What is Web3 and How to Prepare For It

Hand turning dial to Web3

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The World Wide Web has come a long way from the days of AOL free trial CD ROMs and its cacophony of digital hisses and beeps! While we may no longer hear “you’ve got mail” or the sound of dial-up, the web has remained much the same as it has grown over its 9,000-day lifespan. However, massive change is imminent with the technological advancement of Web3. In this article, we’re going to break down what is Web3, how to embrace the changes, and what it can do for your business.

Hand turning dial to Web3

Give me the basics: What is Web3?

Web3 or Web 3.0 is the next-gen of the world wide web! Does this mean you must let go of your favorite websites and move on? Absolutely not. Instead, Web3 opens new doors and possibilities for what the web can do! Web 1.0 was the internet in its infancy. Web 2.0 took the technology to the next level by creating “the web as a platform.” This stage of the web focuses on user-generated content (UGC). This content is uploaded to forums, social media platforms, blogs, wikis, and more. While 2004 marked the start of Web 2.0, it is what we generally use in our day-to-day internet interactions. 

Though the technological community is rife with chatter about Web3, it’s not a standard term yet. So let’s give it a definition! What is Web3? Web3 incorporates new technology like decentralization, blockchain technologies (think Bitcoin, Shiba, etc.), and token-based economics (this is where NFTs come in). One of the movements behind Web3 is steering the web away from the control of Big Tech towards decentralization. This move will increase consumer privacy, overall data security, and scalability.  As with any new technology, there are proponents and detractors of this next version of the World Wide Web.

Cornell University’s James Grimmelmann said Web3 is “vaporware.” He also calls it “a promised future internet that fixes all the things people don’t like about the current internet, even when it’s contradictory.” Grimmelmann believes moving toward a blockchain infrastructure ultimately causes more data collection and centralization. However, Dave Sacks, the former COO of PayPal, says Web3 “will create a deeper market with improved price discovery and should increase the value of those assets.” Ultimately, it doesn’t matter which side you take- the future is coming, and a blockchain-based World Wide Web is inevitable! 

So what can Web3 do for me?

Terms like nonfungible tokens and blockchain sound grand! However, what will be the practical application of this next-level web? How will the average internet user be able to participate in this new technology, or how will it change a person’s life in little ways? We have three recommendations for using this new technology to further connect with your audience and/or customers! By applying these tips, you will be at the forefront of the next wave of innovation and ahead of the curve that is fast approaching. 

1: Integrate Web3 Authorization on your platforms now.

With Web 2.0, every internet user is used to signing into platforms across the web with a password and username. However, with new tech comes new authentication platforms. By adding integrations like MetaMask and WalletConnect, you can capture the audience already using the blockchain and look for companies that are too! Upgrading to the blockchain means you increase security and privacy for your audience or customers. By providing these options, you also show users that you understand the future and how the world is changing and can keep them at the forefront of this change.

2: Take a leap into the metaverse!

From automobile companies to the fashion industry, major companies are jumping into opportunities the metaverse offers. Whether it’s the latest Nike shoes for your avatar or a new SUV for your digital world, these companies are creating digital assets that metaverse users are eagerly scooping up. It’s time to start thinking: how can your product translate into a digital object? Perhaps an exclusive NFT or a digital t-shirt for avatars with your company logo would appeal to your audience! Once you decide what to create, it’s easy to find a Web3 developer or graphic designer to make the product for you. 

3: Build your digital wallet!

According to Tech Republic, “In 2023, the Web 3.0 blockchain technology sector will be worth more than six trillion dollars, according to Market Research Future, and Web3. 0 will continue to grow at a CAGR of 44.6% from 2023 to 2030.” That’s a massive amount of money being poured into this technology! While we are not financial advisors, thinking ahead to how this blockchain is going to change payment technology can be a lucrative move.

No matter how you decide to embrace Web3, be prepared to share the journey with your consumer. Because the technology is so new, you will most likely have to guide them through the transition process! You can use current Web 2.0 modes of communication such as social media to do this. Be sure to keep them up to date to your new processes and the new features available to them before changes are made. after all, the audience or customer is the most important part of your business. If the introduction to Web3 is highly adverse, you may need to wait till the technology is more commonplace to implement it.

Are you looking to ensure that your media and digital platform are top-notch? Is you SEO not giving you the results you desire? Qèra is here for you! From the backend to the user-facing interface we have the expertise you need to use not only Web 3.0 but the current dominating World Wide Web 2.0.

Looking to grow your Web 2.0 audience? Check out our article “Five FREE Ways To Easily Find the Top TikTok Trends To Grow Your Audience.” Or if you are currently engaging your audience on Instagram, read our post “SEO for Instagram: Tips to Boost Your Reach.” Our posts are full of expertise that you do not want to miss out on!