by Apit Sharma
Since time immemorial, technology has played a pivotal role in expanding the horizons of business. From the invention of the personal computer, to the advent of the Internet, to the birth of mobile phones, every era has one catalyst that accelerates industrial progress in various fields. Today, that catalyst is the modern marvel that happens to be called “Web 3.0.”
We are experiencing an exciting chapter in the digital age. Web 3.0 has the potential to change the way businesses operate, not only at the macro level, but also at the micro level. This is the main reason many traditional businesses are entering the Web 3.0 realm. The world of Web 3.0, including launching its own iteration of the Metaverse, creating special edition NFTs, launching exclusive loyalty and perks around Web 3.0 experiences, and enabling new means of digital payments. There have been various attempts by companies to step into the
Innovation has its own life cycle. Web3 is no exception. Web3 started as a disruptive technology that enabled a peer-to-peer electronic cash system using Bitcoin and has evolved rapidly. Gaming was an early adopter and decentralized finance has seen significant growth in recent years. Businesses are adapting rapidly. They are exploring what we call “peripheral applications”. This may not touch the core of your business, but it allows your enterprise to experience the power of the distributed web. For example, a F&B company running a Web3 loyalty program uses Web3 to improve customer retention without actually changing the core of their business model. The next step in this evolution is a disruptive business model based on Web3.
So if you have to look through a digital mirror, what impact will Web 3.0 have on traditional business models? there is.
Web 3.0 will see the adoption of more and more decentralized platforms, giving users ownership of their information and returning power to end-users, making personal asset ownership clearer and more propulsive, banking It reduces the need for financial intermediaries such as institutions.
A range of new business models will emerge while traditional models are under the winds of great change.
DAOs or decentralized autonomous organizations woven around active communities will proliferate. Such communities are not only encouraged to participate, but empowered to guide the direction of their organizations.
Second, users will be able to take true ownership of their data, and new business models will evolve where users are directly encouraged to share their data. Brands wanting to study specific user groups need to engage with them on a personal level.
Web 3.0 empowers creators. Creators have full control over their work, receive direct payments for their work, and can play a central role in the governance of the platform. Last but not least, many new product categories will be invented and discovered as Web 3.0 becomes bigger and more powerful.
Traditional businesses evolve. Successful companies always know when to turn around and adapt. Experienced players quickly partner with Web3 leaders, invest in technology and capability building, and develop evolving strategies to ensure a lasting competitive advantage. Many companies will, of course, think outside the box with an innovation team that can help them navigate their ships. Talent acquisition and hiring will also increase as organizations look for people who are ready to climb the Web 3.0 mountain. Ultimately, forward-thinking companies in any business want to be where their customers and consumers are, rather than sticking to traditional models.
Mass adoption of Web 3.0 is an inevitable phenomenon. Companies that treat this as an opportunity to unlock a profitable dimension will be two steps ahead of him in the game, while companies that try to go against it may find themselves on the decline side of the rainbow. The future holds many fascinating adventures. All one has to do is walk with the changing winds instead of running against them. Web3 is here. are you ready?
The author is Managing Director India, Southeast Asia and Middle East at Near Foundation.
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