The web3 world is booming, and so are the number of talented developers. This surge has led to the emergence of many new and exciting companies that are building the future of the internet. According to Decrypt, there are already over 10,000 known web3 companies in the cryptocurrency and blockchain space. This is a testament to the fact that despite the bear market of 2022, interest in web3 remains strong. Investors poured $7.1 billion into the space, a 4.5x increase from 2021 when Bitcoin was at its peak price.
In today’s rapidly evolving digital landscape, businesses are constantly faced with a barrage of opportunities and tools to automate processes and enhance overall quality of life. This necessitates a proactive approach and a willingness to embrace new possibilities, especially in the realm of entrepreneurship. As competition in the global market intensifies, businesses must adapt quickly to the ever-changing dynamics of the business world.
The advent of Web3, the next generation of the internet, has brought about a paradigm shift in how businesses operate. In essence, Web3 for business signifies data control without intermediaries. This is underpinned by the principles of decentralization and transparency in financial transactions, enabling direct legal transactions without the need for centralized institutions. Before diving into Web3 adoption or business creation, it’s crucial to understand the various ways in which this can be achieved. Let’s delve into some of the diverse use cases of Web3 technologies in business:
1. Web3 gaming
While a sustainable model for crypto gaming that guarantees success has yet to emerge, here are three useful metrics to help evaluate the potential of P2E projects:
Active player count
This metric, reflecting the number of daily (or monthly) active users, is crucial for determining the game’s growth and popularity. Equally important is the project’s ability to retain this active audience.
Transaction volume per user
This metric refers to the average amount of money spent per player. It reflects both the level of user engagement and the soundness of the token design.
Number and quality of guild partnerships
In Web3 games, growth and distribution typically rely on player referrals and guild partnerships. Crypto gaming guilds are communities of gamers who play together, share information and in-game assets, and support other players. Guilds like Yield Guild Games, Ancient8, Good Games Guild, and Merit Circle enable new players to start playing by lending them in-game assets they otherwise couldn’t afford.
Web3 gaming presents a novel and exciting opportunity, catering to a growing niche of users. These games leverage blockchain technology to provide gamers with greater autonomy, enabling them to earn rewards and enhance their characters. Illuvium, a high-budget, open-world AAA fantasy RPG, exemplifies this trend. Players can capture and train powerful Illuvials, each represented by a unique NFT with distinct abilities.
2. Web3 social networks
Web3 social media platforms offer a unique blend of features designed to attract a large audience seeking new solutions, analysis, and shared resources. Friend.tech, a decentralized social media app built on the blockchain, stands out as an example. Its unique structure allows users to trade shares linked to their profiles, granting access to exclusive private chats with relevant individuals. Communities formed on this platform are characterized by their distinctive concepts and financial incentives, moving away from traditional social media models and towards a business-oriented communication tool.
According to NINJA’s predictions, Diamond App is poised to become a major player in the social media realm in 2024. This decentralized ecosystem seamlessly blends elements of social networking, cryptocurrency, and NFTs. Built on the DeSo blockchain, the Diamond App grants users unprecedented control over their data and content, empowering them to monetize their creativity and influence. At the heart of the Diamond App lies a unique token system. Each user is assigned their own token, representing their reputation and clout within the network. These tokens can be bought, sold, and held, providing users with the opportunity to invest in creators they admire. The platform goes a step further by enabling users to earn real-world rewards for their posts and interactions with the audience. Likes and comments are converted into cryptocurrency, while posts can be transformed into NFTs, which can be sold or collected.
Another platform gaining traction is MINDS, a project that prioritizes user privacy. MINDS stands out by refusing to sell user data to advertisers or track their activity. Users maintain complete control over their information, deciding who has access to it. Minds Tokens serve as the platform’s native currency, rewarding users for their content creation and engagement with others. These tokens can be utilized to boost the visibility of posts, support fellow creators, or be exchanged for fiat currencies.
3. Cryptoinvestment: a new level for modern business
Investing in cryptocurrencies has emerged as a promising avenue for traders and crypto enthusiasts, offering enhanced security, improved efficiency, and access to a broader range of assets. According to a study by the World Economic Forum, amid heightened political polarization both within and beyond the United States, cryptocurrency is emerging as an asset that unites Democrats and Republicans. According to the poll, over half of Americans (53%), namely 59% of Democrats and 51% of Republicans, believe that cryptocurrencies are the future of finance. Approximately 22% of registered voters own cryptocurrency, with ownership levels similar among Democrats (27%) and Republicans (22%).
Decentralized exchanges and peer-to-peer trading enable users to conduct transactions without intermediaries, maintain control over their assets, and reduce the risk of breaches and scams. Among the reputable exchanges, Forbes ADVISOR lists Kraken with fixed fees of 0.9% for stablecoins and 1.5% for other cryptocurrencies, and Gemini with a maker fee of 0.2% and a taker fee of 0.4%. Regarding the other popular exchange, WhiteBIT, the exchange offers some of the lowest trading fees on the market, starting at 0.1% for both takers and makers. This makes the platform attractive to traders of all experience levels who are looking for favorable trading conditions.
Conclusion
Web3 marks a pivotal evolution of the internet, ushering in a new era of ownership and decentralization. Unlike Web2, where users lacked control over their data and creations, Web3 empowers individuals with sovereignty over their digital assets. Businesses can leverage this to develop innovative products and services, foster stronger customer relationships, and reap the benefits of a more democratic and equitable internet, free from the dominance of a few large technology companies.
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