The Gutenberg moment for Web3, an innovative and disruptive technology, has not yet arrived. The established Web2 companies will likely bear the brunt of that transformation.
In a number of economic areas, blockchain technology has the ability to fundamentally transform ownership, cost structures, business models, value, and negotiating power.
Do you have any knowledge in Web3 Marketplace Development? Even by the standards of the rapidly evolving market in which Web2 titans operate, the factors that affect consumer behaviour will change incredibly quickly. If you are a product manager for a significant IT company, where do you begin?
To get ready for what lies ahead, keep in mind these six crucial details:
Wallets & Identity
In Web3, you usually use your crypto wallet as your login information rather than an email address or user name.
With the option to completely maintain anonymity, it's a single sign-on mechanism that provides access to decentralised applications (dApps) across many blockchains.
Although many Web3 initiatives start out with custodial wallets, which means they keep the user's cryptographic keys, most eventually move to a non-custodial model that allows consumers total control.
Users can manage their online data, digital assets, and identities in ways that Web2 does not with the use of wallets.
Additionally, they allow users the opportunity to manage access, which restricts an Internet corporation's use of the confidential information and assets on its network, such as videos, articles, viral posts, etc.
Only the very beginning of what wallets are capable of has been explored.
Individual Ownership, Self-Governance, and DAOs
Understanding and influencing consumer behaviour are the main objectives of behavioural economics. Initiatives based on Web 3 encourage participation and ownership sharing.
An NFT of a blog post grants author ownership and permits an equitable profit share.
This concept serves as the foundation for decision-making in decentralised autonomous organisations (DAOs). Consider a DAO as a business with a constitution, guiding principles, and ideals written into its code.
The power is largely distributed among the members rather than being monopolised by the leadership.
Members are rewarded in proportion to their contributions. Theoretically, this better aligns DAOs with the interests of their members.
Economic Symbolism
Tokens serve as the cornerstone of Web3's incentive mechanisms. They can be applied to incentivize behaviour, safeguard the network, and equally reward users and stakeholders.
Even though it has some drawbacks, tokenomics is a powerful instrument for increasing trust and transparency, automating verification, ensuring compliance, and cutting expenses.
What exactly can be tokenized? Why, pretty much anything and everything, including social media likes and shares and law-abiding behaviours like recycling and charitable giving, among other things.
The token economy will be more broader, more diverse, and provide superior integration, similar to the app economy.
Community and Loyalty
There are various ways for firms to engage with their online followers more naturally.
Many fashion firms are testing out Web3 techniques as a result, like setting up private Discord channels, giving designers access to collective NFT projects, and airdropping tokens.
The objective is to increase value for fans and affluent clients while giving designers a bigger stake in the outcome. Loyalty may soon take centre stage in business objectives.
Web3 initiatives might exchange network access to promote community, much like Web2 enterprises share information to build networks.
Chain of Supply NFTs
The supply chain industry was one of the first to draw the attention of organisations to blockchain applications. Logistics are becoming more challenging as there are more third parties involved in the supply chain.
The need for end-to-end dependability, transparency, and openness is also growing. Blockchain could relieve some of this pressure.
Node for validators
A lot of blockchain systems employ Proof of Stake, which requires validators to put up tokens as security.
Operators of validator nodes are compensated for their efforts by ensuring the legitimacy and authenticity of transactions within the network.
By removing a significant barrier to entry, validator nodes as a service, the blockchain network and governance become more accessible.
Access to Polygon's ecosystem, which includes over 7,000 dApps, a sizable developer community, substantial and up-to-date documentation, as well as governance and tokenomics guidelines, is made available.
These are just a handful of the factors that motivate organisations like Adobe, Telefonica, and Dolce Gabbana in choosing Polygon as their Web3 entry point.
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