In 2023, nearly every brand will have an online presence. But soon, that won’t be enough. As the Internet as we know it evolves, businesses are forced to evolve with it. But as the space is a relatively new concept, some may not know where to start. That’s why we’re here! We at Kadima Digital have been making the move toward the Third Web, and we want to show you how you can, too. Without further ado, here is our guide for how brands can enter Web3.
Why should your brand enter the web3 space?
If you don’t know what Web3 is, it’s the third generation of the World Wide Web. Web 1.0 focused on information, Web 2.0 on connection, and this is all about decentralization and ownership. But how can your brand benefit from entering the space?
These technologies, such as blockchain and decentralized networks, offer a number of potential benefits for brands. Firstly, by utilizing decentralized networks, brands can increase their level of security and reduce the risk of data breaches.
Additionally, decentralized networks allow for greater transparency, as all transactions and interactions are recorded on a public ledger. This can help to increase trust and credibility with consumers, as they can see exactly how their data is being used.
Another advantage of this technologies is the ability for brands to have more control over their data and assets. In a traditional Web2 environment, companies often have to rely on third parties to manage their data and assets. This can lead to a loss of control and the potential for those third parties to exploit the data. With this technology , businesses can take back control of their data and assets.
Overall, entering the space offers a number of benefits for brands looking to increase security, transparency, and ownership. This new technology presents an exciting opportunity. Future success will be largely determined by those who embrace it.
Ways for brands to enter web3
Okay, so how can your brand enter the space? Here are a few ways to accomplish this:
1. By utilizing blockchain technology
With blockchain, companies can build transparent and secure supply chain systems, track the origin of goods, and facilitate peer-to-peer transactions.
2. By using or creating decentralized applications (dapps)
Developing and using dApps can facilitate brands’ operations in a decentralized way. An example would be for a brand to develop their own dApp to allow customers to purchase products directly from the manufacturer, without going through a third-party.
3. By participating in decentralized finance (DEFI)
Brands can start accepting cryptocurrency payments from consumers, or making their own investments into alternative (alt) coins.
4. By collaborating with other web3 startups
Partnering with these startups that are already operating in the space can help brands leverage their expertise.
5. By creating their own altcoin and/or NFT project
Businesses can create their own personal cryptocurrency, or create a collection of non-fungible tokens and sell them on the blockchain.
A perfect example of a large brand that has successfully entered this space, is Starbucks. The coffee company has created what they call the ‘Starbucks Odyssey’, a Metaverse-based area for customers to hang out. They also released both physical and digital collectibles, as well as benefits and rewards for those who are subscribed to their virtual Third Space.
The rewards are earned through the ‘Journey Program’, and include barista lessons and other experiences. This has naturally brought in a lot of success for the coffee chain, and Starbucks Odyssey is an excellent example of a business entering the space.
What does the future of web3 look like?
While the exact future of Web3 can’t be pinpointed, there have been some promising predictions from experts in the field. Game developer Chris Wang is one big advocate for this new technology.
Regarding businesses entering the space, Wang told CoinTelegraph that “because Web3 is still so small, any major name brand entering the space is likely to become a massive player almost immediately.”
Other experts predict that this technology will be one of the fastest-growing industries throughout the next decade. Experts at Market Research Future put the market value at nearly $2.86 billion as of January 2023, and predict that this amount will rise to $116.51 billion by 2033.
There are a plethora of ways to integrate your brand into Web3, from NFT collections to accepting cryptocurrency as payment.
This can open up many opportunities for your business, and the future is looking brighter by the day.
If you’ve made your decision and you’re wondering how you can learn more about Web3, check out this article for tons of free and affordable resources!
We hope we’ve answered any questions and concerns in this article, and that you’re ready to take the leap into the next phase of the Internet!