Web3 and the way toward a more sustainable world

“To become more conscious is the greatest gift anyone can give to the world; moreover, in a ripple effect, the gift comes back to its source.”

— David R. Hawkins

On May 15, 2015, controversial artist Richard Prince exhibited screenshots of random people's Instagram posts as sizeable fine art prints, selling each at the sum of $100,000 at the Frieze art fair in New York. 

Just a year earlier, Ethereum co-founder Gavin Wood coined the term Web3 to represent emerging bundles of ideas and technologies to decentralize the internet. 

Prince and Wood understood the same essential truth – that we own nothing inside today's internet and social media platforms. 

Incidentally, 2015 was also the first year among the five warmest sequential years ever to be reported by the World Metereological Organization (WMO). These unrelated events have a tremendous effect on both our digital future as well as our metaphysical one. 

Here we highlight some of the emerging opportunities in today's Web3 ecosystem and reflect on their importance to our digital future.

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NFTs have already reshaped the world of art

Witnessing how artists, collectors, and communities are using non-fungible tokens (NFT) – unique digital tokens that exist on the blockchain and cannot be replicated – are reshaping the art world has sparked visionary NFT projects spanning the entire crypto realm. 

From an NFT art project to aid in fighting wildfires in California (Fire Watch), to a fine-art glacier photo series to raise awareness about the importance of glaciers as world water storage (Minting A Glacier), these initiatives find a home in Web3 platforms. 

Diverse crypto communities support these initiatives and artists as they represent Web3 founders' and enthusiasts' goals to democratize our access to digital assets and goods while driving our consumerism habits to become more conscious and independent.

NFT technology offers photographers and collectors a decentralized way to sell and purchase art. Specifically, it creates an accessible way for artists to directly engage with their focal audience, while offering consumers unique access to exceptional art projects. 

However, NFT art is not yet wholly accepted, both by the artists themselves as well as their audience. Some leading causes for the ambivalent harnessing of NFT are:

• Blockchain technologies polluting reputation

• An overall detachment from the early NFT famous sales (such as the Bored Ape Yacht Club and its buyers)

• Lack of digital savviness and understanding of Web3 and NFT technology's benefits

• Traditional art galleries maintain a foothold in the art industry

A move towards more sustainable blockchain

The carbon emissions of crypto transactions have been a significant drawback for many environmentalists and artists. 

However, the past years have been a beacon of hope for those who envision blockchain becoming a sustainable method for digital transactions.

The most groundbreaking news for environmentally-minded crypto supporters occurred in September when the Ethereum organization successfully deployed a new upgrade for its transaction technology, making it 99.5% less polluting.

To emphasize, with blockchain technology, we can seamlessly understand how an artist or company distributes their NFT sales between the involved parties. By purchasing art that corresponds with a narrative we believe necessary, we become part of a community that can positively impact our world. 

NFT and its smart contracts allow us to engage with intelligent consumerism from the buyer side, while increasing transparency and accountability from the seller.

How Web3 can lead to conscious consumerism

Consumerism is an addiction that exhausts our natural resources while fuelling our modern economy. Yet, we can lessen its effect on our environment by sublimating it to the digital realm. 

The designer Regina Turbina is one of the first to understand the potential of a Web3 fashion marketplace for the metaverse. On her Replicantmarketplace landing page, it says: “An opportunity to express yourself without harming the planet. One of the cornerstone functions of clothing is the social one.”

Currently, her marketplace hosts 65 designers with the limitless artistic freedom to fabric creative digital clothing. Furthermore, its digital fashion community proliferates fast as many designers and customers share Turbina's vision for sustainable digital fashion. 

By transforming our consumption habits toward the digital world, we can keep our economic growth while stopping excessive production and transport of goods. However, this must occur in a decentralized and democratized internet infrastructure that gives consumers full autonomy over their digital assets. 

Web3 can optimize our consumption economy

To conclude, Web3 and NFTs can reshape our symbiosis between the physical and the digital realms to optimize our polluting consumption economy while improving end users’ ownership over their digital assets. 

We should strive for conscious consumerism and endow impactful digital and NFT initiatives.

We can use Bill Gates's cynical remark earlier this year that "expensive digital images of monkeys" would "improve the world immensely" as a driver toward meaningful exploration of Web3 possibilities. 

Not for the sake of short-term benefits reap, but as a powerful conduit between communities, artists, and computer engineers to support ideas that can improve our physical and digital well-being.