• Web3 is a shift in internet culture, empowered by new technologies and ideas around online ownership and agency. It’s important to understand that “web3” does not refer to one specific thing. Rather it’s an umbrella term for many emerging internet tools and organizations intended to support an individual’s right to their own data, creative output and online identity. Web1 was hallmarked by a “read-only” status (i.e., one could not interact with other people on Web1 interfaces). Web2 became “read + write” (think social media: with the advent of web2, you could interact with other people in real-time online). Web3, is the start of a “read + write + own” model. A search for the solution to the current state of internet culture, where interactions are tracked and owned by large technology companies without transparency.
• Refraction leverages many of the tools and philosophies of web3 as a means to enable creativity and autonomy for artists. We partner with other web3-affiliated communities (Zora, FWB, Water & Music) to establish a network and space that encourages experimentation, fosters connection, refreshes perspective and offers new tools to create.

• A DAO, or Decentralized Autonomous Organization, is a community which allows its members to engage in shared ownership and decision making. As opposed to a traditional organization, where decisions are often made by a select few, a DAO is run by the group. Members may vote on proposals and have a direct say in how the community operates. As is often the case in Web3, DAOs are understood in different ways and thus are implemented in many shapes and sizes to best fit their mission! FWB, Water & Music, and FlamingoDAO, for example, are all DAOs who adopt their own structure and means of operating. Most DAOs are fundamentally tied to an ethos of transparency and community driven action.
• Refraction enables shared ownership and decision-making power through Snapshot voting. In order to participate in voting, your crypto wallet must hold at least 10 $REFRACT tokens (more on this below), which are given to all members upon them joining the DAO! Our Snapshot votes are always posted in our Discord #announcements channel, so be sure to stay tuned for the next one. All of our Snapshots to date can be found here.

• An NFT, or non-fungible token, is a digital asset whose ownership can be easily proven by a public entry on the blockchain (see below). They can be anything from visual art to music, to text, or a combination of these mediums. In the spirit of creator enablement, NFTs have allowed visual artists like Claire Silver, and musicians & DJ collectives like Pure Rave and Songcamp to engage with new forms, markets and ways of interacting with their audience and art online, providing recognition and financial realization.
• Refraction releases its own NFTs (visual, audio, and audio-visual) which, in addition to aesthetic value, provide real-life utility via access to our shows, community and content. Partnering with present-renowned and legacy creatives, we give 80% of proceeds to the artists involved, providing a substantial jump in support compared to the traditional model of intermediary galleries taking 40-60%. Check out our Drops site for current and past NFT drops!

A $REFRACT token is our DAO’s native cryptocurrency. It allows you to participate in our Snapshot votes, giving you the direct ability to participate in governing our community. Though $REFRACT cannot be sold or traded at the moment, we plan to enter a liquidity pool in 2023, which will allow you to convert your $REFRACT to your native form of currency used in everyday life. The value of the $REFRACT token is based primarily on the number and quality of community members, and our DAO’s growth potential. As more community members enter RefractionDAO and continue to actively engage with our events, collaborative projects and governance, the value of the $REFRACT token will increase. In keeping with Refraction’s pledge to distribute economic upside, we are regularly opening more opportunities for members to earn tokens.

Cryptocurrency, or “crypto”, is simply a digital form of currency that can be transferred over the internet with no middleman (bank/government) intervention needed. Transactions occur faster than traditional transfers and are securely conducted using blockchain technology (see below). There are many different types of cryptocurrency (you may have heard of Bitcoin, Ethereum or Tezos), which can be used to purchase online (and in some places, offline) assets. In most cases today, crypto is used to purchase NFTs and in Refraction’s case, we typically conduct our NFT sales using Ethereum or Tezos.

In its most basic definition, a blockchain is simply a digital ledger (record of information) whose contents cannot be changed. It can store any kind of information, though is most often used to support transactions of cryptocurrencies and NFTs. Every single interaction on a blockchain is publicly visible (and will remain that way, forever), conducted without a third-party (like a bank or government) and is not able to be hacked or edited in any way. This permanence is precisely what makes blockchain special; it allows anyone to interact online safely, securely and anonymously. If you would like to learn more, this article dives deeper into more applications of blockchain and how it works under the hood.