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Web 3.0 to power businesses and creator economy like never before

Billed to be the future of the internet, Web 3.0 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralisation, blockchain technologies, and token-based economics. The new form was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

As a possible solution to concerns about the over-centralization of the web in a few “Big Tech” companies, it will improve data security, scalability, and privacy beyond what is possible with currently available platforms. The creator economy, the software-facilitated economy that allows creators and influencers to earn revenue from their creations, will be one of the biggest beneficiaries of the shift from centralization to decentralization of the internet with Web 3.0. 

Creators at software platforms like YouTube, TikTok, Instagram, Facebook, Twitch, Spotify, Substack, OnlyFans etc. will be able to share their work more efficiently than ever before, enabling brands and businesses to reach out directly and engage with their audiences. Web 3.0 will allow creators to directly receive financial rewards from their fan base through merch sales and subscriptions. This will enable content creators to monetize their work. At the same time, the NFT boom is already creating a massive demand for digital products.

With the help of AR and VR technologies, businesses can provide more immersive and engaging experiences to their customers through rich and interactive advertising.

Web 3.0 brings the ability to connect the dots across various platforms and create new value for consumers and businesses. It offers businesses a unique opportunity to connect with their customers on a deeper level, efficiently manage their data, and with the advent of technology, further improve their products and services.

One of the most significant benefits for businesses is better customer feedback. The ability to quickly gather customer data will allow businesses to get more information about their customers, which will help them improve their products and services and their marketing strategies.

Web 3.0, with blockchain technology and artificial intelligence, will strengthen privacy and security, it will increase trust between consumers and businesses. This will also bring new business opportunities to monetise their products and services. Using blockchain technology and cryptocurrency, companies can create digital marketplaces where users can buy and sell goods in an inclusive environment.

If it took over 10 years to transition from the original web, Web 1.0, to Web 2.0, it is expected to take just as long, if not longer, to fully implement and reshape the web with Web 3.0.

Web 3.0 will change both how websites are made and how people interact with them.

Key features 

  • Decentralised. As opposed to the first two generations of the web, Web 3.0 will be decentralised. Applications and services will be enabled in a distributed approach, where there isn’t a central authority.
  • Blockchain-based. Blockchain is the enabler for the creation of decentralised applications and services. With blockchain, the data and connection across services are distributed in an approach that is different than centralised database infrastructure. Blockchain can also enable an immutable ledger of transactions and activity, helping to provide verifiable authenticity in a decentralised world.
  • Cryptocurrency-enabled. Its usage is a key feature of Web 3.0 services and largely replaces the use of fiat currency.
  • Autonomous and artificially intelligent. More automation overall is a critical feature of Web 3.0, and that automation will largely be powered by AI.

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Disclaimer

Views expressed above are the author’s own.

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