Hello and welcome! 👋

Welcome to the second edition of the “Web3 Simplified” newsletter from Fox and Happy Blocks, where we’ll be exploring the latest business use cases of this cutting-edge technology.

We know that learning about the Web3 space can be a bit of a puzzle, but we’re here to help you put the pieces together and unlock its full potential!

As a reminder, our upcoming eight-week Web3 education online course starts soon and has limited seats. Register today or share it with someone who could be interested to avoid missing out! More details here.

Happy reading!

👾 Weekly Web3 Business Case: NFT Ticketing for Events

Have you ever found yourself frantically searching for an event ticket, only to realize it has vanished into thin air? We’ve been there, and it’s not fun!

For businesses, ticketing poses significant challenges, too. Businesses often struggle with ticket fraud, counterfeiting, and high-cost production. Therefore, it’s no surprise that both businesses and customers are increasingly embracing non-fungible token (NFT) ticketing as a solution to these problems.

NFTs are often described as digital images or videos you can buy that have come with special data. Each NFT is unique — nobody else can have the exact same one as you. This means that when you purchase an NFT, you have the power to either keep it for yourself or sell it to someone else directly. The special data is recorded on the blockchain and transferred along with each sale made, ensuring security and preventing fraud/counterfeiting.

Example: Veefriend NFTs, created by crypto entrepreneur Gary Vaynerchuk, serve as tickets to an exclusive conference called Veecon. NFT holders get a ticket for the conference (presented as an NFT, of course) and can either decide to attend the conference or sell the ticket-NFT securely to others who want to attend.

NFT ticketing comes with 5 major benefits for business owners

1️⃣ Increased security: Since each NFT ticket is unique and recorded on a blockchain, it is impossible to duplicate or change it. This helps businesses prevent ticket fraud and counterfeiting.

2️⃣ Improved customer engagement: Because NFTs are digital assets, they can be customized and personalized by events in unique ways, such as including exclusive merchandise, behind-the-scenes access, or other perks.

3️⃣ Increased revenue potential: NFT ticketing can create new revenue streams, such as the ability to sell unique and limited-edition digital collectibles associated with events. NFTs can also be sold and traded on secondary markets, from which businesses can profit from resales.

4️⃣ Enhanced decision-making: NFT ticketing can provide businesses with better data tracking and analytics capabilities, providing real-time sales data, buyer demographics, and additional insights that help inform business decisions.

5️⃣ Sustainability: NFT ticketing can help businesses reduce their environmental impact by eliminating the need for physical tickets, reducing paper waste and carbon emissions associated with shipping and handling.

If you or someone you know is a business owner in the events industry, definitely consider exploring the benefits of NFT ticketing for your next event!

🚨 Recent scam alert

Recently, Kevin Rose, the famous Co-founder of Moonbird NFT and PROOF, lost $1.1M+ after falling victim to a phishing scam when selling NFTs directly from his vault wallet.

If you're wondering what a vault wallet is, it can be described as a secret treasure chest where you store your most prized possessions. This is why you should be highly cautious with connecting this vault wallet to any website - the best practice would be not to connect it to any site.

Rose's exploiters set up a phishing site that could view the NFTs Rose held in his vault wallet. Then, they set up an online order to permit themselves to transfer several high-value NFTs, which Rose mistakingly confirmed when attempting to sell some (but not all) of his NFTs. The scammers were able to steal several high-value tokens from Autoglyph, Chromie Squiggles, and OnChainMonkeys collections.

What Rose should have done instead: transferred the NFTs he wanted to sell to another wallet instead of using his secret treasure chest.

Lesson Learned: Never sell directly from your vault wallet. Move your NFTs to another wallet first!

We know NFTs are exciting, but this case shows us that scams can affect even the experts. Therefore, staying vigilant and protecting yourself from potential threats is essential. In Fox and Happy Blocks' upcoming eight-week "Web3 Simplified" education course, you will learn how to avoid such scams and more.

🎤 Listen to our new BlocksTrail podcast!

There are so many ways that Web3 can transform businesses that we created a podcast to share the most exciting examples! Introducing BlocksTrail, our new podcast exploring the business benefits of Web3.

Join Fox and Happy Blocks Co-Founders Ursula Volpe and Dr. Su-Zeong Fröhlich for the first episode, where they answer common industry questions. Listen via Spotify or YouTube.

We look forward to sharing more episodes with you in our upcoming newsletters!

✈️ Meet Fox and Happy Blocks in LA!

Fox and Happy Blocks Co-founder Dr. Su-Zeong Fröhlich recently traveled to Los Angeles to attend K12Krypto’s NFT Youth Summit (March 15) and NFT.LA from March 20-23. Her NFT project VISIBLR has partnered with VZNZ to create an incredible augmented reality (AR) scavenger event for 200 teenagers to learn about Web3. Are you planning to attend these events as well? Get in touch to meet up!

😈 This week’s Web3 Meme

Don’t worry, we won't end without giving you something to laugh about. Enjoy!

Best Regards,

Dr. Su-Zeong Fröhlich and Ursula Volpe
Co-founders of Fox and Happy Blocks

PS: Do you know someone new to Web3? Share this newsletter and help them learn more! Rewards and surprises for referrers may be coming soon. 😉 

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always DYOR (do your own research).