If you’re interested in the latest trends in the tech industry, you’re probably familiar with the rise of the next generation of the internet, popularly called web3. In my previous blogs, I’ve spoken a lot about web3 and its potential for revolutionizing businesses across industries.
A failure to embrace web3 could potentially result in a diminishing digital footprint and being left behind by your competition. So if you’re thinking of integrating web3 in your business but don’t know where to start, keep reading.
Emerging Web3 Entities You Need to Know About
Web3 is no longer a fringe movement; it is steadily gaining traction in mainstream society through several technological advancements such as:
– Blockchain
Blockchain is a form of “distributed database” that stores electronic information, and it cannot be manipulated or deleted. Not only does it eliminate the risk of fraud, but it also brings transparency in a scalable manner for a variety of applications. You’ve probably heard of blockchain technology in association with cryptocurrencies, like Bitcoin.
– Non-Fungible Tokens (NFTs)
These are digital collectibles that can be purchased or sold online in exchange for cryptocurrency. Each NFT is a unique unit of data that is stored on digital ledgers. They can be photos, videos, or audio clips.
– Metaverse – AR/VR
This refers to the concept of a new “extended reality” presented via virtual and augmented reality devices. The metaverse can potentially become a prime market for digital commerce and advertising.
5 Things Your Company Can Do to Succeed in Web3
– Leverage Open Code
Web3 assets are “open source,” meaning content creators and contributors can freely interact with or modify technologies. So you’re no longer limited by restrictions set forth by big tech. Instead, you have the freedom to create innovative and engaging content your target audience will love.
– Learn Blockchain Interfacing
Decentralization is at the core of web3, and decentralized apps have two components: frontend and smart contracts executed on the blockchain. Libraries, such as ethers.js and web3.js, are necessary to interface with blockchains that implement the Ethereum API. You definitely need to hire a knowledgeable blockchain developer who is well-versed in one or both of these libraries.
– Build Consumer Relationships
The decentralized nature of web3 means you will no longer be bound by the rules of big tech. This will lead to increased user and company accountability and allow you to nurture a more direct relationship with your target audience. So audience fluency needs to be an important consideration before you decide to integrate web3 into your business.
– Describe Your Web3 Manifesto
The web3 manifesto must be an evolving framework that defines your brand’s relationship with the new technology. It must outline:
– A Clear Picture of Success and a Business-Minded Technological Philosophy
– An Assessment of Building or Buying Instances in the Metaverse
– The Level of Familiarity and Experience Your Audience Has with the Technology
– How Your Current Assents Map to Web3
– The Future of Connected Experiences
– Be Flexible
Web3 is just starting out—experts are still uncertain which web3 business model will catch on in the new market and which ones will not. In order to succeed, you must be flexible enough to adapt to any new developments in the web3 ecosystem.
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