Defining Web3 Cryptocurrencies, NFTs (nonfungible tokens), blockchain, DAOs (decentralized autonomous organizations), the metaverse, decentralized finance (DeFI), decentralized application (DApp). Buzzwords, yes, but they also represent important trends that are shaping the next iteration of the Web, aka Web3, aka Web 3.0. Web 2.0 was largely recognized as an era of the social web or the web as a platform, combining the “golden triangle” of mobile, social and cloud computing. Web 3.0 business models are built upon the core concepts of decentralization,…
Web3 sets the stage for challenger and legacy businesses to create new economic value and transform consumers into investors
Beyond the hype, Web 3.0 is creating opportunities for incumbent and emerging businesses to reimagine operational models and products/assets that are open, collaborative, and collective. The same could also be true for governments. The difference with Web3 and previous incarnations of internet protocols models is that platforms are decentralized, open and ubiquitous, connected by trustless networks, and powered by encrypted, accountable distributed ledgers. Think Facebook or Google owning and monetizing content and data versus users. In these applications, user engagement and attention…
