Web3 As A Tool For Wealth Creation

Web3 is gradually going from a concept to concrete reality as foundational structures are being built and worked upon. It is different from web2 and even web1 but can be best pictured as an evolution of them. Tokenization wasn't possible with previous web versions, for example. So was true account ownership. This is possible now thanks to blockchain technology and its decentralized nature. To my understanding, it is an integral part of web3.

The journey to wealth creation starts with money and crypto is the native currency of web3. It's value fluctuates with the market. Most Hive users based on the great content we've consumed have understood that crypto is more than just its price value. Behind it is a financial technology.

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The Nitty-Gritty Of Wealth Creation

To understand things properly, we will have to put them into compartments and explore them individually.

The main process to wealth creation has been simple(it doesn't mean easy!) over the years probably since the beginning of modern civilization.

There are quite a number of viewpoints to look at it from but the core principle is making money and converting it into assets.

Generally, the formula is something like this; working brings the money(1), money buys the assets(2) and the assets bring wealth(3) over time.

Creating is a process that is primarily evident on step one but also exist to a certain extent on step two and three.

In my part of the world, it's almost a common place to hear stories about a merchant who owned a single shop at the start. Then over the years own multiple shops, then other businesses or investments until he/she becomes wealthy. Of course, it's a long process of almost a decade or more. But the formula is there to see.

This formula can also be seen in creative professions like artists(think Jay Z) or soccer players(think Christiano Ronaldo).

Same Principle, Different Vehicles

When the internet popped off, the wealth process got digitized. With web3, we can say that it will be tokenized. It's just that the vehicle changes while the principle remains the same.

Every vehicle is different. Web1 folks like Jeff Bezos of Amazon took around a decade of creating to become wealthy. While web2 folks like Mr. Beast took a bit less than that to create wealth. The speed has changed.

Perhaps, it has to with the streamlined process. Taking the Hive blockchain and myself as an example. I can easily be a business and an investor at the same time doing both. As a business, I can create content and earn rewards(money). And as an investor, I can invest that reward on Hive based projects(assets). All within the ecosystem.

It's like killing two birds with one stone. Doing step one and step two at the same time. With Hive Power for example, my earnings are automatically invested.

Step three, on the other hand, takes time as always. It doesn't happen overnight. This is where many of us experience fear, uncertainty and doubt about what the future holds. What if the asset(s) don't end up bringing wealth over time?

I'm sure that Mr. Beast had similar experience at the beginning of his YouTube career. It's part of the process.

Apart from being available to everyone, a great part about web3 as a tool of wealth creation is its potential for exponential returns in a relatively short period of time.

P.S: Not investment advice! For information purpose only. Please Do Your Own Research.


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