Similar to the metaverse, the term Web3 has been popping up in our lives for a while now. We constantly hear about NFTs, DeFi, DAOs or dApps, but the concept of Web3 is still a bit confusing for many.
Web3 means decentralization, blockchain, AI, virtual reality, augmented reality and innovative technologies that offer immersive experiences and interaction. They are defined as complex concepts to implement, more so in such an early stage as the current state but they will become the future of the Web services we are used to.
A good way to conceptually understand Web3 is to think of it as a user-owned Internet. Blockchain allows transactions to be carried out securely on the network without the intervention of intermediaries, which today are common actors, such as a bank or a notary.
When web1 burst into our lives, many wondered if it would be a momentary thing, a fad or an occasional fad. Web1 was a great technological revolution that gave way years later to web2 with its social networks and interaction between users. Today we are facing a new technological revolution and the market will be changing and adapting to this new market in the coming years.
Companies around the world are facing the challenge of making the big leap from social networks to Web3, a new model with new opportunities and where several companies are creating new products and services
The big challenge:
Web2 is evolving towards Web3 and companies will have to accommodate this evolution.
In Web2, the main sources of revenue for large platforms are advertising and subscriptions. In times of crisis, these are two of the variables that suffer the greatest reduction. In addition, they often offer an invasive experience, generating discomfort among users.
Web3 offers a stable solution to this problem through tokenization and the generation of new monetization schemes, where companies and users can generate positive relationships supported by an immersive experience and total user control.
Benefits of web3:
We will replace current platforms with open protocols and decentralized community-managed networks. In addition, the open infrastructure of Web1 will be combined with the user participation brought by Web2.
The Holy Grail in the structure of the Web3 is blockchain technology.
This allows the creation of “blocks” and the formation of data chains. Thus, if Web1 was based on hyperlinks and Web 2.0 on social networks, Web 3.0 will be based on blockchain.
Web 3.0 is also expected to allow users to access thousands of data centers around the world and, above all, to choose who stores their data and how. And here we come to the great challenge for those of us who are creating the Metaverse and enterprise presences on Web3, how to safeguard user data and privacy and how to achieve interoperability between platforms, but that is another topic that we will address shortly.
In my company we are dedicated to creating actions with the objective of increasing sales, creating community, gaining new users or offering innovative experiences, I personally believe that the most important point of this technology is the implementation of decentralized finance (DeFi). Basically, users will have the possibility to use financial instruments without the need for a bank to be behind the operations.
Web 3.0 proposes a new advertising model; companies will no longer need an intermediary such as television or radio, but will be able to interact directly with users. In Web 3.0 it will be the user who decides to “buy, reproduce or interact” with the spot and become a consumer of it, in exchange for payment.
In addition, Web 3.0 will include augmented reality and virtual reality technologies that allow the creation of new immersive experiences for the public and therefore new business opportunities, such as attending a concert, a meet and great, entering the home of your artist, organizing an event with clients or avatar friends or watching a soccer match from home while virtually at the stadium.
Opportunities for companies:
Taking into account the previous points, Web3 offers us a new way to connect with our customers, offering them a playful and immersive experience, a gamified user experience adapted to the use that mainly the Z generation has. New monetization models allow us to generate revenue by offering the user/investor to be part of the value chain.