After being hands-on in the Web3 space for more than a year, I am convinced about the value it creates and its future potential. I am not planning to leave Web3 and have several NFT-based projects ongoing in healthcare/wellness, retail, and other industries. I have seen successful NFT implementations in the airline industry, beer production, pizzerias business, and many other industries, so let’s dive in.

Many I speak to are asking me:

• what is Web3?

• why should they care?

• and will it impact their business?

As part of my learning journey (because everyone is still learning what Web3 is and observing how it evolves), I will share my thoughts, and insights to make more people comfortable with Web3, and why one should consider entering Web3 for their own business.

1. A new tech solving problems of today and adding a layer of utility

For many years blockchain was quite technical: developed by tech people for tech people.

NFTs and dApps (decentralized applications) are changing this and adding a layer of culture, content creation, and more — all of this is called utility in Web3 space.

The tech overview below reminds me of the early days of cloud adoption: the tech was available to businesses and became affordable and scalable, but many businesses were reluctant to build solutions and embrace platform economies. Every new tech changes the way one delivers value to their customers, or how we solve problems our users face. As you can see below, Web3 tech can be mapped into Web2, thus, expect Web3 dApp development to take off soon, as it happened with Web2 some 5–10 years ago.

As Tommaso di Bartolo explains in this podcast, Web2 has reached its limits. Web3 and the metaverse offer new experiences and reward users. As we know, incentive drives human behavior. The rewards aspect will keep the users engaged and attracted.

Now one can say — I think that at the moment blockchain tech and app development are too risky. Wait, but doesn’t it apply to all kinds of innovation? Innovation is risk management and is a trade-off between less and more risky moves. As Jean-Claude Biver says: be the first, different, and unique. Web3 offers it now.

The focus, as before, should stay on solving problems and building value for users. I see blockchain covering both. Just a reference, according to a recent Salesforce report (sample size 6k CMOs and VPs of marketing): 97% of senior marketing managers have said they either have or plan to have a Web3 strategy in the future.

3. Successful NFT adoption examples

Let me name just a few of the most successful Web3 launches by now:

• social and news aggregation: Reddit, Inc.

• fashion and retail: Nike, DOLCE&GABBANA, Gucci

• media: TIME Magazine

• retail: Jonnie Walker and Starbucks launching their loyalty and rewards program

• plus many small and medium size businesses that haven’t reached millions of dollars in revenue yet but their successful projects are valuable and to be unpacked (some are mentioned in the last point)

3. Focus on the core principles of Web3 to build good

Don’t be distracted by a few bad actors in the ecosystem. When talking about recent developments, I along with many others point out the following:

crypto crashes ≠ crypto trading ≠ blockchain tech

Web3, NFTs, blockchain tech, and metaverse have very little to do with the crypto crashes (for example, FTX case). There are bad actors in the ecosystem, but a centralized exchange (in an ecosystem that is built on decentralization values) in trouble won’t stop blockchain technology from further development and adoption.

Web3 is beyond NFTs and blockchain tech, there is no precise definition available, but rather the main core principles and values — trust, decentralization, and permissionless. See a brief overview below:

I strongly believe that these principles and values are a solid foundation to develop successful products and services for the good.

4. Join Web3 communities to see how many wonderful people build with purpose in mind

Web3 isn’t difficult, but it is different. Experience Web3 yourself! Education, discussions, and opinion exchange with Web2 users of these Web3 paradigms are needed for its success. The way to grow is by sharing knowledge, and Web3 builders share their journeys openly with their communities.

Keep your eyes and mind open — educate yourself and join Web3 communities, and you will feel the difference right away.

As the space is developing and as we all are learning, it is necessary to create your network. I am glad that I have found my communities, and the people I interact with and learn from. Create your own — join Discord channels, Twitter spaces, and LinkedIn events.

5. See NFT-born businesses and imagine how NFTs could add value to your business

See how some NFT-born businesses, for example, the Female Pleasure Society, or META Brew Society, deliver utility to their users and have built a strong community around their products. Pizza Nation is not NFT-born, but I admire how a pizzeria decided to embrace NFTs and build a strong community around their customers by offering unique experiences. Imagine how you could create and deliver utility, there are many ways and possibilities!

Follow me on LinkedIn to see more of my daily posting about Web3 and metaverse-related topics.