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Where Web3 Can Go From Here: Companies and Themes to Watch

Where Web3 Can Go From Here: Companies and Themes to Watch

As with almost all technological developments, the fully integrated launch of Web3 will come with an initial adjustment period for users. For many, concepts such as blockchain, NFTs/cryptocurrency, and the metaverse are still unchartered territory. For businesses, it will be important to keep this knowledge gap in mind when creating new products and services.

Developers on the platform may be tempted to experiment with “futuristic” concepts of Web3, thereby losing the real picture, i.e. a focus on usability of existing products and the problems they aim to solve. Web3 lives by certain rules – transparency being an important part of it. Whether it’s a chain of transaction or method of data storage, companies would need to show transparency in each of their processes.

For example, to prove the authenticity of a product listed in a metaverse, Web3 can create a unique ID for that product. A user can then track that product via the unique ID and verify its authenticity. 

Data sharing and user experience in Web3

In Blockchain for the metaverse: A Review, Thien Huynh-The et al. shares insights on data sharing and its advantages in the metaverse. For example, if individuals and applications utilize the same platform for data exchange, their collaboration can become more efficient. 

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