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Why Web3 is The Future?

DATE POSTED:April 22, 2024

Photo by Shubham Dhage on Unsplash

Web3 has gained attention and momentum in various sectors, sparking interest and investment across industries. It has been recognized for how we will interact with the next web.

As we stand at the cusp of what many consider the next phase of the Internet, it’s important to understand why Web3 commands such attention and what it promises for the future.

But what exactly is Web3, and why are companies like Nike, Reebok, and Samsung increasingly interested in this web future?

Web3? What? How we got here?

Web3 is the next evolution of the web, moving towards a decentralized and more user-centric model.

The term “web3” was introduced in 2014 by Dr. Gavin Wood, one of the co-founders of Ethereum.

In the era of Web2, characterized by centralized platforms collecting and controlling user data, the emergence of Web3 signifies a revolutionary shift into decentralization and the return of power to the user.

The history of Web2 started around the early 2000s, and major tech companies like Google and Facebook rose to dominance by offering innovative services that relied on centralized data collection to deliver personalized experiences to users.

Mark Zuckerberg’s 2004 Interview video highlights the early days of online social networking platforms, reflecting the Web 2.0 era.

These platforms revolutionized online interactions and sparked debates around privacy concerns and data ownership.

The transition to Web3 reflects a growing desire for a more democratic and transparent Internet where people have more agency over their digital footprint.

We’ve witnessed the buzz around Web3 has become louder and more compelling.

And now, major corporations like Nike, Reebok, and Samsung are exploring and actively integrating Web3 technologies into their business strategies.

Reebok and Futureverse are teaming up to unveil “Reebok Impact” following Adidas’ announcement.

This joint effort will introduce an advanced digital shoe experience in the metaverse by 2024.

It will merge artificial intelligence, Web3, gaming, and metaverse technologies to revolutionize consumer interaction and provide users with a digital experience.

https://rtfkt.com/

Nike CryptoKicks have unveiled the Artifact Nike Dunk Genesis, a customizable sneaker featuring Dream OS and SkinVial Tech.

Users can modify the look of their sneakers with skin vials, acquire exclusive skins, and enhance their sneakers through EvoX technology.

This partnership provides a sneak peek into the future of personalized sneaker customization within the Artifact ecosystem.

Samsung is expanding its presence in the Web3 world with GEN3GATE.

This new platform, developed in partnership with selected companies, aims to provide users convenient and safe access to advanced digital experiences like metaverse gaming, NFTs, and a mix of traditional and digital art.

As a part of this initiative, Samsung is launching a special Web3 TV package from April 24, allowing users to view NFT art on their televisions. Early registrants can also receive a complimentary TX1 NFT by artist Paul Milinski and other perks.

Samsung’s move broadened its product range and made cutting-edge art more accessible by bringing it into people’s living rooms.

But why is Web3 seen as the future, and what attracts these giants to invest in this technology?

Next, Let me list four reasons why big companies, millennials, and a new generation of web users are moving into the Web3 realm.

1. Data Privacy and Ownership

Data privacy and security concerns are at an all-time high in the digital landscape. Web3 offers a solution enabling users to own and control their data through self-sovereign identities.

As mentioned, companies like Nike, Reebok, and Samsung see the potential in building trust with consumers through transparent data practices.

2. Security and Transparency

Blockchain, a foundational element of Web3, provides a secure and transparent way to verify transactions and information.

For companies, this means reduced fraud, improved supply chain traceability, and increased accountability throughout their operations.

3. Tokenization

Web3 introduces the concept of tokenization, where digital assets can be represented as tokens on the blockchain.

This opens new possibilities for loyalty programs, asset ownership, and unique customer experiences. Companies can leverage tokens to incentivize user engagement and drive innovation within their ecosystems.

4. Community and Decentralization

By taking on the Web3 principles, companies can foster stronger relationships with their communities and decentralize decision-making processes.

Through decentralized autonomous organizations (DAOs), stakeholders have a say in governance, product development, and other key aspects of the business.

A Do-to-Earn Future

The “do-to-earn” concept is a fascinating evolution in web3, highlighting how blockchain expands our thoughts on work and compensation.

X-To-Earn: The New Income Models of Web3

This model takes the “play-to-earn” principles, where users earn rewards through gaming, and applies them to a broader range of activities.

What is Do-to-Earn?

“Do-to-earn” is a business model that rewards participants with digital assets or tokens for completing tasks or contributing work.

These tasks range from data entry and content creation to fun things like running or participating in virtual events.

How Does It Operate?

At its core, the do-to-earn model takes advantage of the decentralized applications (DApps) on blockchain networks.

Users engage with these platforms, complete specified tasks, and receive payment as tokens. These tokens often have utility within the platform or can be traded on various cryptocurrency exchanges.

Do-to-Earn Platforms ExamplesSTEPN IS A WEB3 LIFESTYLE APP THAT REWARDS USERS FOR MOVEMENT

Stepn: This unique Dapp is based on SOLANA and offers crypto rewards for staying active by walking, jogging, or running. It promotes a healthier lifestyle through incentives.