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Some media outlets continue to portray NFTs and crypto in a negative light of scamming and fraudulent activity but some of this is down to these technologies still being relatively new and not well understood. Now, the media is starting to explore the benefits of blockchain and decentralization.
As well as bad press, like with anything new and shiny, there has been plenty of trial and error as early leaders have transpired, using web3 to develop their platforms.
Now lessons have been learnt and ‘stand out’ leaders from industries are now able to implement a thought-out strategy to gain mass consumer interest.
Consumer Targeting- simplifying technical terms for mainstream engagement
Loyalty, rewards scheme
Brand 'big moments events' to drive strategy: using major events to engage people
Accepting crypto as payment
Some of the world's biggest tech businesses are closing the gap between web2 and web3: no surprise- people are calling this web2.5. This is merely the usage of blockchain platforms without the complete blockchain system complications, companies like Instagram, Spotify and Amazon are using this space to navigate through web2 using web3 resources; building on the original vision of the web for sharing information and connecting people but adding new features and capabilities that allow users to create and share their own content more easily.
It is difficult to predict what web2.5 will look like and the concept is still evolving but it’s likely that it will build on existing features and include a more sophisticated search and data mining tool
Expect more collectables/physical products/authenticity verifications for industries to make a greater profit in 2023
Crypto is fast becoming a popular solution for enterprises to accept as payment; over 15000 businesses are using it globally. There are multiple benefits including a lower transaction cost, immediate processing, worldwide accepted currency and a decreased risk of fraud and chargebacks. Consumers are also increasingly using this option to pay and receive benefits such as rewards and engagement opportunities with their purchases.
More businesses will be jumping on the crypto bandwagon so expect a future of more opportunities to use this payment method for everyday uses. It’s difficult to say whether cryptocurrency will truly become mainstream but it is certainly making strides in that direction.
Token ticketing allows businesses to collect data from customers- something that can sometimes prove difficult. Using NFT tokens that act like a ticket but also membership/subscription can keep consumers engaged and updated with more news/events around the business. These tickets can also be used during events to act as a part of the experience e.g interactive games and some are offering an after-event reward for attendees to keep ‘digital memorabilia’.
Around $3.7 million was lost to ticketing fraud in the 2021/2022 financial year alone, so it makes sense for companies to evolve using NFTs
Web3 revenue is expected to increase from now until 2029 by 35%: Almost $65 BN. Understanding Web3 mobile apps and how they work will be crucial for businesses to stay current and maximize growth, after all, Web3 apps are growing 5x faster than in 2021.
A new level of connectivity
3D graphics give a real-life feel and more interaction
Many more blockchain-based mobile apps
As the technology matures and becomes ‘user friendly’, more developers will begin to build web3 mobile apps increasing the popularity further
Web2 helped tech platforms connect with doctors, sync patient information and virtual care pathways etc. web3 could help improve the way patient/confidential data is stored.
The security of web3 blockchain could be very helpful for user privacy; records are timestamped, and you own your data (not a third party).
More security of healthcare systems using a secure decentralized platform for storing and sharing medical data
More efficiency around communications
Optimize time spent on admin duties
Ethereum created noise in the blockchain industry and is still reigning. However, more and more enterprises are testing outside of the Ethereum ecosystem with platforms such as Polygon and Solana.
Businesses are looking to scale up their teams and create a more cross-functional style workforce, with growth in positions focused on HR and marketing sectors over the last year; web3 is not just for engineers.
Businesses are continually hiring dedicated web3 teams to help evolve platforms, build processes and implement strategies around web3 products.
Jobs for UI/UX design to create a user-friendly experience
Content creation jobs to develop educational/entertainment resources
With the continued growth and further understanding of web3, gaming, social media and blockchain, the most important thing businesses will need to consider: having a clear goal and specific business model to use this new technology effectively. By creating a strong strategy and looking for great talent, sponsors and partners, this will help them capitalize on the opportunities presented by Web3 and will hold the business in good stead for the future.