Web3 for Dummies

We’re currently undergoing a generational shift on the Internet. Much like Baby Boomers and Millennials share gene pools but differ on their views on everything from financial planning to avocado toast, Web3 is barely decipherable to those of us still posting photos on Facebook or buying things with cash. We’ve talked about NFTs, Big Tech investments in Web3 (aka the metaverse), and cryptocurrency skeptics elsewhere. (Here’s Wired Magazine’s full breakdown.) Today we’re examining top Web3 companies leading the charge in our changing behavior online.

 

Games & Avatars
In the metaverse, courtside seats will be filled by avatars. Fast Break Labs is building the sports gaming technology to help fans create fantasy teams and compete in tournaments. Nifty League is an NFT collection that provides an avatar and access to a gaming community “based in nostalgia”.

Building the Metaverse
If you’ve got a Web3 idea, you’re at the cusp. If you want help building it, you’re luckily coming behind Alchemy Insight and relative newcomer Decentology, a “smart contracts marketplace that makes it easy for developers to discover, build, and monetize web3 applications.” 

Accounting for Web3
The "decentralized finance" tenet of the metaverse was bound to have its moment with the IRS. Regulations and tax laws are presently being written to prevent DeFi from becoming a haven for money laundering, tax evasion, and more. For help, there’s CoinLedger, a CPA for digital assets.  As for wallets, Rainbow and Alphawallet are app-only digital wallets for your crypto wallet. The good news? No more loose change.