Web3, the next generation of the World Wide Web, presents huge opportunities for businesses to capitalize on its growth potential and create value in the process. With its ability to assign value to digital content and create new revenue streams, Web3 offers a huge potential market of up to $13 trillion by 2030, and businesses that are able to seize the moment are likely to reap the rewards.
Web3, the next generation of the World Wide Web, is expected to be a major game-changer in the digital world. Often associated with cryptocurrencies and non-fungible tokens (NFTs), such as the Bored Apes collection of cartoon apes created by an algorithm, Web3 has the potential to host tens of trillions of dollars’ worth of economic activity in less than a decade. This presents a huge opportunity for businesses to capitalize on Web3’s growth potential and create value in the process.
One of the key features of Web3 is its ability to assign value to digital content. This is a significant shift from Web2, where digital assets were easy to share because they were easy to copy. As a result, enterprise marketers didn’t invest much in creating high-value digital assets. With Web3, it is possible to assign a non-fungible token (NFT) to a digital asset, which is a digital identifier that can’t be copied or changed. The NFT is then recorded in a blockchain, providing a secure and immutable record of ownership.
This new approach to assigning value to digital content has already been embraced by a number of companies and organizations. Nike, for example, made $40 million selling exclusive CloneX avatars as NFTs, while Budweiser made $55 million on NFTs released during the Super Bowl. CitiGroup has estimated that the total addressable market for Web3 will be between $8 trillion and $13 trillion by 2030, which represents a huge opportunity for businesses to create new value and revenue streams.
Transformative
Web3 also has the potential to transform the retail industry. Rather than viewing the metaverse as just another channel, businesses can use Web3 to create virtual versions of physical products and redesign brick-and-mortar stores. Retailers that have already embraced Web2, such as Nike, are well positioned to take advantage of this shift and integrate physical and virtual spaces. This allows customers to earn rewards in the metaverse that can be redeemed in physical stores, and vice versa.
In addition to creating new value and revenue streams, Web3 offers opportunities for businesses to build new platforms and networks. Leveraging the power of the metaverse and blockchain technology, businesses can create experiences and content that customers value, as well as providing new ways to engage with customers and build loyalty. This is a huge opportunity for innovation and value creation, and businesses that are able to seize the moment are likely to reap the rewards.
Paradigm shift
Web3 represents a major shift in the way the web works, and is expected to have a significant impact on many industries and sectors. With its ability to assign value to digital content and create new revenue streams, Web3 offers huge opportunities for businesses to innovate and create value. As the technology continues to develop and become more widely available, we are likely to see a surge of interest and activity in the Web3 space, and businesses that are able to adapt and take advantage of these opportunities are likely to be the ones that succeed in the coming years.
