The Web3 Era

Get a sneak peek into the future of technology, finance, and the metaverse

In The Web3 Era: NFTs, the Metaverse, Blockchain and the Future of the Decentralized Internet, renowned finance and technology expert David Shin connects pivotal moments from the history of human progress and global trade with current events that are shaping the world of tomorrow through a fascinating and insightful exploration of the long-term, next-level use cases of non-fungible tokens and digital assets, and their implications for industries that leverage these advancements. In the book, you’ll find discussions of the challenges and opportunities for institutions awaiting the arrival of the Web3 space; how old Western central powers are struggling to keep up with the digital currencies of the East; and why our voices will matter as consensus-driven tribes converge to form DAOs. You’ll also discover the potential of blockchain as a pivotal engine for driving the metaverse economy and transforming contemporary web infrastructure into a decentralized network of free trade and social interaction governed by users themselves.

The author covers topics that include:

• The potential institution of a smart treasury in a digital economy
• The convergence of metaverse infrastructure with decentralized finance, creating a virtual world of open finance
• Use cases for government-backed digital tokens in a variety of industries, including education, healthcare, and banking
• Social interactions and commerce tied to Soulbound-identity, A.I. technology, archeological revelations, de-dollarization, and the rising Global South

An essential and one-of-a-kind resource for business leaders, executives, entrepreneurs, investors, and finance professionals, The Web3 Era: NFTs, the Metaverse, Blockchain and the Future of the Decentralized Internet will also benefit technology enthusiasts, digital marketers, and digital transformation specialists who seek to gain invaluable insights into the future of technology and finance, as well as anyone who believes that we are in need of a new system of governance for a better tomorrow.

Introduction ix

1 Rise of the DAOs 1

King for a Day 5

Does Your Vote Really Count? 8

What a Wonderful, Trustless World 10

Why the First DAO Had to Fall 13

New-Age Tribes 15

2 When the World Becomes Your Village. . . 19

When We Left Gold Behind. . . 27

The Corruption of Trade 30

Decentralized Trading, Reputation Tokens, and the Death of the Irresponsible

Influencer-Marketer 32

Can’t Buy Me Love. . . 35

3 The New Centralization 39

Who Owns the Fed? 42

To Teach the World to Sing in Perfect Harmony 46

Central Bank Digital Currencies and Data Collection 49

Is Anything Real Anymore? 51

You Can’t Always Get What You Want. . . 55

4 Tower of Babel 2.0 61

Lost in Translation 66

The Language of Progress 68

The Byzantine Generals Problem 72

Creating Consensus and Spreading It 75

The Antichrist is Coming 77

5 Soul Beyond Face Value 81

Digital Gangsters’ Paradise 86

The Angry Face Algorithm 91

It’s a Long Road From Rakhine 95

If You Tolerate This Then Your Children Will Be Next 98

Your Soul Defines You 100

6 Back to Africa 105

We are Family? We are Françafrique 113

The Last Colonial Currency 117

The African Union? 120

The Last Digital Frontier 122

7 The American Way 129

The United States of Isolation 137

The Fall of the Petrodollar 140

Defeating the Dollar 148

The New Bretton Woods 154

8 When We Meet in the Metaverse. . . 159

Beyond the Planet of the Bored Apes 163

When Worlds Collide. . . 170

A Meaningful Place 177

9 Of Builders and Villains. . . 185

Walking on the Moon: The Rise and Fall of Terra LUNA 190

Sex, Drugs, and Balance Sheets: How a Bunch of Kids Created and Destroyed FTX 201

Speculation, the Language of Fools 211

10 The Nature of a Nurturer: Reflecting on the Klaytn Journey 215

A Blockchain to Connect All Blockchains 220

TPS is King 225

Building on Top of The World’s Blockchain 227

Shared Governance of a Shared Ecosystem 229

11 A Brave New World 235

I’m Still Walking, So I’m Sure I Can Dance 240

The First Days are the Hardest Days 243

You Speak My Language 247

Index 253

DAVID SHIN was the Global Group Head at Klaytn, a Forbes Blockchain Top 50 company and the blockchain arm of Korean internet company Kakao. He is currently overseeing business development in EMEA and Asia for Immutable X, a well funded Australian web3 game and NFT startup. He has also previously held the roles of Head of Exchange at Bitcoin.com and Head of TZ APAC, an adoption entity supported by the Tezos Foundation.

In The Web3 Era: NFTs, the Metaverse, Blockchain and the Future of the Decentralized Internet, veteran tech and finance executive David Shin connects pivotal moments in the history of human progress and trade with contemporary events shaping our future. He explores the fascinating and engaging long-term, next-level use cases of non-fungible tokens and digital assets, as well as their implications for the industries that leverage these advancements.

In the book, you’ll find discussions of the challenges and opportunities for firms, individuals, and institutions awaiting the arrival of the Web3 space, how old Western central powers struggle to keep up with the digital currencies of the East, and how our voices will make a difference as consensus-driven tribes converge to form DAOs.

Shin describes the potential of blockchain as a pivotal engine for driving the metaverse economy and transforming contemporary web infrastructure into a user-governed and decentralized network of free trade and social interaction. He also explores the potential creation of a smart treasury in a digital economy and the convergence of metaverse infrastructure with decentralized finance, as well as possible use cases for government-backed digital tokens in various industries, including education, health care, and banking.

The Web3 Era examines the future of social interactions and commerce tied to Soulbound-identity, AI technology, archaeological revelations, de-dollarization, and the rising Global South.

An indispensable and fascinating resource for business leaders, entrepreneurs, founders, executives, investors, tech enthusiasts, and finance professionals, The Web3 Era will also benefit digital marketers and digital transformation specialists looking for one-of-a-kind and powerful insights into the future of technology and finance.

Praise for THE WEB3 ERA

“David is a finance veteran who is also a true OG in the crypto space. He straddled both worlds successfully for a long time and acted as a bridge with intense conviction, giving knowledge and advice generously. His insights are invaluable for anyone who wants to understand how crypto has and will continue to disrupt the financial markets.”
— Darius Sit, Founder, QCP Capital

“David Shin is one of the earliest examples of a career banker making his way down the blockchain rabbit hole. When we first met in 2014 I was working at Ripple – it was clear from the get go Dave saw the potential of the technology across a number of different fields and applications. Many of these predictions have been proven right over time…this book is a must-read for those who want to know where things are going next.”
— Ryan Terribilini, EVP, Algorand Ventures

“David’s recent success has been a tour de force that leverages a storied career in finance with the foresight to fully immerse himself in Web 3. His recent accomplishments marries the best of blockchain innovation with a keen understanding of how to best commercialize the technology and bring in relevant actors. From my time at PayPal to Stanford and now in startup land, David has been a trusted confidant, resource, and advisor. I know that this book will provide a window into one of the deepest thinkers currently working in blockchain.”
— Jonathan Padilla, CEO/Founder, Snickerdoodle Labs

“I have seen David evolve from being a banker who was an advocate of bitcoin in the early years to a full-time, dedicated person in the industry. When David decided to leave banking, he came to help me with the Bitcoin.com Exchange which he helped set up and run for about a year. David has been in front of the advancements of decentralised tech and was also very impactful with his work in building adoption in the early developmental stages of the Hong Kong bitcoin community. It’s a perfect time in his long career in crypto to share his thoughts of the industry through a book.”
— Roger Ver, Founder, Bitcoin.com

“David is a crypto OG, and his contributions to our industry over the years have been massive. Since our time together in Hong Kong during the early years of Bitcoin adoption, he has been working tirelessly to build awareness of the space, foster communities within it, and bring institutions into the fold to grow the use and development of blockchain technologies. His efforts to preach the good word of Satoshi and educate the TradFi faithful on the promise of decentralized finance have been instrumental in creating a more accepting environment for digital assets in the region. What really sets him apart, though, is his deep understanding of the technology underlying crypto – David is often the first to move into new blockchains and help others understand the solutions they provide to the problems with our deeply broken financial system.”
— Arthur Hayes, Co-Founder, Bitmex

“Through the years that I have known David, it feels like I have known him forever. I fondly call him my big brother. His experience in traditional finance coupled with his deep history in the blockchain industry for more than a decade, particularly having been instrumental in many key protocols and ecosystems, is definitely a rare combination. David’s knowledge alongside his contributive mindset towards people around him in the industry, makes him a person worth following and reading. I am very excited that he has finally decided to write a book that will enrich the lives of anyone reading it.”
— Pranav Sharma, Founding Partner, Woodstock Fund