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By Hamed Derakhshani
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If your business has anything to do with the internet or if you use the internet for marketing your products and services, you need to know how to make your business web3 ready. Want to know why?
Because ever since we got access to the world wide web, businesses have been trying to leverage it for their benefit. The internet has changed business models, marketing, and sales practices. It's also been transforming itself, and the latest significant change that's been gradually happening over the past few years is a transition between web2 and web3.
The recent history of the markets shows us that when businesses can't bend with the winds of change, they break. So if you don't want your business to fail or if you're going to build a new business for these recent times, read on.
At first, we had Web 1.0, a read-only collection of static web pages. Then came Web 2.0, the current iteration of the web, and it made a read-write model possible. With this model, a new problem emerged.
Big companies made open platforms and offered free services that attracted millions of users. However, these users soon realized they were trading their personal data in exchange for these free services.
We're going forward with a new vision to improve things, towards web 3.0 or Web3. People will own their data in a new read-write-own model in this new era.
We are currently on a path that will take us from Web 2.0 to Web3. And as we use blockchains and other decentralized systems, like DAOs, and innovations like cryptocurrencies and NFTs more and more, we go further down this path.
As a business owner or a decision maker, you need to know where this path will lead and how you can make your business Web3 ready to make the most of the journey. Here are seven actionable tips to get you started:
Imagine wanting to immigrate to a new country with a different language and a whole new set of customs. You would start learning about that country months or even years before making your final move.
Web3 and blockchain technology are similar. They may be complete unknowns to you, and they have their language and rules. So to be ready for Web3, you must start learning now.
Returning to our earlier analogy, what if you had a knowledgeable guide who had experience living in your country of destination? What if they could talk you through their experiences, make suggestions, or even take a short trip to get to know that country? You would be glad to have this kind of guide.
Why do the same for your Web3 journey? Do your research first. Then, find a great team of Web3 and blockchain experts to guide you.
One of the easiest ways to dip your toes in these new waters is to start experimenting with cryptocurrencies or NFTs. This experiment can be as simple as accepting Bitcoin, Ether, or other cryptocurrencies as payment. Several companies offer crypto payment gateways for every kind of online business.
You can also design and mint NFTs for your company and attach a specific benefit for their holders. Many big brands are already experimenting with cryptocurrencies and NFTs. You can join them!
Possibilities are many in this realm, restricted only by your imagination and the crypto regulations of your country. So beware and get advice from an expert before you get yourself in trouble.
Have you ever heard of the Metaverse? It puts forward a unique vision for Web3 that everybody may not adopt. However, VR (virtual reality) is here to stay, even if the Metaverse gets scrapped.
You can get creative and create VR content, buy some virtual property and open a new storefront in a virtual land, build your version of the Metaverse, or try advertising in a blockchain game or dApp that uses virtual reality.
Remember that to enter the world of VR, your audience will need VR headsets. These headsets are costly, and many people must familiarize themselves with them. So the barrier to entry for many people needs to be lowered.
This barrier is why you should consider AR (augmented reality). People will only need their smartphones to consume your AR content, and using it can seriously bolster your digital marketing efforts.
Web3 is all about decentralization and complete autonomy. If your company uses restrictive hierarchies of power or has a centralized and traditional structure, you should initiate changes in the corporate culture.
We're not saying that every business should become a DAO (decentralized autonomous organization). But you'll need an environment that fosters change and innovation if you want to thrive, not just survive, in the Web3 era.
Depending on your business type and the type of products or services you offer, you can create wholly new and Web3-specific offerings. Start brainstorming with your team, and going back to tip no.1, get help from experts.
After finding an idea that makes sense for your business, build an MVP (minimum viable product) and test everything. You'll learn valuable lessons even if you do not ship this new product.
Blockchain is not just a ledger; there isn't just one blockchain. This technology can have many use cases. You can build on a blockchain or develop your blockchain from scratch. You can use other tools that work with a blockchain as well.
But first, you should understand that only some things must be on a blockchain. So get to know the space and assess the needs of your business honestly. You may want a complete overhaul to stay viable in the future, or you may wish to become more compatible with Web3 and its tool.
Web3 has yet to arrive. Competing visions want to become the next iteration of the worldwide web. Only time will tell that which concept will win. Blockchain technology is still relatively new, and it needs time to mature.
You should be ready for anything and carefully follow innovations and developments in this space. A few years ago, we didn't have cryptocurrencies, NFTs, smart contracts, dApps, blockchain games, the Metaverse, etc. Who knows what we'll have in a couple of years? The next big thing will be just right for your business.
There are many benefits to working with blockchains, cryptocurrencies, NFTs, and more. But there are risks too. Tread with care when it comes to making your business Web3-ready.
If you need help or want some consultation on how to move forward, contact Kenshi today! Our team of experienced developers has the expertise you need for the future of your business in Web3.