Web3 can refer to a set of technologies, services, or concepts that cross multiple levels of abstraction; therefore, its meaning can vary widely depending on who you talk to.
At the basic level, Web3 refers to a standard and its libraries. These enable the interaction between applications and smart contracts and blockchains (e.g., web3.js, ether.js, etc.).
At the next level, Web3 can refer to applications that the foundational standard enables (e.g., MetaMask, UniSwap, AAVE, OpenSea, etc.).
The acronym NFTs refers to Non-Fungible-Tokens. NFTs represent unique assets with properties that are not replaceable. These tokens contrast with Fungible Tokens that can be easily interchanged with another equal or similar asset (e.g., a cryptocurrency).
NFTs became popularized with digital art projects like CryptoKitties (2017), CryptoPunks (2017), Bored Ape Yacht Club (2021), and the record-setting Beeple’s artwork Everydays (2021) that sold for 69 million dollars.
In crypto, the meaning of staking describes the action of locking tokens with the expectation of earning returns.
There are two fundamentally different forms of staking tokens: