Web 3 and blockchain technology is a powerful new way of operating the internet. Blockchain offers a number of benefits, including decentralization, accountability, transparency, and enhanced security.
Many businesses use centralized services like Facebook, Amazon, and eBay. Here, the platform benefit immensely from the end users. Web 3.0 will distribute more of this wealth to users themselves.
Metaverse applications are also becoming more widely adopted, and are expansive game-like digital economies, which are emerging as a new means of engaging audiences online. Many metaverses are built using blockchain technology, which can be used as a mechanism to incentivize creators to contribute to the ecosystem through building their own monetizable experiences in the expansive metaverse. Blockchain technology also enables users to own the assets they purchase in the game or metaverse itself.
How can businesses benefit from the Metaverse?
McKinsey estimates the Metaverse could generate up to $5trillion in revenue by 2030.
Some Metaverses are immersive virtual reality experiences, while others are similar to playing an expansive game with many subparts.
As the metaverse expands into other use cases beyond gaming, such as virtual conferences, shopping, concerts and workspaces, new users will be brought into the ecosystem. As this happens, brands looking to target younger demographics will benefit from advertising in this ecosystem.
How can businesses benefit from Web3 technology?
Most businesses are intrigued by how they can leverage web3. By developing a web3 strategy, they can potentially enjoy the following benefits:
- More transparency around supply chain
- Insights into user's interest through looking at their wallets
- Novel and more cost-effective membership, subscription and loyalty programs
- Happier users who have more power and incentives to remain loyal
- Easier development of secondary trading marketplaces
- Easier, cheaper routing of payments such as remittances
- Staying young and relevant as a brand
How can games leverage blockchain technology?
Games can leverage tokens as a means to distribute incentives and ownership to players, and encourage early adoption. One way to do this is to build a play-to-earn (P2E) game. Players can play to earn tokens or NFTs, which can later be rented or sold for fiat currency.
Play-to-mint games empower players to mint NFTs after engaging in gameplay. Another category of games is move-to-earn (M2E) games. These promote health and fitness, as users are rewarded for moving ir exercising.
Many kinds of businesses can use innovative web3 strategies to improve profitability. Schedule a demo with us to learn how to unlock the power of Web 3.0 and metaverse applications for your business.