthusiasm doesn't drop and the spread continues. This makes it possible to break through the six degrees of separation (the idea that anyone in the world can be connected to anyone else through six people) and achieve explosive growth in awareness.
HEXA LAND NFT as an ad-space NFT
One example of a Web3 initiative in Japan is the ad-space NFT of the NFT marketplace HEXA. HEXA's ad-space NFTs held their first sale as HEXA LAND NFTs, and the most expensive NFTs, at ¥108,000, sold out within 1 minute of the first sale opening, and all NFTs sold out within 12 minutes.
By issuing ad-space NFTs and having users hold them, users themselves own part of HEXA and can enjoy the benefits when HEXA grows further in the future. The Genesis auction also closed with a high winning bid of ¥711,000.
HEXA LAND went on to hold sales up to a third sale, and secondary-market sales have taken place, such as HEXA Metropolis LAND #42, originally ¥108,000, selling for ¥877,000; HEXA Town LAND #122, originally ¥12,000, for ¥200,000; and HEXA Sand LAND #877, originally ¥3,000, for ¥70,000.
Residents NFTs for the metaverse space
The HEXA LAND Residents NFT was issued and distributed free of charge out of a wish to give something back to everyone who supports HEXA. Although the first registration window was short, about one day from 1/23 (Sun) 23:00 to 1/24 (Mon) 23:59, a total of 6,006 people applied. Resident registration has so far been open only twice, each time for a short period, and a total of 14,810 HEXA Residents NFTs have been issued.
After distribution, interest was strong, with a Residents NFT reselling for ¥100,000, and the NFT with resident number 2 selling on the secondary market for ¥560,000. NFT holders, as owners of part of HEXA, are helping build excitement around HEXA on social media.
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