Future Of Internet Web3 & How Companies Are Experimenting With It

Numerous companies out there are creating their web3 products, often in partnership with established producers of and platforms for virtual assets

The internet as we know it is about to change. The shift has been dubbed Web 3.0, which is the third generation of the World Wide Web. iWeb3s is the term used to describe the “next level” of the internet - following on from web 1 (HTML, or the “world wide web”) and web 2 (social media, and the user-generated web).

Web3 is an entirely decentralised web that runs on a peer-to-peer network. Long story short, there is no central server or authority that controls it. Instead, it is powered by blockchain technology and a distributed ledger system. Web3 is structured as a "winners-share-all" paradigm, in which goods, services, marketplaces, and exchanges are co-created, co-governed, and co-benefit.

Brands are putting their toes into this environment to discover how to interact with customers and generate value using non-fungible tokens (NFTs), distributed ownership platforms, and blockchain technology.

Web3 is the next evolutionary leap of the internet, which will be decentralised and more secure for users. It will also be much faster, more efficient and more open than ever. Some of the key features of Web 3.0 include the following:

● A shift from static content to dynamic content

● Increased user interactivity

● Enhanced usability

● Greater data security

● Improved personalisation

As we all know, the internet is moving from a static information-based platform to a dynamic, user-oriented one. The new generation web promises to be more secure, private and resilient than the current web. The benefits of web 3.0 are endless as web 3.0 is decentralised and distributed, so it’s censorship-resistant and can’t be censored by any one person or company.

It is much faster than web 2.0 because it doesn’t rely on centralised servers unlike the previous generation. It uses a peer-to-peer network to store data across many different computers while still being able to share information quickly with each other through a process called “sharding”. It will also be more user-centric because it will less rely on a centralised company or organisation to manage and store data.

It will also be less reliant on a centralised company or organisation to control and store data because it will use peer-to-peer networks for storage. This means that there is no single point of failure for data storage, which makes it more reliable than current systems.

How are companies experimenting with web3?

Numerous companies out there are creating their web3 products, often in partnership with established producers of and platforms for virtual assets. Companies retain complete control over the assets they create, including how they look and work in virtual environments and digital wallets. For example, the art sector is already experimenting with Web3 technologies to provide new experiences for artists and customers alike. Several platforms allow artists to mint their artwork as NFTs (non-fungible tokens). In addition to NFTs, Web3 may also be used to establish virtual art exhibitions. These galleries may be used to display an artist's work and give a location for purchasers to see and purchase artwork.

In the entertainment industry, numerous events featuring celebrities such as Justin Bieber took place in Web3-powered virtual worlds. For instance, Justin Bieber gave a 30-minute meta-universe performance on the virtual music platform Wave on the 19th of November. This enables a new degree of fan connection and the potential to sell concert tickets, merchandise, and other music-related things. Another business that might benefit from Web3 adoption in healthcare. Web3 can assist in providing a safer, more efficient, and more engaging healthcare experience. For instance, physiotherapy would use computer vision, such as cameras, to assess the range of motion in treatment enhancement and the healing process of patients.

The Future of web3:

In summary, we are going toward a more immersive Web 3.0 (even if we can only conjecture what it will look like), and every beauty company will require a virtual strategy. Web3 has enormous potential consequences for a vast array of sectors. To remain competitive, businesses must begin experimenting with and utilising Web3 technology. By doing so, companies will be able to build innovative consumer experiences and boost their efficiency and transparency. Lastly, in the new digital economy, businesses must assess how Web3 might provide a competitive edge.

The future of the internet is web3, and companies are starting to experiment with it. Web3 is a decentralised internet where users are in control of their data. This new model of the internet has the potential to create a more open and secure internet for everyone. The brands are already succeeding in web3 and are the ones making a community of passionate audiences. Web3 is brimming with potential new methods for businesses to attract people, but taking advantage of the opportunity will need guts and a willingness to adopt new ways of thinking.

*The author is Abhishek Singh, Senior Vice President of Marketing, Hirect India

Tags assigned to this article:

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.