Posted: April 6, 2022 By Kieran Darmody

First Embedded Finance Club Event Recap

We hosted our inaugural Embedded Finance Club online event on March 29th within Discord. Here are our top 3 takeaways from the discussion surrounding the metaverse, the future of NFTs, and more.

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We hosted our inaugural Embedded Finance Club online event on March 29th within Discord.

Our speakers, Joe Hamilton from Metacity, and Tegan Gaan and Evan Gottschalk from Ecoverse, provided a lively discussion.

Our top 3 takeaways:

1. ERC20 is an essential tool for the future

An ERC20 token is used to create and issue digital contracts that automatically execute when predetermined terms and conditions are met on the Ethereum blockchain.

So what’s the benefit? Efficiency, transparency, accuracy, and security.

Because the contracts execute on predetermined “if/when… then” statements, the contracts execute immediately upon action, thus saving time and eliminating clerical errors. The uses of ERC20 are endless – last will and testament, supplier contracts, fintech lending agreements, and more.

2. What’s a “drop?”

To understand a “drop,” you first must be clear on an NFT; an NFT, or non-fungible token, is any digital product that is one of a kind. An NFT can only have one official owner and is secured largely on the blockchain. Also, while an NFT is a digital product, it can be attached to a physical good (see unisocks case).

The NFT buzz started largely around digital art, but the future of NFTs are much bigger – think ticketing, gaming, tourism, real estate, and product licenses.

So“drop” is a group of NFTs that are released together as part of a collection. You may hear people reference a drop time (aka the time at which a group of NFTs is released) or a drop price (aka the price at which a group of NFTs is released). Buying at the drop can not only save money, but it can also be a bragging right within the Web3 community.

3. YouTube is your friend

Web3, the metaverse, and bitcoin are markets that are growing as quickly as they arrived.

To follow the trends, you must understand the basics – and YouTube is the default for video content explaining everything. (Or you can join the next Embedded Finance Club event!)

Our top recommendation to kickstart your Web3 education: Top 10 Web3.0 Questions & Answers

Other recommendations from our speakers include:

The companies that will win this space are the ones that hire innovative thinkers and take a stance on Web3. Web3 is going to happen. It’s just going to take a little bit more time than we thought.” – Ecoverse

Stay tuned for our next online event – and don’t forget to join our Discord group to stay updated on all the latest news.

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