Chances are you've been hearing terms like NFT and WEB3 lately. After hearing this, you are even more likely to wonder what these two terms mean. After getting interested, there is a much better chance that you will hear or read such tangled definitions that you will not touch this topic at all. In fact, these complex terms are not so difficult to understand if you hear them from a professional.
That's why we decided to do an interview with Nikoloz Gelashvili, Product Manager of CHAPTER25, one of the largest WEB3 accelerators in Georgia.
It should be noted that CHAPTER25 is an international company created with Georgian and foreign investments, which employs about 150 professionals and works on a number of innovative WEB3 and NFT projects.
Lately our readers often hear about new products of NFT and WEB3, but no one fully explains what NFT is, what we are dealing with, how it was created and why it is in demand?
In Georgia and in the world in general, the definition of NFT is often misinterpreted for beginners; When a person first learns about NFT as a term, he or she simply imagines paintings that have sold for high prices. They often find the field so difficult that in most cases they decide not to understand the field at all because it seems impossible to them.
What could NFT be, everything?
NFT is a unique information on blockchain that can be presented in any format, including: photo, video and audio files. The most popular form of NFT at this point is the drawings and works of art in JPEG files that people place on the NFT-markets, and sell at a certain price, on a free market basis.
In addition, NFT can be used for many other purposes, NFT is not just a drawing and behind it stands great technology that has the chance to completely change the modern financial system and daily life.
How inseparable are the crypto and NFT industries, and is it correct to assume that a person can never fully understand NFT unless he or she has some understanding of the crypto industry?
NFT and crypto are both products of blockchain technology, they have a lot in common, although it is possible to distinguish them. Crypto is complex cryptographic information on a blockchain, while NFT is specific information presented in visual / audio format. To buy NFT nowadays, consumers must first purchase cryptocurrency. After that, NFT is traded through crypto on the blockchain.
We want our readers to know more about WEB3, what is it?
To understand what Web 3 is, firstly, we need to have information about Web 1 and 2. First of all, Web 1 is the primary form of the Internet when a user could only read the information presented in the Internet
In today's world of Web 2, users can read and write information as well, but the information we write and share on the Internet does not belong to us, but to tech-companies and platforms like: Facebook, Instagram or WhatsApp. They can block, delete or use this information at any time.
Web 3 is a decentralized blockchain-based system where users can read and write information as well. However, there is no central control body in the blockchain and everything is in the hands of the people.
We can also look at the example of Decentralized Autonomous Organizations (DAOs): If a large platform owner wants to add an upgrade, it will not be up to the CEO and management to decide - the issue will be voted on and people will democratically decide what to do and what not to do.
