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The Transition of Web3 towards Real Value for Businesses in 2024
The Transition of Web3 towards Real Value for Businesses in 2024

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Web3 has been painted as the democratic version of the internet, which empowers users to have control over their personal data. It aims at distributing power among the participants rather than vesting trust in centralized agencies, such as the tech giants. Does web3 have what it takes to become a disruptive force that changes the society, business, and technology landscape? 

The potential of web3 to live up to the hype it has created has come under the shadow of doubt. Many critics have dismissed technologies such as blockchain and NFT marketplace development as passing fads in the world of technology. However, it is important to understand the utility of web3 to determine whether it will have a positive or negative impact in the long run. 

Is Web3 Struggling to Keep Up?

The vision and excitement around the development of a grand metaverse, as visualized by tech giants such as Meta, had to fizzle down in 2023. It gained a lot of popularity within no time among tech enthusiasts. However, the concept of the metaverse failed to attract the attention of investors. On the other hand, investors shifted towards generative AI and created a big question mark about the potential of web3. 

Can you write off web3? Apparently, no! Stablecoins have surged in terms of popularity and account for more than $130 billion worth of value in global circulation. Stablecoins have helped companies make cheaper and faster transactions. For example, Airtm utilizes the Circle USDC coin for cost-effective cross-border payments, ensuring savings of almost 35%. 

Blockchain app development and smart contracts, the core components of web3, also serve to track materials efficiently across different industries. For example, De Beers company uses its proprietary blockchain, Tracr, to track over 10,000 diamonds in a month. On top of it, big brands such as Adidas and Nike are leveraging web3 technologies in unison with physical marketing campaigns to improve customer engagement. 

You can notice that the growth of web3 has been silent, albeit with progress towards practical and value-based applications. The initiatives by big companies and startups to embrace web3 indicate a massive deviation from the negative picture of web3. 

How Will Web3 Contribute Real-World Value?

One of the biggest concerns of business owners about web3 is the potential for generating real-world value. The answer is quite simple and focuses on practical objectives that call for integration of web3 in existing processes, value chains, and assets. The integration of web3 in different industries must focus on solving global problems. 

Business owners and web3 professionals need to understand that web3 is not some kind of miracle technology. You can extract maximum value from web3 by rethinking the approaches to understand and use web3. Business leaders must emphasize the following areas to leverage web3 in the best way possible in 2024. 

  • Web3 should serve as an accelerator rather than as a replacement for existing processes and systems. 
  • Web3 ecosystem strategies should shift towards networked partnerships and collaboration.
  • The transition towards value-based use cases from general-purpose technology is a mandatory requirement for the future of web3. For example, companies should try to expand the consumer value of NFTs with distinct utilities. 

What Does the Future Look Like for Web3?

Web3 is not dead and will continue to build its foundations in silence in 2024. The best thing about the growth of web3 is the radical transition towards utility-based real-world use cases of web3. Business owners are gradually opening up to the possibilities of leveraging the building blocks of web3 to improve their business strategies. 

 

 


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Saddam Husen
Chief Technology Officer

Mr. Saddam Husen, the Chief Technology Officer at Comfygen Private Limited, is a highly respected expert in the field of ecommerce and IT consulting. With an extensive background spanning ten years in both ecommerce and mobile app technologies, Saddam Husen has been instrumental in aiding businesses worldwide in harnessing the potential of digital tools to enhance and refine their IT frameworks. Revered as a leader in his own right, his colleagues regard him as a dedicated researcher and a fervent advocate for ecommerce. You can catch him discussing a wide array of topics including ecommerce, blockchain development, mobile app trends, innovative ideas, and groundbreaking advancements at the NASSCOM Insights Community.

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