Also known as Web 3.0, Web3 is the next major phase in the evolution of the internet. Much like the foundation of cryptocurrency, and helped along by IoT ecosystems, the onset of the metaverse, and the rise of non-fungible tokens (NFTs), this new internet phase will be based upon decentralization, openness, and greater utilization for individual users. To better understand Web3, it can be helpful to review current and past phases of the internet. Unlike the current Web 2.0 phase, where platforms and apps are owned by centralized entities, such as large tech companies, the Web 3.0 platforms and apps will be developed, owned, and maintained by users.
From the palm.io website: Palm is a new NFT ecosystem for culture and creativity, built efficiently with Ethereum. The Palm ecosystem features low gas costs, fast transaction finality, and is over 99.9% more energy efficient than Proof of Work systems. Palm is designed from the ground up to be as flexible as artists are creative. Today, we are making NFTs easier and more efficient to use with an Ethereum sidechain, and have a roadmap to transition to an Ethereum Layer 2.
Sustainability: We chose Palm to build on because of our shared the commitment to sustainability by reducing the carbon footprint of minting and collecting to near 0% while staying within the Ethereum ecosystem, which has the largest audience of both artists and collectors. Community and valuing creators: “Web3 is about social objects that can be both digital and valuable. The blockchain provides artists with a new medium that is as flexible as they are creative. It’s a paintbrush, a camera; a building block and an open door. NFTs represent the future of art and distribution; a powerful point of connection, and a force that drives culture forward.” “In a digital landscape rife with hype and speculation, it might be tempting to say that all this means the end of art as we know it. In truth, we’re just at the very beginning of a new era. In time, the term ‘NFT’ will become obsolete, as ‘cyberspace’ did. NFTs will simply become the most natural way we create and share the things we care about. Token design will become a creative discipline: like art, music, literature, movies, television and games.” “Palm NFT Studio operates at the vanguard of this revolution. We are artists, thinkers and technologists who specialize in blockchain creativity. Our mission is to partner with creators and rights holders to help them leverage this new medium in the most imaginative ways.”
In order to purchase NFTs from The Platform, you will need to have WETH on the Palm network. One of the easiest ways to get WETH to the Palm network is to use the Palm Bridge. Instructions for using the Palm Bridge can be found here: https://app.palm.io/bridge
From the arweave.org website: Arweave is a new type of storage that backs data with sustainable and perpetual endowments, allowing users and developers to truly store data forever – for the very first time. As a collectively owned hard drive that never forgets, Arweave allows us to remember and preserve valuable information, apps, and history indefinitely. By preserving history, it prevents others from rewriting it. On top of the Arweave network lives the permaweb: a global, community-owned web that anyone can contribute to or get paid to maintain. The permaweb looks just like the normal web, but all of its content – from images to full web apps – is permanent, retrieved quickly, and decentralized – forever. Just as the first web connected people over vast distances, the permaweb connects people over extremely long periods of time. No more 404s. No more stealth edits. No more web apps that decline in quality.
Words from Arweave’s Technology page: Permanence: Arweave’s data storage is backed by sustainable, transparent economics that allow users to perpetuate the replication of information forever. The Arweave’s economic mechanism is similar to a traditional economic endowment structure. When a piece of data is added to the Arweave network, the user pays a ‘principle’ upfront, on which ‘interest’ in the form of storage purchasing power is accrued. Over time, interest on this one-time upfront payment is given to those that offer hard drive space so that they can profit from their storage contributions. By using extremely conservative estimates for storage pricing, Arweave ensures the long-term viability of the network’s endowment. For more details regarding the network’s economics, expectations and mathematics, please see chapter 3.2.2 of the Arweave yellow paper. Decentralisation: Rather than operating as a traditional company or foundation, the Arweave network is fully decentralised, meaning that anyone can store data in the network or offer storage space, without there being a leader or centralised point of failure. Through decentralization, Arweave offers a new standard of data archiving and storage: one in which information is globally replicated on hundreds of machines, impervious to fire, flood, or intentional damage. To acquire an NFT, subscribe to a magazine or support an artist or writer do I need to have a crypto wallet and use crypto currency?