The Future of Web3: How Can Your Startup Stay Ahead of The Curve

Did you know that the Web3 global blockchain market size is expected to reach $57 million by 2025? As the world adopts Web3, startups must stay ahead of the curve.

But there is a catch: businesses can no longer afford to ignore Web3. Doing this would mean passing on a wealth of opportunities that could take your company to new heights. So why is it necessary for businesses to adopt Web3?

Let's delve more deeply into the Web3 saga, where your business can thrive like never before!

How Web3 promises to change the world?

Prepare yourselves because Web3 is coming to change the way we perceive the world. Imagine a time in the future when people control their own digital fortunes, ownership is democratized, and trust is deeply rooted in technology. A breathtaking transformation that Web3 is about to unleash upon the globe.

According to a report by Deloitte:

By 2026, 2 billion people are projected to spend more than 1 hour in the Metaverse to shop, attend gatherings, socialize, or consume content.

Here's how Web3 is transforming Industries

As Web3 is gaining momentum, its effect on industries will be profound. Hence, embracing this technology is no longer optional.

1. Disrupting the Financial Sector:

By eliminating middlemen and automating the execution of smart contracts, Web3 aims to make financial transactions more streamlined, efficient, and accessible.

2. Empowering content creators and artists:

NFTs are revolutionizing the ownership and monetization of digital content on Web3 platforms. Artists have more control over their digital property, can interact with fans directly, and can monetize their works without intermediaries

3. Reinventing healthcare:

Web3 is unlocking a ton of potential in healthcare by offering patients data privacy, management, and ownership, allowing different organizations to access health records, and improving patients care quality.

4. Metaverse real estate

Real estate agents might make a big buck through the Web3 revolution. Virtual lands can be bought, sold, or even rented. People can buy these lands from marketplaces like OpenSea or Rarible.

🙶The biggest metaverse real estate transaction was a $5 million purchase by Curzio Research for 19 commercial properties in TCG World.

5. Transforming the gaming industry

Do you know that VR game revenues are projected to increase sixfold from $0.5 billion in 2019 to $3.2 billion in 2024? Gamers will experience immersive graphics and 3D objects with high-quality sound effects getting them to experience a whole new reality!

Why Businesses Can't Afford to Ignore Web3 Anymore

Influential companies are adopting Web3 like no one else. They know the future of Web3 and are working to bring unique ideas, collaborate with experienced Web3 talent, and compete to provide maximum value to their existing user base.

Here are the top 5 companies that are pushing the boundaries of Web3 adoption: 

• Meta (formerly Facebook)

Meta reflects the mission to operate functionalities in the metaverse where users may communicate, create, and own digital properties. Their goal is to employ blockchain and NFTs to let people own virtual properties, valuables, and collectibles in virtual worlds.

For this, Meta has even invested in Oculus Quest - a lightweight headgear - to make the adoption of Metaverse easier for its users!

• Shopify

Shopify is incorporating Web3 features to give buyers, and sellers control over their digital identities and ownership. Using blockchain technology, Shopify aims to revolutionize online transactions by establishing a more open and trustworthy e-commerce ecosystem.

CEO of Shopify, Tobi Lutke, understands the future of NFTs and now individuals can sell NFTs worth thousands of dollars using Shopify’s platform!

• Twitter

By integrating NFTs, Twitter is advancing Web3 technology. Twitter Blue subscribers can now select an NFT as their profile photo, demonstrating their ownership of digital assets. Even if there are still certain restrictions, such as the fact that it is only available on iPhones and in a few countries, Twitter's acceptance of NFTs shows that it is committed to switching to the new generation of the Internet.

• Spotify

So far, Snoop Dog made $44 million in revenue by selling NFT music! Every other artist cares about their creation, and NFTs are a great way to claim their property and earn royalties whenever another creator utilizes it. However, the development of an NFT marketplace by Spotify remains largely uncertain.

Spotify launched an AI feature called ‘DJ’ to give a more personalized experience to users. As Spotify says it's like putting “AI DJ in your pocket”. The more this feature is used, the more accurately it’ll recommend music.

• Microsoft 

Microsoft has allied with ConsenSys - the company behind MetaMask - in a deliberate move to strengthen its position in the blockchain business. Microsoft stopped offering its blockchain services and began referring customers to ConsenSys after making a large investment and partnering with the company. Additionally, Microsoft's interest in Polkadot, a rival smart contract technology, makes this collaboration one to watch closely.

Web3's Power to Enhance Brand-Consumer Relationships

The dynamics of brand-consumer relationships are changing in the Web3 era, offering new avenues for deep involvement and building stronger bonds. Here's how Web3 enables businesses to create stronger connections with their customers:

• Authenticity and transparency

• User empowerment and ownership

• Rewarding participation and royalties

• Co-creation and collaboration

Adopting Web3 might take some time, but as a matter of fact, Gen Zs are quick learners when it comes to tech. Teenagers are already making millions of dollars by selling their viral NFT art. Most e-commerce stores have integrated crypto payments at checkout. There is no better time than the present to make the switch and incorporate web3 into your company.

Web3's Potential for Monetization and Innovation

Web3 offers businesses new revenue streams and opportunities for expansion, opening up a world of fascinating possibilities for monetization and innovation.

• Tokenization

• Decentralized Finance (DeFi)

• Non-Fungible Token

• Smart contracts and automation

Your company can be at the forefront of a new era of customer engagement and growth by embracing Web3. You may differentiate your brand, increase client loyalty, and open up new revenue streams by taking advantage of these opportunities in the dynamic Web3 market.

The Irresistible Appeal of Web3 for GenZ

The tech-savvy generation is irresistibly drawn to the possibilities offered by Web3 technologies. Here’s why Web3 is so appealing to Gen-Z and how your company may capitalize on this compelling trend.

• Self-Sovereignty: Web3 gives Gen-Z power over their personal information, minimizing privacy worries and allowing them to decide how their data is shared.

• Authenticity and Transparency: A growing concern among Gen-Z is transparency, and with tools offered by Web3, they can confirm the authenticity of material, goods, and experiences thanks to the decentralized structure, which supports a transparent environment.

• Decentralized finance (DeFi): Web3's ecosystem for decentralized finance gives Gen-Z access to investments, financial services, and chances to generate passive income without using middlemen.

• Token Economy and Micropayments: Web3 enables Gen-Z to conduct micropayments and participate in token economies. As a result, there are now more opportunities to monetize their abilities, content, and creative pursuits, generating fresh revenue streams and compensating them for their contributions.

• Decentralized Social Media: It is operated on peer-to-peer networks where data is kept private, and data breaches are nearly impossible. This decentralized system gives more power to users over their network.

A Few Predictions on the Future of Web3 Businesses

It's time to review some surprising predictions that will nearly make you say, “I never thought it would be possible!”

• NFTs will be turned into stories. You might see your favorite novel turned into an NFT novel pretty soon.

• Just like ‘WordPress’ where anyone can make sassy websites in a few minutes with the help of AI-powered website builders, we might soon start to see platforms that make NFTs on the fly in just a few clicks (or maybe some prompts!).

• Big artists and musicians will have blockchain-based fan clubs with attractive perks for their die-hard fans. They can even have virtual meet-ups in the metaverse!

• Using NFT collections, which link the actual object to a digital collectible or virtual twin, we'll see more connected fashion collections that help combine physical and virtual fashion.

• Gamers can trade whatever they earn while playing games to secondary markets. Do you know that Web3 companies raised $7.1B in 2022, and 62% went into the gaming category?

How Can Your Business Adopt Web3?

Now that we’ve established that embracing Web3 is no longer a choice but a necessity let’s talk about the challenges of its adoption.

For a detailed version of this topic, check out this blog to find the solution: What are the biggest challenges with the adoption of Web3?

Here’s how your company can successfully implement Web3 technology, overcome key challenges, and open up a world of opportunities:

1. Knowledge is power: Teach yourself and your team about Web3 ideas, technologies, and prospective uses. For educated decision-making, keep up with recent technological developments and market trends.

Pro tip: You can follow Web3 or blockchain experts on LinkedIn or subscribe to Web3 newsletters for a daily dose of Web3 knowledge. Don’t forget to follow Go 3.0 on LinkedIn as well.

2. Build a competent team: Build a team with the right knowledge and proficiency in Web3 technologies. Encourage your staff to upskill themselves in blockchain, smart contracts, and decentralized applications.

3. Solve the biggest adoption challenge: Hiring Web3 developers is one of the biggest challenges faced by recruiters at Web3 companies. They not only invest their time searching for the right candidate, but mainly, talent’s skills aren’t a good fit for the project. You can solve this in just two simple steps! Schedule a call with us now and tell us your requirements; we’ll find you the best Web3 developer in no time!

Here’s How Go 3.0 is Helping Businesses Adopt Web3

Go 3.0 is designed to be a Web3-specific talent-matching platform with a pool of pre-vetted Web3 developers that ensures a seamless and timely transition to Web3 for your business.

Here are a few ways Go 3.0 can help you in your Web3 journey:

Expert consultation from Go 3.0:

Our Web3 experts provide personalized consultations, product planning, and technology recommendations for your team. Our specialist will collaborate closely with you to help you embrace Web3 and stay on top of the game, offering strategic insights and achievable ideas. You can schedule a 30-minute free call at any time!

Hire pre-vetted Web3 talent:

After consultation, Go 3.0 connects you with a large talent pool of qualified Web3 developers that match your requirements. Talent at Go 3.0 is vetted through our comprehensive assessment procedure, which guarantees that you can construct reliable Web3 applications, develop creative decentralized solutions, and grow your business.

Streamlined hiring process:

Go 3.0 also offers customers access to our toolkit and assessments to help with your in-house recruitment process, unlike the talent matching platform, where we tackle all the hassle, from job requirements to checking candidate profiles and doing interviews. Go 3.0 can assist you in swiftly and effectively identifying suitable talent yourself using our Web3 Assessments.

Advanced payment structures:

With Go 3.0, you can pay your team using a combination of fiat and tokens and design incentive schemes tailored to your company's requirements.

FAQs

How is Web3 going to change the world?

By facilitating trustless transactions, decentralizing authority, and promoting peer-to-peer collaboration, Web3 is ready to change the world as we know it. Redefining businesses, enhancing data privacy, and enabling people to truly own digital assets will create a more inclusive and open global economy.

Why do businesses need Web3?

To remain relevant and competitive in the digital age, businesses require Web3. Through tokenization and decentralized finance, Web3 offers prospects for new revenue streams, improved data protection, and increased operational effectiveness. By adopting Web3, companies may use the limitless potential of blockchain, smart contracts, and decentralized applications.

Can Web3 help small businesses?

By giving small businesses direct access to international markets, cutting out middlemen, and lowering transaction costs, Web3 levels the playing field for them. Small firms can use it to streamline supply chain management, raise capital through decentralized financing, and engage clients with immersive experiences.

GenZ and Web3 technology

Web3 technology appeals to GenZ because it reflects its diversity, decentralization, and digital ownership values. Web3 allows GenZ to participate in platform development and governance, make money from tokenized assets, and interact with companies in fresh ways. GenZ is well-positioned to influence the acceptance and development of Web3 technologies in the years to come because of its comfort with technology and inclination for innovation.