Web3 Tool Guide
The following Web3 tool guide is based off my real-life experience as part of my quest to do my own research. I learn side-by-side with reading, guidance, and hands-on application to the theories I am learning. This is the way I learn, and it may not work for everyone. The purpose of this text is to act as a guide for someone who may be looking to get into the space but is feeling overwhelmed with everything there is out there to learn from. I am open to suggestions, tips and tricks but I 100% do my own research and find what works for our business and what does not. Every situation is unique, and you MUST do your own research to find what works for you and your team.
How did we get involved in Web3?
For many years the inner workings of the financial market have escaped me. I am great with numbers but have spent little time studying the stock and money markets and how they work. I would hear stories on the news about NASDAQ being up, or that Wall Street was in trouble, but never truly knew what that meant. I knew that had to change as the financial market was facing big troubles since the onset of the pandemic.
It was with this knowledge that we began our exploration into the stock and crypto markets in Jan 2021. I had heard about Bitcoin for years, and like many, didn’t trust the system because I was naïve to the true framework of what Bitcoin is built on. However, as news continued to swirl about the bear market, we couldn’t continue to ignore the craze that was crypto and decided to start learning more about it. To start the learning process, we set aside a budget that we were willing to “practice” with, purchased a small amount of 10 different stocks and acquired 10 different coins, all based on the recommendations of a friend.
The reason for doing it this way was not to make money off the investments, but to learn hands-on, the process of purchasing crypto and stocks then watching how the markets performed once they were purchased. Bitcoin and Ethereum were part of our initial investment and as of today, we only own a small amount of three to four coins that we are actively using to learn how to navigate Web3; we are not invested in crypto for the promise of financial gains, but for the purpose of exploring the underlying technology. While you are learning how the systems work, I would highly suggest that you do not keep any significant amount of money in any of your learning accounts. If you make a mistake, you do not want your life savings, or project funds to be lost forever.
What have we learned since becoming involved in Web3?
Since our journey began in early 2021, we have learned that crypto is only one small layer to what is Web3. This is the most common term, along with NFTs of late, that you hear in mainstream media, so it is what we are most familiar with. As you being to explore, you will see that Web3 is in the infancy stages of its development, and you will find that there are many layers to this new world of Web3, there are many opportunities to be had, and there are still many learning curves to navigate. Whatever reason you are exploring Web3 make sure you do your own research (DYOR a term you will hear constantly since this space is so new there are no set guidelines to follow) because when the government catches up to the innovation, you do not want to be caught trying to play catch up to comply.
Web3 tool guide suggested for learning
Dedicated notebook for handwritten notes – Keep a notebook that is strictly dedicated to learning Web3. It is important for that this notebook be physical and not digital as you will retain information better when writing it down, not just copying and pasting a link. In this notebook, keep mind-maps of project ideas, a list of terms to research that are unfamiliar, names of influential people that you would like to learn more about, as well as project resources that you think you may need (i.e., dApp names, books to read, articles to save). This Hatch Notebook/Project Planner for work and business is a great option.
Checking account with funds available for transactions – Set up a dedicated checking account that is strictly for learning how to trade stocks and crypto and has very minimal funds in it.
Crypto trading platform: Coinbase, Coinbase Pro – Purchase and trade crypto in an application similar to Coinbase and consider using Coinbase Pro for storing coins. Each platform contains graphs that illustrate the performance of individual coins. The graphs in Coinbase have longer periods to observe whereas Pro only offers short snapshots of a coin’s performance.
Cryptocurrencies used in Web3: Ethereum – As it stands, we have only transacted on the Ethereum blockchain so that is the only coin we have actively worked with. Our next venture will be into Solana and exploring the functionality of that blockchain.
Digital Wallet: MetaMask – After purchasing crypto, you will need to load some into a cryptocurrency wallet. This is where your assets that you purchase are stored like your NFTs and ENS domains (a Web3 domain that is used instead of .com domains; example kohncommercial.eth). Most of the Web3 sites require you to be connected to a wallet whether you are paying to conduct transactions or not.
Metaverse: Decentraland.com, sandbox.com – After setting up the digital wallet, explore the Metaverse. Two popular “Metaverse” sites are Decentraland.com and Sandbox.com. I will add that it wasn’t until we started looking into these types of platforms that we truly began to understand what the Metaverse is and what the possibilities could be for our company. This was where it all started to make sense and come together. It is where you can see a lot of what you hear about in the news put into working action by just logging in and looking around. These are not unlike RPG games in look and feel.
Digital Asset Marketplace: OpenSea – Purchase an NTF to see the process of how that works. Besides figuring out what project you want to support, when purchasing an NFT you have two options, you can either mint a new one or purchase an already minted NFT. If you wanted to purchase an already minted NFT, you might use OpenSea as this is a marketplace created for the trading and sale of already created NFTs and other digital assets. Once your NFT is obtained, you import it to your cryptocurrency wallet for storage.
Networking applications: Telegraph, Discord – Some of the most valuable conversations surrounding Web3 happen in Telegraph and Discord. When looking around at different NFT projects and listening to different podcasts, we discovered that a lot of the gurus have discord channels that are free to join, and you can network with and learn from people that are active in the industry.
Social media: Twitch, TikTok, Twitter – Set up dedicated social media accounts that are curated for Web3 learning. Most of the people who are actively investing in crypto as a technology and not as a source of financial gain are interacting with each other on these social media platforms. Twitter spaces is extremely active with talks about Web3. Listen to these talks whether you agree with the information being shared or not because it is a glimpse into how and why the younger generations are supporting Web3 and some actions they are taking to make it evolve.
News: Reddit, Medium – Create and curate accounts to show articles focused on Web3 development, crypto, NFTs, business, finance, DeFi, blockchain, technology, foreign exchange, and other topics related to your mission. While these may not be mainstream suppliers for news in the past, they are sources which younger generations use to gather information.
Podcasts: Spotify – Subscribe to Spotify or another podcast platform and curate the playlist to focus on discuss topics like the Metaverse, Web3, IT, as well as how these topics relate to your industry.
Reading:
The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous
This book is more about the history of money and why Bitcoin is relevant than it is a book about Bitcoin itself. It is the book that began our journey. It is an excellent reference as to why Bitcoin has been successful as a feasible financial option and why it will continue to be a workable currency.
Navigating the Metaverse: A Guide to Limitless Possibilities in a Web 3.0 World by Cathy Hackl, Dirk Lueth, and Tommaso Di Bartolo
This book is an excellent resource for beginners in the space. It has a lot of terminology to research and learn about as well as a solid push to get your thoughts flowing on your own personal project.
Now that we have learned some basics about Web3, crypto and blockchain, read our next post where we begin to look at blockchain technology and the real estate industry.
About the author
Tracy Kohn, CCIM is a commercial real estate broker and partner with Kohn Commercial Real Estate, Inc. She has a passion for technology and innovation, and she is on a mission to create a commercial real estate platform using blockchain technology. She wants to share her journey and insights with you as she explores the Web3 space and learns how to leverage crypto and blockchain for her business.
Tracy has been using computers since the 1980s and built her own computer from scratch in 1999. She has worked with software & web developers and digital designers since the early 2000s. She also has a rich background in restaurant operations and large-scale event production, working with famous chefs, brands, and venues for over 25 years.
Tracy is not a financial advisor, nor in the tech industry, and is not a software developer. All statements made in this blog are her personal opinions and have been compiled through her own research and trial and error. It is strongly recommended that you do your own research and make sure you are comfortable with your decisions prior to taking action regarding your own Web3, crypto and blockchain journey.
Tracy is excited to be one of the pioneers in the commercial real estate space moving into the future. She aims to provide a complete digital and physical brokerage experience that allows for the smooth and transparent connection and completion of real estate transactions across the world.