Web 3.0 and NFTs (VA)

Translated from German using DeepL.

Date: November 2022
Reading time: 66 minutes

30.11.2022
Thesis (VA)
Co-Author: B. Weber

1 Introduction

The Internet is constantly evolving. A few years ago, the idea of Web 3.0, another iteration of the Internet, was born. Recently, this has gained significant momentum. Technologies such as cryptocurrencies, artificial intelligence and blockchain are becoming more and more present.
In this paper, we show the development of the internet. We explain the individual phases and look specifically at the opportunities and risks.
With the help of a survey, we evaluate the opinions of people of different age groups about the three periods and how they use the internet.
NFTs are also on everyone's lips. However, very few people are really familiar with the term. That's why we explain what NFTs are. We will also provide an insight into the benefits and technology of these tokens. To show what NFTs look like in practice, we created our own NFT project. You can find out how we did this and what we learned in the process in the following lines.

This work is intended to give you a detailed introduction to the world of Web 3.0. We explain the complex topics in such a way that the uninformed can then understand the basics and more experienced readers can acquire even more knowledge. So there is something for everyone.

1.1 Objective

We formulated the exact objectives as follows.

1. we want to find out how the technologies of the Internet have evolved by conducting research on Web 1.0, 2.0 and 3.0. We will create a timeline and use a survey to show how people have adopted the individual technologies.
2. we want to find out what opportunities Web 3.0 offers and what dangers the technologies are associated with. We will record the findings of our extensive research in the paper.
3. we want to find out what NFTs are and how they are used. We achieve this by reading at least one book and carrying out extensive research. We record the results in writing.
4. we want to find out what it takes to launch an NFT project by finding ways to generate images and publish them on a platform. We will show the path from brainstorming to the auction of a project. This gives us an idea of how much work is involved and whether the current prices are justified. The steps required to create a project, as well as our findings, are shown in the documentation.

1.2 About the authors

B. Weber and K. Wild are learning the profession of computer scientist specializing in application development. They are now in their fourth year of training and attend the GBS vocational school in St. Gallen. They are constantly confronted with the Internet at school, at work and in their free time - just like almost all of us. It is developing rapidly. Completely new technologies are constantly emerging, but these cannot be studied in depth either at school or at work. They use this work to get an idea of Web 3.0 for themselves and to learn how to explain more complicated topics in an understandable way.

2 Development of the Internet

In order to understand what Web 3.0 is and what changes it brings with it, you first need to understand how the Internet has developed up to the present day.
We therefore describe the individual phases of the web. We not only show the technical advances, but also how users have used it. We obtain the information with the help of a survey. This was completed by 54 people of all ages.

2.1 Web 1.0

Web 1.0 is the first version of the World Wide Web. In this version, a small number of creators created websites and content for a large group of readers. The websites made it possible for many users to access information for the first time. This version was developed to help people find information better. However, it lacked interactivity. Websites had no forms, visual elements or controls.
The World Wide Web was created in 1990 by British scientist Tim Berners-Lee during his work at CERN. He created the three fundamental technologies that form the basis of the Internet.

• HTML: The formatting language of the Internet
• URI or URL: A unique address used to identify any resource on the Internet
• HTTP: A protocol that enables resources to be retrieved from the entire Internet

In the mid-1990s, the era of Web 1.0 began with the introduction of web browsers such as Netscape Navigator. Most Internet users were enthusiastic about the new functions, such as e-mail and real-time news retrieval. However, the age of static web pages retrieved from servers was still a far cry from the sophisticated, interactive content of today. This slowly changed as online banking and commerce became the norm over time.
(Terra, 2022) (Sharma, 2022) (cern, 2022) (Richter, 2022)

We conducted a survey to find out what people thought of this first version of the Internet. 26 of the 54 people experienced Web 1.0 and were able to provide information about it. The respondents mainly used Web 1.0 to search for information. As Google did not yet exist, other browsers such as Netscape Navigator, Altavista or AMosaic were used. They also benefited from e-mail services, e-banking, simple browser games and new communication channels. According to the participants, they communicated via simple chat applications such as ICQ. Even though the Internet was slow and the websites were neither colorful nor interactive, the majority found it fascinating. Below are a few of the stated uses.

Figure 1 Possible uses for the Web 1.0

2.2 Web 2.0

Web 2.0 became known in 2004 through the first Web 2.0 conference.
On the earlier websites, you could only read. Now it was suddenly possible to become an author yourself. The focus of this version of the Internet is on user-generated content, user-friendliness, interactivity and improved compatibility with other systems and devices. Because of these features, anyone can participate. In the last 15 to 20 years, the boring websites of Web 1.0 have been completely replaced by the interactivity, social networking and user-generated content of Web 2.0. Content can now be accessed by millions of people, anywhere in the world, at any time. Here is a summary of the features:

• Dynamic content that responds to user input
• Developers have the opportunity to interact with external systems
• Comments and ratings create a flow of information between website operators and users

Development has also been driven by the production and use of internet-enabled mobile devices such as laptops and smartphones. Two developments in particular, both of which took place in 2004, accelerated further development:

• The founding of Facebook, the world's first and largest social media platform
• The market entry of Google, the world's largest search engine and developer of mobile operating systems

The change from Web 1.0 to Web 2.0 not only brought about technical changes. Rather, it was the design, intention and use of the websites that changed. Web 2.0 promotes self-use and enables forms of interaction. Here are a few examples:

• People are given a voice: Web content can be responded to in the form of comments.
• Social bookmarking in social media: A website can be marked using a browser-based tool so that the page can be easily found again later.
• Tagging: Content on the Internet can be tagged with additional information. This means that it can be searched for later. (Tagging: textbroker, 2022)
• Blogging: Everyday life can now be shared publicly on the Internet.
• Podcasting: Audio files can now be listened to over the Internet.
• Networking: People can make connections with new people via the Internet.

Mobile internet access and the growth of social networks have contributed to the dramatic growth of Web 2.0. This has allowed apps such as TikTok, Twitter and YouTube to proliferate.
(Terra, 2022) (Sharma, 2022) (History Computer Staff, 2022) (Richter, 2022)

The following diagram shows which social media applications the 54 respondents have installed on their smartphones.

Figure 2: Installed apps
(Self-created with forms.office.com)

The average time a person spends on social media platforms is around 2.3 hours per day. The following graphic shows the distribution of screen time.

Figure 3: Daily time spent on social networks
(Self-created with Microsoft Excel)

In conclusion, it is impossible to imagine life without Web 2.0 today.

2.3 Web 3.0

Web 3.0 is the next stage in the development of the Internet. It could bring just as much change as Web 2.0.
At the moment it is just a concept. Although many elements are already available today, there is still a long way to go before it is fully realized.
There is still no standardized definition for the third generation of Internet services. However, it does have some defining characteristics, which are described in the following sections.

2.3.1 Decentralization

In Web 2.0, information is stored in a fixed location. Usually on a server. Such a server can be thought of as a computer that provides visitors to a platform with resources, data and services. Internet companies such as Meta and Google hold this information and therefore have complete control.
Web 3.0 turns this idea on its head. Data is stored in several places at the same time. This decentralized storage means that responsibility is shared and control is returned to the users.

2.3.2 Accessibility

Anyone can use the advantages of the Internet without restrictions. No intermediary is in a position to restrict access.

2.3.3 Transparency

Open source systems give everyone access to all codes and transactions. This will become clear later in the NFT section.

2.3.4 Artificial intelligence

In Web 3.0, computers will be able to understand information in a similar way to humans. Machine learning will be used to imitate human learning and gradually improve accuracy.

2.3.5 Networking and ubiquity

Information and content should be highly networked and ubiquitous. The number of devices connected to the Internet is growing. Everyday devices are also being connected to the network. This is referred to as the "Internet of Things". The best-known IoT devices include voice assistants such as Siri and Alexa.
(Nacho De, 2018)

More than 50% of respondents own such IoT devices, which make their everyday lives easier.

Figure 4: Internet of Things devices

2.3.6 Virtual and augmented reality

Virtual reality is a digital world. You can enter it as an avatar. These worlds encompass many areas such as games, entertainment and many other things.
While VR encompasses a digital world, augmented reality takes place in our world. Augmented reality means combining physical reality with digital information or images. This can be done with smartphones and other AR devices. One example would be the game "Pokemon Go". This brings your Pokemon into the real world.

Figure 5: AR with Pokemon Go
(Source: https://www.gamespot.com/amp-articles/pokemon-go-is-getting-a-better-ar-mode/1100-6455762/ (opens in a new tab))

(Sharma, 2022), (Jordan, 2022), (Terra, 2022), (Richter, 2022)

2.3.6.1 Metaverse

One technology that uses VR and AR is the Metaverse. This is a digital and interactive environment. In it, users can work as avatars, hold meetings, play games, meet up, attend concerts or store. Most of these metaverses are still in the development phase. (Imhof, 2022)
Opinions about the metaverse are divided. Our survey revealed that some see a lot of potential in the metaverse. However, the majority are rather skeptical about the idea. According to the respondents, this concept should not be implemented by a profit-oriented company like Meta. According to them, a decentralized solution that is strictly regulated by the state would probably be the best way forward.
In conclusion, it can be said that the potential is recognized, but that there is not yet a great need for a virtual world.

Figure 6: Metaverse from Meta
(Source: https://www.technologyreview.com/2022/10/11/1061144/metaverse-announcements-meta-connect-legs/ (opens in a new tab))

2.3.7 Cryptocurrencies

Web 3.0 covers many topics. Digital currencies are also among them.
The figure below shows that all survey participants have already heard of cryptocurrencies. The vast majority also understand them. And around a third even own such currencies themselves.

Figure 7: Cryptocurrency diagram

People who have never bought cryptocurrencies usually consider the volatile prices to be too risky.

2.4 Phases of the Internet

As an overview of the phases of the Internet, we show the development graphically here. The green elements represent events from the first version of the Internet. Web 2.0 events are marked in orange and Web 3.0 events in blue.

Figure 8: Phases of the Internet
(Created with https://time.graphics/editor/718178 (opens in a new tab))

With the invention of the Internet, the desktop era was soon launched, giving more people access to the Internet. In the early 2000s, companies such as Facebook and Google emerged and changed our lives with their cloud solutions. Now we are in the transition to the decentralized Web 3.0. Although there are some new developments, we are still at the beginning of this phase.

2.5 Opportunities and dangers

Each version of the Internet has had its advantages and disadvantages.
Web 1.0 made unprecedented things possible. For the first time, all users could access information. However, users had almost no opportunity to contribute to the Internet themselves. Thanks to Web 2.0, users can now share contributions themselves. This means that a broad spectrum of opinions can be covered. However, the power lies with the platforms. For example, users can be banned.
Web 3.0 brings with it the following opportunities and threats:

2.5.1 Opportunities

• Reliable storage: Blockchain allows information to be stored reliably.
• Replacing the tech giants: As data is collected and sold, users are the product in almost all free apps. This is also shown by our survey results, according to which very few have never been confronted with personalized advertising.
  This should no longer happen on the advanced Internet.
• Decentralization: You have control over the data. There are no centralized companies that decide what happens to it.
• Open source: Most Web 3.0 websites and applications are open source. This means that anyone can look at the code of an application and find out what happens behind the scenes.

2.5.2 Neutral

• Freedom of expression: Everyone is free to say what they want. There are no restrictions. This sounds sensible at first. However, it should also be noted that terrorist organizations can spread news and buy weapons without restriction.
  Everyone must decide for themselves whether this point is advantageous.
• Independence from the government: The idea pursued in this vision is to be able to live independently of governments. Cryptocurrencies, such as Bitcoin, are intended to replace the dollar. The Bitcoin system is designed in such a way that no inflation can occur. But there are also times when people are happy to have a government.
• Identity protection: You can move anonymously on the Internet. This could also be seen as a disadvantage. Because it gives fraudsters more freedom. However, crimes could be uncovered thanks to the blockchain. Because all transactions are publicly traceable.
• Loss of the current web: The current form of the internet has shaped our lives. But Web 3.0 enthusiasts don't think much of it. They want to turn all systems upside down. According to their insights, the current apps should at best be discontinued. Whether this radical approach is the best way forward is doubtful.

2.5.3 Hazards

• Environment: The more advanced technologies require more computing power. This is harmful to the environment.
• Black market: Technologies from this web enable transactions on the black market.
• Regulations: The whole idea can be restricted or killed by governments.
• Fraud: There are dangers, especially for newcomers. There are criminals who get rich from the smallest mistakes.

3 What are NFTs?

NFT - this abbreviation is currently on everyone's lips.
Anyone who has spent time on the internet, listened to the radio, read the newspaper or watched television in recent months has most likely already been confronted with the term. Our survey also showed this. Only eight out of 54 people have never heard of the term.
Record sums of money, which are often invested by celebrities, repeatedly make the headlines. Hundreds of thousands of Swiss people watched the SRF Tagesschau main edition at the beginning of April, in which the NFTs were presented. A project was presented that was sold for no less than USD 69 million.
This hype also left its mark on us. We became aware of the technology primarily through social networks. However, conversations with classmates made it clear that this topic is not even fully understood by budding computer scientists. Our survey, which was distributed in IT circles, also confirmed the knowledge gap. Not even 40% of participants knew what an NFT was.
We are therefore using this opportunity to show what NFTs are and what benefits can be derived from them. Our aim is to explain the topic in a concrete and tangible way and to learn as much as possible in the process.

3.1 Definition

NFT stands for Non-Fungible Token.
A fungible token is a fungible object of value. Such an object always has the same value, regardless of its condition or owner. Our means of payment falls into this category. This is because the value of every ten-franc note is identical. For this reason, banknotes can also be exchanged.
If you compare this with a baseball glove, the situation is somewhat different. It adapts to the player's hand over a long period of time. If the athlete wins with it, such an object can gain in emotional value. In this case, the glove cannot simply be replaced at the nearest sports store. Such unique items are "non-fungible". NFTs therefore have no fixed value and can only be purchased as a whole. Similar to other works of art, the value is determined by the owner. This is because each NFT is unique.
The word "token" is used to describe cryptocurrencies or crypto assets.

In summary, an NFT is a non-exchangeable token. This can be an image, GIF, video, piece of music, computer program and much more. The technology solves the problem of digital proof of ownership and authenticity. But to really understand this, you need to be aware of the functionality of blockchain.

(Learn - Crypto Basics: Coinbase, 2022)

3.2 Blockchain

NFTs are often explained without describing the connection to the blockchain. This is a complex but essential part. This is because the blockchain is at the heart of NFT technology.

In short, a blockchain securely stores all transactions. This makes it possible to dispense with centralized structures. This leads to more freedom. This concept will be explained in more detail in the following sections.

3.2.1 Idea

The transfer of money has been going on for about 600 years as follows:
Max Mustermann wants to send 100 Swiss francs to Erika Musterfrau. As Erika is in a different location, Max has to process the transaction via his bank. Max therefore contacts his bank and asks them to transfer the money to Erika.
However, the money is not taken from a safe and placed in Erika's safe deposit box. Of the total wealth, which is estimated to be USD 90.4 trillion, just USD 7.6 trillion is cash. The remaining amount only exists as an entry in the system. (Hanny & Berger, 2022)
Transactions are therefore usually carried out digitally.
In this case, the financial institution goes through Max's income and expenditure. If he has enough money, a new entry is added to the transaction list of both people to record this action.

Max: -100 CHF
Erika: +100 CHF

Erika usually receives her money after just a few days.

The financial institution can define fees, set limits and even prohibit a transfer. Payments are also slow and are only made on bank working days.
But why is that? Because at the end of the day, only data is sent.

This is where blockchain comes into play. It enables digital currencies and other assets to be transferred in real time. Ultimately, a list of transactions is kept, just like at the bank. However, no central authority can judge transactions. The money transfer looks like this:
Max converts his 100 francs into bitcoins. Instead of using his bank's app, he uses a wallet. In other words, a digital, transparent wallet. It contains his bitcoins. Instead of Erika's account number, he enters her wallet address.
As all participants in the network have access to a list of all transactions, they can see whether Max has the necessary money. The transaction is only carried out if the majority of participants declare it valid. A new entry is added to the directory. It states that Max has transferred money to Erika. The next time, this transfer is also included in the calculation.
The illustration shows what such a list looks like.

Figure 9: Example blockchain list (Excel)

3.2.2 Structure

The blockchain was made famous by Satoshi Nakamoto, who used it to create a digital currency - Bitcoin. However, the system can also be used to store patient data, in logistics and to ensure secure elections, among other things. In other words, wherever speed, traceability, security and transparency are required. (Joos & Schmitz, 2022)
This storage of information is made possible by a sophisticated system. This is structured as follows:
The blockchain is a chain of blocks containing information. A block consists of three things. Firstly, it contains data. In the case of a money transfer, this is the sender, recipient and amount. Secondly, it is provided with a fingerprint. A so-called hash value. This is a unique, long sequence of letters and numbers that form the key. The hash of the previous block is also stored so that a chain can be created.

Figure 10: Blockchain graphic

3.2.3 Protection

The data of the blocks could never be changed due to several protective measures. These are the reasons:

1. Hash value:
   The hash value described is generated randomly when a block is created. If a change were to be made to this existing block, this would lead to a new generation. This would also change the hash, which would cause the chain to break.
2. Proof of Work:
   Proof of Work slows down the process of generating a block. In today's world, computers are extremely fast. Without this protection, the chain could run the risk of all subsequent hashes also being calculated and forged at lightning speed.
   However, since the calculation takes time, it is impossible for even the fastest computers to perform such a miracle.
3. Peer-to-peer:
   The system is managed via a peer-to-peer network. In such a decentralized network, all participants are directly linked to each other and have the same rights. This results in the third security factor. A block is only added once every computer in the network has verified it. The participants therefore decide together.

(Hash value: ibau, 2022), (Blockchain - Revolutionary data technology: infineon, 2020)

3.2.4 Mining

But why should you participate in this network?

There are so-called miners in the blockchain network. These are computers that perform calculations day and night. In most cases, there are no screens or keyboards connected to them.
The aim of the owners of these computers is to receive a reward in the form of the corresponding cryptocurrency. This is attributed to the miner who first succeeds in validating the transaction and entering the block in the chain.
The miner proceeds as follows during validation:
It checks whether the address has the necessary money. To do this, it adds up all the wallet address's income and expenditure. As all miners are after this reward, they all complete this task. This also ensures that the decision is made by several computers.
To keep the block in the chain, the hash value described must be found. This is generated randomly by the system and must be found by the miner through constant trial and error. The process can be compared to picking a combination lock. He tries all possible combinations until he finds the correct one.
The solution to this puzzle is published on the network, recognized by all participants and saved. All computers then move on to the next transaction.

Figure 11: Miner
(Source: https://asia.nikkei.com/Spotlight/Cryptocurrencies/Cryptocurrency-mining-comes-to-Japan-s-countryside (opens in a new tab))

3.3 Minting

NFT technology also makes use of the advantages of the blockchain.
In order for a file to become an NFT, it must go through a process. This is called "minting". When an NFT is mined, the file is stored in a new block on a blockchain. This block not only contains the file, but also information about the owner.

3.4 Use

The question now arises as to what such NFTs are good for.
NFTs certify authenticity. As they are stored on the blockchain, anyone can check at any time whether it is the original and who owns it.

3.4.1 Art

The digital art market in particular has been transformed by these tokens. Previously, not much attention was paid to digital art. There were small groups of people who enjoyed it. However, it was very difficult to assign a value to the individual works. You could hardly find out which one was the original. Images were quickly downloaded and distributed on the Internet. This is also possible with NFTs. However, there is now a clear, unadulterated, genuine version of each work of art.

One artist's profit in particular made headlines. Mike Winkelmann, known by his artist name Beeple, auctioned off a collection of NFTs for USD 69 million. Pictured below is one of the 5000 works included in this collection. The American graphic designer has been publishing a work of art every day for more than 13 years. In recent years, he has created them using a software called Cinema 4D. Although he has managed to publish a work every day over the years, he has hardly benefited financially from this. The most he received for his prints was USD 100. He himself said: "If you could do something with a brush, it was valued at millions of dollars. But nobody cared about art made with a computer." - (Beeple, 2021)
When he got wind of NFTs, he began storing his works on the blockchain - with success. He generated billions in sales and was the first to sell an NFT at the renovated Christie's auction house.
This also shows the interest of art investors. They are also benefiting from the breakthrough. Previously, it was estimated that around 40% of all works of art offered for sale were fakes.
(NFT Sale Beeple - The Verge, 2021), (Non-Fungible Token: Wikipedia, 2022), (Hager, Reich mit NFTs, 2022), (Kaufmann, 2020)

Figure 12: Bull Run – Beeple
(Source: https://www.beeple-crap.com/everydays (opens in a new tab))

3.4.2 Music

NFTs can also open new doors for musicians. The music industry has been very tough for artists for some time now. Musicians are usually dependent on labels. They can make the artists famous, but in return they demand a large share of the profits.
NFTs can enable independent musicians to finance projects. Fans can pre-finance an album by purchasing a token. In return, they then hold the collector's item. If the album is a hit, the musician can reward the fans. The NFT can also increase in value. So it's a win-win situation.
(NFTs - what do they mean for the music industry?: Crypto Valley Journal, 2022)

3.4.3 Sharing valuable assets

With NFTs, expensive assets can be divided into small parts. This allows investors to acquire small parts.

3.4.4 Collectible cards

Before the European and World Cups, Panini sticker collecting fever breaks out in Switzerland. Other countries have also been collecting them for ages. In the United States, baseball, basketball and Pokémon cards are particularly popular. These are regarded as status symbols and sometimes profitable investments.
To verify their authenticity, the trading cards are often sent to a provider. The provider assesses the cards and encloses them in a sleeve. The card is also labeled with its condition. Collectors can assign a value to the cards through companies such as PSA. This process takes a long time and is expensive.
Another problem in the physical space is that cards can be forged, stolen or destroyed. In addition, the cards are examined by people. Errors can also occur here. Furthermore, buyers have to factor in the shipping costs for each transaction. These problems do not exist with NFTs.

Figure 13: Baseball card rated by PSA

3.4.4.1 NBA Top Shot

The Canadian company Dapper Labs has recognized the demand for digital trading cards and developed a website called NBA Top Shot. Short videos of historic basketball moments can be purchased on this website.
The platform was recently explained on the Jimmy Kimmel Live show by former basketball player Magic Johnson.
(Dapper Labs: Wikipedia, 2022), (Jimmy Kimmel Live, 2022)

Figure 14: NBA Top Shot
(Source: https://nbatopshot.com (opens in a new tab))

3.4.5 Smart contracts

NFTs are stored on blockchains, such as this one from Ethereum. Ethereum is a platform that extends the blockchain idea of Bitcoin a little further. In addition to the cryptocurrency ether, a digital work and a piece of code can also be stored.

Smart contracts were first introduced in the 1990s by Nick Szabo. Such a digital contract is not intelligent. It is a small computer program that records an agreement. If the condition is met, the recorded action is executed directly.
Such contracts are written in a development environment and can be linked to NFTs.
For example, when selling a car, taxes, fees and commissions can be paid automatically.

3.4.6 Utilities

Trading cards are very interesting for collectors. However, most people are not overly interested in this area. However, NFTs have much more everyday advantages. The so-called utilities offer owners added value in the form of a privilege. The functionality goes slightly beyond that of smart contracts.
Utility NFT holders gain access to events, images, tickets, music, food, art, virtual land and much more.
(Becher, 2022)

3.4.6.1 Veefriends

Veefriends is the flagship project when it comes to the implementation of utilities. One example of this is the character called Gift Goat. Anyone who was able to bid for one of these NFTs in the first version is entitled to a total of 18 gifts. Previous gifts have included shoes, jackets, whisky and valuable works of art.
All of the 10,255 animal-inspired images were also a ticket to the first Veecon. This conference took place from May 19-22, 2022 at the U.S. Bank Stadium in Minneapolis. Over 130 speakers appeared. Among them were Beeple, Steve Aoki and Snoop Dogg.
The second version of the NFT collection was also a great success. Owners received a box of physical trading cards. Some of these are now being traded at high prices on eBay.
(Veefriends, 2022), (Gary Vee's NFTs - A Guide to VeeFriends and the Man Taking Over Web3: NFT Now, 2022)

Figure 15: Veefriends Gift Goat
(Source: https://www.veefriends.com/friends/3701-gift-goat (opens in a new tab))

3.4.6.2 Tickets

Concert organizers can also make use of tickets. As with trading cards, the advantage here is that the tickets cannot be broken or lost.
It also allows organizers to control the black market by setting a commission that is paid out to them every time a ticket is resold.

3.5 Market

3.5.1 NFTs as an investment

Should you invest in the technology?

If you are looking for a safe investment opportunity, you should stay away from NFTs. They are a high-risk investment. The value of most projects does not last for long. You have to be aware that you could lose all your money. The exit is not as easy as in other markets. You have to find a buyer first.
However, there are also opportunities to make huge profits. One investor was able to achieve an increase in value of 30,000 % with a Beeple work of art. This would be unimaginable in other markets.
(Kerkmann, 2022)

You should do some research before buying. As a little help, we quote the most important questions you should ask yourself before buying, according to the book "Reich mit NFTs - Mike Hager".

• Do you like this work?
• Is there anything new or original about it?
• Does the artist or team behind it already have a name in the NFT space?
• Is there a recognized, traditional artist behind it?
• Are previous works by the NFT team, crypto artist or traditional artist trading at high prices?
• Are influencers from the crypto scene on Twitter and in Discord interested in this work?
• Do stars from the scene already collect works by this team/artist?
• Is there a "utility", an additional benefit that adds value to the project?
• Does the team/artist have a Twitter or Discord account with many real subscribers?
• What do the users on the relevant Discord servers say about the project?
• Is there an art-interested community that deals with the content of the project?
• Does the team/artist have an interesting roadmap for the project (e.g. through planned collaborations, events, conferences)?

(Hager, In summary: What influences the value of an NFT?, 2022)

3.5.2 Milestones

In order to create an overview, it is necessary to clarify when the technologies have been around and when the NFT hype started.

Figure 16 & 17: Development of the NFTs
(Created with canva.com)

(Non-Fungible Token: Wikipedia, 2022), (Wire, 2022), (Zafier, 2022)

3.5.3 Scams

According to our survey, 74% of participants have never been scammed via the Internet. So it looks like the majority of people are quite familiar with current technologies.
But NFTs are brand new. And where there's money, there's greed. In Web 3.0, you can lose everything in a matter of seconds. Fraudsters take full advantage of ignorance. You shouldn't be intimidated by this. But it is important to recognize the attacks.

3.5.3.1 Rug pull

In a rug pull, the rug is pulled out from under your feet. The project loses its entire value within a very short time. This scam works as follows:
A promising website is developed. A roadmap shows what you can expect from the project. The social media channel grows and, in some cases, influencers draw attention to the collectibles. After a successful sale, the founders pay out the money generated and delete all accounts and websites. The promised plans are not put into practice.
This happened when the developers of Evolved Apes disappeared without a trace with USD 2.7 million. The investors never saw their investment again.
(Abbasi, 2022)

3.5.3.2 Social engineering

This attack has been around for ages. Social engineering exploits people's vulnerabilities. The most insidious way is to ask a person for the wallet recovery code via Twitter, Instagram or Discord. If the victim hands it over, they lose all their NFTs and cryptocurrencies.
The second variant is somewhat more complex. Here, a website of a project is imitated and a purchase link is sent. The message alerts the victim to a unique opportunity. Additional time pressure is exerted. The victim is tricked into connecting the wallet.
The lesson learned is that you must always follow the official links. These are usually linked on the marketplaces. You also have to make sure that the websites are classified as secure.
(Sablah, 2022)

3.5.3.3 Social engineering

Although this is not an attack, it is a major criticism of the technology. Our survey also revealed that a few people associate NFTs with money laundering. There is some truth to this.

NFTs are the ideal way to launder money. Large sums of money can be spent anonymously on a work of art. When sold, the proceeds are exchanged for legal tender.
The art market has been used for money laundering for ages. The subjective price and the additional tax benefits make it lucrative. NFTs also have these characteristics. They are also easy to move.
However, the blockchain also deters fraudsters. This is because the transactions can be traced forever.
Studies can only estimate the proportion of such transactions. However, they show that it is low. As a prospective buyer, you should simply look out for conspicuous, regular price increases. This is because the value of NFTs can be further increased with the help of "wash trading". This involves a person creating several wallets and buying the NFTs themselves at ever higher prices. This creates the illusion of an increase in value.
(Non-fungible tokens: Wikipedia, 2022), (Hoops, 2022), (Adejumo & Kons, 2022), (Money laundering and wash trading in the NFT markets: Crypto Valley Journal, 2022)

3.5.4 The big crash

At the time of writing, we are witnessing an NFT crash.
Market analysts and critics predicted a long time ago that the bubble would burst. And it did. The trading volume of all sectors fell by around 90 %.
Neymar, the footballer mentioned in the "Milestones" chapter, is now sitting on an unrealized loss of USD 700,000 with his Bored Ape.
(Nover, 2022), (Dzhondzhorov, 2022), (Market Tracker - CryptoPunks: NonFungible, 2022), (Mayer, 2022)

It is not so easy to pin price trends down to specific reasons. In the following section, we explain our assumptions.

Ultimately, the price is always made up of supply and demand. In 2021, NFTs caused quite a stir. The buzz surrounding the tokens caused the price to skyrocket. In just one year, the trading volume rose from two billion to 16.5 billion. During this period, the number of sellers increased much more than the number of buyers. In the long term, this could be one of the factors that triggered this crisis.
However, it should not be forgotten that we are on the verge of or possibly already in a recession. A high inflation rate, a weak stock market and the crypto winter do not make risky investments very attractive. Such times generally lead to lower demand for goods. Investors tend to steer clear of speculative transactions in particular.
(80+ NFT Statistics 2022 - Global NFT Trading and Popularity Facts: ByBit, 2022)

Figure 18: Market development
(Source: https://de.statista.com/infografik/24807/kennzahlen-der-nft-industrie/ (opens in a new tab))

3.5.5 Future prospects

The future of NFTs is uncertain. However, we are convinced that the technology will remain. Because it is useful. However, most projects will most likely not survive the hard times.
The parallels with the internet bubble are definitely recognizable. When the dotcom companies profited from the boom, investors slowly but surely realized that they would not be able to meet expectations. The bubble burst. Nevertheless, the internet did not disappear and companies like Google changed our lives forever.
In this respect, the crash was perhaps even necessary. It cleared up the market. In addition, buyers learn to pay attention to how much the tokens are really worth.
(Dotcom bubble: Wikipedia, 2021), (Hayes, 2019)

4 Launching an NFT project

We have now gone into all the details of NFTs and therefore think we know what they are. To test our knowledge, we implemented our own project as the culmination of our in-depth work. The aim was to gain insights into the effort involved in such a project. We also wanted to find out what costs are involved and whether the current prices of the existing collections are justified.

4.1 Brainstorming

Every successful project is based on an idea. However, before we started brainstorming, we examined the market.

We identified young people and adults of a younger age as the target group, as a certain technical affinity is a prerequisite for purchasing. Due to the anonymous accounts, however, it is difficult to prove this assumption statistically.
However, according to the following survey, which only takes 2000 German respondents into account, our speculation is correct.

Figure 19: NFT acceptance by age
(Source: https://www.finder.com/de/nft-statistik (opens in a new tab))

Since none of the participants had already purchased a digital collectible, we were unable to generate a better evaluation with our survey.

To get a feel for what kind of art is particularly popular on the market, we studied it first. As can be seen in the "Milestones" chapter, two projects in particular had an upswing. The Bored Ape Yacht Club and the CryptoPunks. In the beginning, almost all projects were based on one of these two. Either pictures of monkeys, cats or pixelated graphics were sold. In the meantime, however, other graphics have also gained popularity.
(NFT Market - Statistics 2021-2022: METAV.RS, 2022)

We could have aligned our concept with these projects. However, we have neither a marketing budget nor enough time to create a successful collection on this scale. Our result would have to be at least as good as the existing projects. For these reasons, we decided to look for a niche. As we computer scientists were already familiar with various technologies, we were confident that we could do something in the field of generative art.

Figure 20: OpenSea generative art collections
(Source: https://opensea.io/ (opens in a new tab))

Generative art relies on an autonomous system to create a work of art. The characteristics of the end product are not determined by the artist, but by a technology. The image shows that there are already successful projects that rely on this type of art.
(Generative art: Hisour, 2022)

After extensive research, we came across programs that can create images with the help of artificial intelligence. This is ideal for the following reasons:

1. the concept is once again very different from the competition.
2. we can delve deeper into the topic of AI. As AI is an area of Web 3.0, this fits in perfectly with our work.

We were therefore ready to define the framework conditions.

Name: GEN Z - GENERATIVE ART
Theme: Images generated by an artificial intelligence in the style of old painters. They should depict activities carried out by people from our generation.
Quantity: 20
Number of pieces: 1

(Generative Art Guide: AiArtist.org, 2022)

4.2 Creation

Now we had to find an application that could generate an image from text.

We quickly came across Midjourney. Midjourney offers beta software, which seemed to be perfect for our work. We tested this tool straight away. Still amazed by the excellent results, we read the general terms and conditions. It stated that all generated works are subject to a "Creative Commons Noncommercial 4.0 Attribution International License". This "Asset License" prohibits the sale of the images. However, as we wanted to learn how to sell NFTs, this was not an option.
(Midjourney, 2022)

So we continued our search. Eventually, we came across Dall-E from OpenAI. This software is also still in the beta phase. Unlike Midjourney, however, you get full rights when you create it. After trying it out, we were also convinced by this application.
(Dall-E 2: OpenAi, 2022), (Blog - Dall-E: OpenAi, 2022)

Dall-E can be used in three ways:

1. create images from text
2. edit existing images via text input
3. create variations of an existing image
   (Image Generation: Openai, 2022)

We used the first function. Here you enter a description of the desired image. Here is an example of what this looks like:

Figure 21: Dall-E generated images
(Source: https://openai.com/dall-e-2/ (opens in a new tab))

If you like one of the results, you can download it. You can also request further versions of a particular image.

Figure 22: Dall-E results
(Source: https://openai.com/dall-e-2/ (opens in a new tab))

Now it was time to turn our concept into reality. We came up with 20 typical activities that people from Generation Z do. We then looked for painters whose styles we found interesting. This resulted in the 20 picture descriptions that can be seen in this illustration:

Figure 23: List of AI instructions

We entered these statements into the software. This generated four, sometimes astonishing, images. We decided on the result that we felt was the most suitable. This resulted in the following images:

Figure 24: Generated images

The greatest difficulty was to define exact instructions so that the artificial intelligence could generate satisfactory outputs.

4.3 Marketplace

Now we had to find out how to turn these images into NFTs. In theory, we have described that a minting process must be run through. A so-called marketplace is used for this. This is basically a trading platform where you can mint and sell your creations. To do this, you upload your work, give it a name and set the selling price.
Marketplaces include Nifty Gateway, SuperRare, Rarible and Coinbase NFT. However, we opted for the market leader OpenSea, which impressed us with its easy-to-understand user interface.
As of July 2022, more than 1.5 million NFTs are traded on OpenSea every month. The platform achieved a turnover of USD 326.5 million in 2021.
(Wenz & Möller, 2022)

Figure 25: OpenSea logo
(Source: docs.opensea.io)

But the platform is not the most important thing. If you post a post on Instagram, it is saved by Meta. If the app is removed from the app store, Instagram blocks the account or the post is removed, the data is lost. As a private individual, you therefore have no control. An NFT is not located on the platform after the mint, but on the blockchain. The marketplace merely displays it. Therefore, any NFT can also be displayed on other platforms.

4.4 Create an account

To create an OpenSea account, you need a wallet. In other words, a kind of digital wallet. We chose Metamask. This wallet, which is used by over 10 million users, can be installed as a browser extension or smartphone app.
The wallet can later be used to buy, hold and spend digital money.
As described in the following sections, a wallet also functions as a login.

4.4.1 Installation

We were able to create the Metamask Wallet in just three steps:

1. go to https://metamask.io (opens in a new tab)
2. click on 'Download
3. install

4.4.2 Set up

After installation, you must set a password and make a note of a generated key. The password is requested before the application can be used. This prevents unauthorized persons from accessing the content. The key consists of twelve words. These grant you access to the wallet from anywhere. If the device on which Metamask is installed is lost, these twelve words are sufficient to restore the account. They must therefore be kept under lock and key. Once set up, the wallet looks like this:

Figure 26: Metamask wallet

4.4.3 Linking with the marketplace

We then visited https://opensea.io (opens in a new tab). We logged in with Metamask. We already had an OpenSea account. No personal data had to be entered. This is exactly the kind of process that Web 3.0 simplifies. You can navigate platforms completely anonymously without login details. There is no e-mail address behind the users, just an identification number.

Figure 27: Linking the wallet

4.5 Creating a collection

We then started to create a collection. Because we wanted to have our 20 pictures in one place.
So we entered the name, a description and our commission on further sales. Since a logo and banner were also required, we created these things.

Figure 28: Screenshot of our collection on OpenSea

4.6 Minting

Now it was time to create NFTs. To do this, we clicked on the corresponding navigation point. This allowed us to upload the first image, enter a name and describe the NFT. We then added it to the collection we had just created.

Figure 29: Details when creating an NFT

We chose Ethereum as the blockchain. Alternatives are Arbitrum, Avalanche, Klaytn, Optimism, Polygon and Solona. We chose Ethereum because it is quite popular and our NFTs could get more attention.
After we had entered everything, we clicked on "Create". After a few seconds, it was confirmed that our NFT had been created. The image is now stored on the blockchain for all time. To create all 20 tokens, we repeated this process 19 times.
Our project can be found at: https://opensea.io/collection/gen-z-gen-art (opens in a new tab)

4.6.1 Effort

The question now arises as to how time-consuming it was to create an NFT.
As can be seen from this documentation, very few steps are required. The major effort was the research work, development of the concept and generation of the artwork. However, if you already have these things ready, you can create an NFT in just a few minutes.

4.6.2 Costs

The global minting process on Ethereum was previously estimated to consume around half as much electricity annually as the whole of Switzerland. (Buchmann & Büsser, 2022)_
The token was also often criticized for its impact on the climate. Three things were done to prevent overloading:

1 Gas fees: Fees, so-called gas fees, are charged during the creation process. These prevent people from creating unnecessary NFTs. They also ensure that there is no overloading. If the system is busy, it increases the price for creation. This automatically results in fewer transactions.
(What are gas fees?: OpenSea Support, 2022) 2 Proof of state: In the description of the blockchain, it was shown how security is ensured through minting. This principle is called "proof of work". However, there is another method for validating the movement of assets. This is called "proof of state". Ethereum successfully switched to this system on September 15, 2022, thus dispensing with miners. As a result, the blockchain will need to use 99.95% less energy.
(The Merge: Ethereum.org, 2022) 3 Lazy Minting: When an NFT is created, it is not yet permanently stored in the blockchain. This only happens with the first transaction (when someone buys it).
(Create NFTs for Free on OpenSea: OpenSea Blog, 2020), (Can I list an item without paying to "mint" it?: OpenSea Support, 2022)

4.7 Sale

First of all, we wanted to know why some projects are so expensive and whether these prices are justified. Our survey clearly showed that most people, of all age groups, consider these high sums to be completely unreasonable.
So what is the reason for spending such large sums?
We came to the conclusion that the prices are so high for several reasons:

• As soon as people have the bare necessities, they see value in things where there is none. That has always been the case. Even old paintings only have the value that we ascribe to them. After all, the Mona Lisa's paint and canvas were not expensive.
• People want to be part of the hype and impress others.
• NFTs are the ideal status symbol and, unlike watches or cars, cannot break.

4.7.1 Sales tactics

There are certain tactics that can be seen time and again:

• Scarcity: a limited number makes the individual tokens rarer. This can trigger the so-called "fear of missing out" among interested parties. This means that people are afraid of not being able to buy the NFT.
• Editions: If a project has been successfully launched on the market, an extension or second edition is often sold.
• Randomization: The buyer does not know what they will receive at the beginning. The individual NFTs have different rarities and are distributed randomly. This lottery is sometimes reminiscent of a game of chance. For this reason, sites such as Sorare, where virtual football cards are sold, are even blocked in Switzerland.

Figure 30: Warning about Sorare
(Source: http://sorare.com/)

4.7.2 Sale

Before we released the NFTs for sale, we checked again that all the data was correct. We then set a price. We also looked at what other projects were asking. Since our collection contains 20 images and they all exist only once, we set a price of 0.1 ETH. This currently corresponds to just over 115 Swiss francs. That may sound like a lot, but it's still low in the NFT space.

Figure 31: Screenshots of one of our NFTs on OpenSea

4.7.3 Result

As part of this work, we interviewed the artist Tyler Hobbs, who has become well-known for his generative art. He is regarded as one of the greatest artists of this generation. When asked how NFTs changed his life, he replied:
"It was one of the most positive developments of my life. The NFTs have given digital art a certain legitimacy that didn't exist before. They have helped me to continue my work as a full-time independent artist and have opened up new opportunities for me to create and share my artwork." - (Hobbs, 2022)

His joy is understandable. Because one of his projects earned him around 17 million USD.
(Tyler Hobbs, Fidenza Creator, Sells $17 Million NFTs Despite Dreary Market: Bitcoinist, 2022)

The whole thing was not so successful for us.
The sale ran from 2.10.2022 to 2.11.2022. Not a single one of our NFTs was sold. In our opinion, this is due to a lack of demand. As we did not advertise the project on social media, we had a maximum of seven views on the pictures. This was also due to the fact that there are over 80 million NFTs on the platform.

We learned that marketing is the be-all and end-all. That's why manufacturers often work with influencers. Without this marketing, you can hardly stand out from the crowd. So if you are an independent artist who wants to sell your work as NFTs, you should keep this in mind. To be fair, we also have to add that we created the project when the market collapsed. So investors weren't throwing money around.

But we can still say that we know how to create an NFT project.
This can be accessed via the QR code.

Figure 32: QR code for the project

4.8 Transaction

To show what a transaction looks like from both sides, we bought the NFT with a second wallet.
(First of all, we would like to point out that we did not engage in wash trading. We made the purchase for educational purposes. Our intention was not to inflate the price of the collection).

4.8.1 Creating a buyer account

First, we created a second Metamask account. You can create an unlimited number of these. How this works has already been described in the chapter "Creating an account". We then bought the required cryptocurrency. This can also be done directly in Metamask. Bank, Apple Pay, credit or debit card are possible payment methods. As Metamask is not a trading platform, but merely a wallet, the purchase process is outsourced. In this case, the wallet searches for the cheapest provider and buys through them.

4.8.2 Submitting an offer

After the cryptocurrency was transferred, we went to OpenSea with this account and selected an NFT from the collection. It is possible to submit an offer to each NFT. We did this by clicking on "Make offer". This opens the following window:

Figure 33: OpenSea submission of offer

As you can see, you have to submit offers on the Ethereum blockchain with WETH. WETH stands for "Wrapped Ether". This is a cryptocurrency. As the name suggests, it is very similar to ETH (Ethereum). However, WETH can be used to place bids, which are transferred directly upon acceptance. As WETH has exactly the same value as ETH, Ethereum can easily be exchanged for WETH if required.
We then made an offer with this currency. As a potential buyer, you can specify how long the proposition should last. It is also important to know that the total amount of the offer must not be less than five USD.

Figure 34: OpenSea submission details

All actions involving money must be confirmed. A permission request pops up in the Metamask Wallet. In this case, you are asked whether you want to grant OpenSea access to your WETH.

Figure 35: OpenSea access confirmation

4.8.3 Accept offer

The buyer's price proposal is then visible to everyone. The highest bid can be seen directly next to the image.

Figure 36: OpenSea display of the offer

All offers are listed below. OpenSea also offers the option of making counter-offers.
To sell the NFT, we clicked on "Accept".

Figure 37: OpenSea list of offers

A detailed overview shows all the information about the purchase. You must also agree to this again and thus confirm the fees and sign the purchase.

Figure 38: OpenSea acceptance of the offer

The purchase is now complete. As can be seen in the figure on the right, the NFT has been transferred from the holder's wallet to the buyer's wallet.

Figure 39: OpenSea confirmation sale

Figure 40: OpenSea NFT in the buyer account

This process is relatively simple. This is because OpenSea guides you so that you only have to make a few clicks as a buyer and seller.

4.8.4 Transparency

This screen shows the transparency of the NFTs. You can see exactly when a token was created and listed. The offers and sales are also documented in detail.

Figure 41: OpenSea article activity

However, the system is still anonymous. If you don't give your account a name, nobody knows who is behind it.

4.8.5 Fees

During this process, fees were repeatedly incurred. Here we have recorded how much these amounted to.

4.8.5.1 Buyer

The buyer made an offer of USD 5.02.

| Fees | Amount in USD | | ----------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | | Purchase cryptocurrency in Metamask, transfer from a trading platform to the wallet or switch from another cryptocurrency to WETH. | 0.12 | | Fee Submission of offer | 0.72 | | Transaction fee | 0.34 | | Total | 1.18 |

4.8.5.2 Seller

Of the USD 5.02 collected, USD 1.22 remained after deducting the 3.80 fees.
Since the fees are higher than the income, it does not make much sense to sell cheap NFTs.

5 Closing words

Technology is advancing rapidly. Many of the concepts of Web 3.0 are being turned into reality. The big goal is to give power back to individuals and thus enable them to live independently of the state and large corporations. This sounds sensible for the first time. After all, who wants to be controlled? You can be removed from all social networks overnight. Banks can freeze your account.
The Web 3.0 concept is being received differently. Some countries ban applications or shut down the Internet completely. Other governments, on the other hand, are firmly convinced of the third generation of the Internet and accept Bitcoin as a means of payment.
At this stage, it must also be admitted that neither the ideas nor the technologies are fully developed. Here are three examples:

• Bitcoin was supposed to be a cheaper, lighter, faster alternative to fiat money. However, the fees are high, buying is not easy and transactions are sometimes very slow.
• The blockchain should be used in many areas. However, very few companies are using it yet. And when companies do, they usually use a private chain that they control. Of course, supply chain data can be stored excellently. However, a so-called corporate blockchain misses part of the point.
• The technology of NFTs can solve real problems through digital proof of ownership and authenticity. Among other things, it enables many artists to profit from their work. Like all new technologies, tokens also have their downsides. Fraudsters pose a danger. It does not improve the climate and most projects simply exploit the hype. Everyone has to decide for themselves whether the high prices of some collections are justified. Ultimately, they have the value that we attribute to them.

However, we are now both convinced of the future of the Internet and NFTs. At the moment, we are still at the very beginning. Perhaps it will take another five to ten years before people and the revolutionary technologies are ready.

5.1 Personal gain in knowledge

I learned a lot about the development of the Internet, which I use on a daily basis. But especially in the area of Web 3.0 I was able to acquire new knowledge. Many of the topics were not unfamiliar to me. However, in the form of this thesis, I was able to deepen some points and make completely new connections.
I am particularly excited about the development of cryptocurrencies. But I am also fascinated by NFTs. Because the concept of storing digital media on the blockchain is ingenious. However, this work also taught me that the potential is hardly being exploited in practice. It was difficult to find projects that really had a benefit. The market is dominated by questionable, similar projects that are highly praised by influencers. As a result, the focus is mostly on "high-priced monkeys" instead of the technology.
However, I strongly believe that the current market situation will change this. Because the useless projects are now losing a lot of value.
The field of the Internet is highly exciting and complex at the same time. Hopefully these lines have been able to shed some light on this topic and thus contribute to the faster advancement of Web 3.0.

5.2 Target assessment

We were able to achieve all the goals we set.

1. we now know how Internet technologies have developed. We were able to show our findings with the help of a timeline and text. Thanks to our survey, we now understand more about how people use the Internet. We were also able to present these results in an understandable way. 2 We also highlighted the opportunities and dangers of Web 3.0. On the one hand, we described these in the first section "Development of the Internet". We also specifically addressed the opportunities and potential pitfalls in the NFTs.
2. after reading the book "Reich mit NFTs" (Get Rich with NFTs) and doing extensive research on the topic of blockchain, we understood how NFTs work. We described them in an understandable text and created supporting graphics.
3. we successfully found a project idea, created images and mined NFTs from them. We then released these for action. We documented the entire process in detail. When the campaign was unsuccessful, we bought one of the images ourselves. This allowed us to ensure that readers understood an NFT transaction.

5.3 Acknowledgements

We would like to take this opportunity to thank everyone who supported us during the preparation of this in-depth study.
Special thanks go to all the participants in our survey, without whom this work would not have been possible. Our thanks go to their willingness to provide information and their interesting contributions and answers to our questions.
We would also like to thank Tyler Hobbs for answering our question.

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