dropout invests in web3 - what is it all about? FAQ

What is web3?

The term "web3" is used to describe the third incarnation of the internet, based on blockchain technology, considered by many to be the evolution of the current iteration of the web (2.0) dominated by social networks.

What is Blockchain?

The term blockchain tends to identify a technological architecture based on a shared network of "nodes" (connected devices) and which allows the maintenance of a permanent register containing information of all the operations performed. Such data is fully accessible (and therefore verifiable) in a shared way in the network, effectively removing the need for a central control and verification entity. This allows you to verify in an almost unequivocal way who is the owner of what as well as the full transaction history of a given product or content.

What is an NFT?

NFT stands for non fungible token. The classic example proposed is that of money: a 1 euro coin can be replaced with another coin and the two have the same value, while a work of art is unique and therefore non-fungible.

NFTs can actually represent anything from simple images to corresponding tangible products in the real world.

NFTs are typically bought and sold online (using cryptocurrencies or traditional currencies) and held in digital wallets stored on the blockchain.

What is a wallet?

In the web3 context, the term wallet is used to indicate a digital profile where cryptocurrencies and digital assets (NFT) are stored.

It is a scam?

No, blockchain technology is extremely secure. The whole concept is based on transparency and immutability.

What happens to my data?

The structure of the blockchain is characterized by an irreversible temporal sequence of data. Any added information becomes an immutable part of the system and has an exact timestamp of when it was transmitted in the chain.

Why is dropout interested in web3?

dropout intends to use all possible means to realize its vision of promoting individuality and facilitating self-expression through streetwear culture. dropout intends to create and sustain a community of its brand loyalists, who will enjoy the exclusive products, events and experiences offered by dropout. Owning dropout® NFTs automatically makes you a member of the community.