Three simple & powerful Web3 opportunities for businesses
Web3 puts users and code at the center, ideologically and technically; this has two main implications: transparency and sovereignty.
Transparency
Can you check Facebook’s codebase? Do you know what’s happening behind closed doors in board meetings? In Web3, the protocol’s code is public, and transactions (decisions) and accounts are public. That means anyone can examine the state of the system at any time.
The recent crypto landslide is hard proof of this. Luna was a catastrophic loss for many, but the code was publicly available and executed correctly. Next, decentralized protocols like Aave or Uniswap, built with Open Source software, have weathered the storm without a dent. These are two extremes of outcomes constructed on the same principles. The crucial point is that all the information is public and ultimately allows the field and its actors to become smarter and more resilient.
Sovereignty
Would you still use Facebook if it wasn’t for your friend connections and birthday reminders? Did you ever abstain from sharing a thought on Twitter for fear of getting banned from the network? In Web3, your wallet is your key, unlocking everything from your identity to the metaverse condo you just bought. It also stores all your tokenized assets. No one, not a company, not even your government, can access or take your stuff without having your private key. Whether citizen sovereignty is a threat to state sovereignty is an interesting question beyond these paragraphs’ scope.
Indeed, this changes the power dynamics between users and platforms. Users will take their data to the best places, enabling applications to access copious amounts of rich user data, solving the cold start problem for good. We believe it’s an actual WIN-WIN scenario, where users and companies get more out of their relationship.
Transparency and sovereignty, if embraced, make Web3 businesses anti-fragile. What will you decide to do with these powerful forces?
Where to start (opportunities)
Enable wallet sign-in
A straightforward path to start tapping into Web3 communities and signal friendliness to the space is by enabling a Web3 wallet sign-in. It simplifies signing in like Google authentication or any similar centralized identity provider, but with two significant differences:
- People actually own their Web3 wallet (you don’t really own your Google or Facebook account, you have access to it).
- Web3 wallets don’t do cross-site user tracking.
Implementing privacy-preserving sign-in is a strong statement that your users will love you for and ultimately feed into your brand equity.
Increase engagement with tokens
Do you want to include your users/customers at the core of your product development? It’s never been easier. Tokens are a simple and versatile tool to engage, reward, and open up a part of your decision-making to the community.
User feedback and inclusion are vital; Web3 allows you to have a finger on the pulse, and an eye on the horizon, in real-time.
Broadcast values with on-chain data
Do you have sustainability as a core principle? Conduct business with companies with an on-chain green track record; offset your carbon footprint via tokenized carbon credits, and go one step further by investing into renewable energy certificate NFTs. All of this feeds into your brand identity; do you see the virtuous spinning wheel?
Chain data doesn’t lie; express your values on-chain.
Training wheels, please
Speed of innovation is a double edge sword: great for exploration, it can also lead to somewhere in the middle of nowhere if followed blindly. Yet innovation usually happens at the fringes, and staying relevant requires being ahead of the curve. That’s why we’re here.
At MTX studio, we believe every company should understand the technology and its impact on their field. The humans in our team have been part of the crypto journey since its early days. We are crypto lovers, but not maxis, and we believe the middle way is the path forward for most companies. We have simple funnels that go from ideation to implementation, so if you want to build fantastic products & services powered by Web3, let’s get in touch.
