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As in the last blog we looked at the definition and a glimpse of internet evolution journey so far, we would now explore some of the current applications and initiatives that various companies are working in Web 3.0 space. Along with start-ups working towards the Web 3.0 solutions, corporates are now as well experimenting in this space and routing towards collaborating with Web 3.0 communities and exploring various use cases for blockchain and other Web 3.0 technologies and models.

The concept of Web 3.0 is mainly being explored for following objectives to give users more control on their data and eventually monetizing on it without any intervention of a third-party platform:

  • Boosting social media experiences and user-controlled monetization model
  • Decentralized Finance Application
  • Preserving Artistic Ownership
  • Play-to-Earn Models (Monetizing the time spent on the applications)
Concepts

Boosting social media experiences and user-controlled monetization model:

Currently the social media space does not only have consumers but also significant number of content creators which is now is an established business model eventually profiting the creators and the third-party platform on which they put their content. Currently, Web 3.0 apps are being developed that not only reward the creators for their contribution but also give full control of monetizing on their content irrespective of any application or platform they post it. Steemit, a blockchain based social network, is one of the popular gateways and crypto project that have seen a significant adoption rate in the recent years. Steemit has its own blockchain that issues the Steem (STEEM) token which can be traded on exchanges such as Bittrex or Binance.

Decentralized Finance Application:

Decentralized finance (DeFi) is a significant revolution that is heading towards unlocking opportunities for a potential new economic model around the world. The model, also known as peer-to-peer finance system, uses the blockchain technology to ensure that our financial system is fully decentralized, distributed, and secured, unlike traditional means where banks or other platform plays the foundational role for any transaction. One of the example in asset management space is MetaMask which offers security and usability needed for a getaway to blockchain applications. It also acts like a wallet connecting any individual to the blockchain.

Preserving Artistic Ownership:

NFTs (non-fungible token) are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property. Currently, NFTs are making a buzz amongst the artists and digital content creators who are now turning their artwork and content in NFTs to sell them across various NFT marketplaces which makes the buyer owning the artwork similar to buying and owning an autographed copy of an art. OpenSea is one such example of NFT marketplace which allows the users to digitally trade art, games, sport NFTs, trading cards, utility NFTs, digital collectibles, decentralized domain names, virtual worlds etc.

Play-to-Earn Model:

While the users spend time on various games, few companies have now come up with “play-to-earn” models which reward the users with NFTs and crypto assets actively playing the game. One of the most popular applications is Decentralnd which is a virtual social and gaming platform built and governed by its users and uses two tokens for trading within the platform which are MANA and LAND.

Above mentioned are currently active cases which are being explored and set to evolve for ultimate Web 3.0 experience. From sectors aspect, currently Retail, eCommerce and Real Estate are showing experimenting with Web 3.0 space and are leveraging NFTs, Metaverse and play-to-earn models for giving the users an ultimate experience. We will talk more about from the sectors aspect in the next blog of our series and how above concepts and technologies are being leveraged in various industries.

  1. Web3.0, metaverse and their influence on the music industry
  2. What Is Steemit and How Does It Work? | Alexandria
  3. How DeFi Will Reconfigure Financial Services In The Next Decade
  4. Web 3.0: Indian Start-up Landscape and Contribution | TechTalks | NASSCOM Community

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