If you have an internet connection and spend a moderate amount of time online, chances are you’ve come across multiple articles, videos and posts about Web3. Despite easily sounding like just another marketing fad, Web3 is already on its way to becoming the next iteration of the internet, revolutionizing the way we interact with digitality, each other, businesses and the world. Read on to learn about what Web3 is, how it works, and the mind-bending possibilities it presents for the future of our digital world.
What is Web3?
Web3, a.k.a. “the semantic web”, is powered by peer-to-peer technologies (like blockchain), artificial intelligence and machine learning, and aims for greater transparency and accountability by utilizing the power of decentralized protocols. In essence, the key ideas behind Web3 are building a decentralized infrastructure to benefit the community, as well as protect individual property and privacy. It is a new internet landscape, where users have greater control over their data and digital identity, and transactions take place without the need for third-party involvement.
How does blockchain fit into all this?
Blockchain technology is what makes Web3 possible. Blockchain is, in very simple terms, a decentralized ledger system that allows users to store data on thousands of computers instead of one central server. This means that no one person or entity can control or manipulate it, let alone own it. Ideally, this will bring an end to the centralization and commercialization of users’ private data in favor of big corporations,a core problem with the way the internet works today. This is a first in the history of the internet, and will profoundly impact the way we commercialize, interact and relate to our online lives.
What are the main advantages of Web3 for users?
This new version of the internet will change how we do everything online. Among Web3’s numerous benefits, we’ll highlight a groundbreaking few:
- Transparency and security — Peer-to-peer networks make Web3 decentralized. All information is encrypted and stored on blockchains made up of multiple nodes. Transactions are stored on a public ledger, making them accessible and transparent.
- Ownership of data — Users have full ownership over their data rather than big companies, giving them greater control over how it is used.
- Anonymous digital identity — Users can access apps and websites without needing to create an account or disclose personal information.
- Permissionless transactions — Transactions between users are verified by nodes in the blockchain, eliminating the need for third-party intermediaries.
These core features of Web3 will make for a more democratic and egalitarian internet, where users will be able to fully benefit from their contributions.
What are the main advantages of Web3 for businesses?
- Brand Promotion: Businesses can make use of virtual space in the metaverse to promote themselves via virtual events, digital billboards and product placements
- Customer-centric approaches: Entering Web3, especially in the early stages, allows businesses to develop new ways of intersecting with their customer base
- Specifically designed Web3 products: Businesses can sell their products in the form of NFTs. For example, various renowned brands launched virtual stores and sold their designs as NFTs during Metaverse Fashion Week. Tiffany & Co recently announced the release of their first NFT collection.
- One of the biggest advantages of NFTs is the ability to attach utilities, which grant benefits to the owner like exclusive benefits, voting rights and access to communities.
Leading brands adopting NFTs into their business strategy is a sign that this is not a passing trend, but the future of online commerce and finance. It is critical that businesses pay attention and develop strategic plans for integrating Web3 into their brand promotion, product development, or both.
Where is the Web3 industry heading towards?
Despite the appearances of the current bear market, Web3 is not going away. Companies would do well to focus on the developments around Web3 applications happening right now and what industry experts are saying:
- The GameFi industry: Crypto.com claims that the total market cap of GameFi has climbed to US $55.38B as of Feb 2022. Blockchain gaming is estimated to grow to $50B by 2025, a growth rate 10x of traditional gaming.
- A December 2021 study by Gartner (5 Impactful Technologies From the Gartner Emerging Technologies and Trends Impact Radar for 2022) states that they expect the transition to the metaverse to be as significant as the one from analog to digital — and for it to be the next evolutionary stage of the internet.
- According to DeepDAO, there are already 1.7 million governance token holders amongst the 4,832 organizations listed on their site as of May 2022.
What about the NFT market?
According to a May 2022 article by Markets and Markets, the NFT Market size is expected to grow from USD 3 billion in 2022 to USD 13.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027. After the 2021 NFT hype, experts believe the current bear market will purge the NFT sector of passengers, and see the current drop in trading volumes as some industry filtering. NFT tokens will no longer be issued by people hoping to make a huge profit with subpar content in the midst of the media hype. This purge makes space for more sustainable projects with real growth prospects.
Additionally, mass NFT adoption is expected to grow exponentially thanks to the increasing influence of celebrities entering the space, the impact on the gaming industry and the slow but continuing demand for digital artwork. Increasing use cases of NFTs (supply chain management, retail, fashion, and corporations working towards making the Metaverse a reality) will further fuel this still-early-stage industry.
Where does Geisted fit into this landscape?
Geisted is a 360 Web3 ecosystem constructed with a future-centric approach at its core. Built on Polygon, an Ethereum layer-2 and proof-of-stake protocol that aims to go carbon neutral in 2022, Geisted synthesizes multiple aspects of blockchain technology to create a model that offers creators and businesses a way to maximize their visibility and viability in the Web3 market. This model includes:
- A full marketplace for minting, selling and trading NFTs
- A creative studio and B2B consultancy services for businesses interested in getting into Web3
- Stunning collectibles with digital and IRL utilities
- A future-oriented creative community
- IRL immersive exhibitions around the globe
- Art grants to support artists and musicians eager to enter the creator economy
These elements work in sync with each other, with the Collectibles increasing brand visibility, IRL exhibitions showcasing works sold on the marketplace, and our access to talent and technology provides B2B consultancy clients with 360 Web3 solutions. Geisted aims to bring in companies and creators looking for ways to integrate Web3 technologies, whether an artist interested in marketing her work on a digital NFT marketplace, or a company who wants to integrate digital assets into their business.
Furthermore, Geisted places an emphasis on high-quality curated content from leading artists and designers whose work reflects upon technology and our current era, and aims to be a hub for important conversations about our evolving digital world.
Final thoughts
Blockchain technology and Web3, while still in early stages, are on the verge of changing the world as we know it. We expect the transition from web 2.0 to Web3 to have a massive impact on humanity. Forbes Business Council states:
“The technology landscape is constantly evolving, and we don’t know exactly what will happen in 2022 or beyond. One thing is certain though, the future is blockchain. It is the technology and community that will revolutionize how we do things for decades to come, and therefore, it’s time you start thinking about incorporating this into your business model if you haven’t already.”
Web3 is not just a faster, better internet. It is the next evolutionary phase of digitality, set to further integrate diverse aspects of life into the internet and completely reshape how we share and sell online assets. In the coming years, companies that don’t integrate Web3 features into their businesses are at risk of falling behind. The time to start investing in Web3 is now.
