As we rapidly progress from Web2 to Web3, numerous business possibilities pop up often. While all those cannot be pursued immediately due to the lack of reception and current scope, they are pacing themselves to become future-ready. Yet, those options are often taken into consideration by inspired individuals who have shown the world the potential of Web3 technologies. One should note here that every Web3 business domain was once one without a scope, and some early-bird ventures have shown the world its potential. This blog from Blockchain App Factory’s professionals concentrates on top Web3 solutions one can utilize for their business.
Web3 in E-Commerce
Web3 solutions for E-commerce revolve around providing shoppers with secure, transparent, and immersive shopping experiences. Traditional E-commerce’s inherent weakness involving centralization, transaction timings, and data security can be eliminated with Web3 solutions. Along with providing users with immersive shopping possibilities through metaverses, membership NFTs and decentralized marketplace platforms can offer the “Web3 value” to the common user. With cryptocurrencies becoming legally prevalent in many parts of the world, Web3 in E-commerce could become a viable business option for any aspiring entrepreneurial mind. Managing inventories, warranties, identities, and logistics can become easier using blockchains as data is secured in decentralized networks.
Web3 in Travel
As far as travel is concerned, Web3 solutions can be utilized for an array of applications. These can range from NFT tickets, loyalty programs, and payment management to virtual travel experiences and previews. Airliners and hoteliers have already started utilizing Web3 solutions to show previews of their services and products to the average traveler through their websites. Even reservations for tickets, tours, and stays have begun to be backed by NFTs to attract consumers better than before. To help tourists have better experiences, governments can leverage blockchain technology to build identity management applications that can ease all parties involved.
Web3 in Real Estate
Ever since the first Web3 solutions started appearing, a sector that has been hatching plans for progress using blockchains is real estate. The domain’s inherent slow nature and infinite loopholes have damaged its reputation, and Web3 technology could repair it. Web3 solutions can be utilized for storing property details digitally on blockchains that can be verified easily and cannot be tampered with. Smart contracts can be used for ownership transfers, renting, and leasing eliminating costly intermediaries and prospects of fraud. Metaverse real estate could fetch fortunes for those looking to capitalize on the upcoming futuristic virtual business ecosystem.
Web3 in Edtech
The education sector has been rife with many issues despite all the technological advancements implemented. Web3 solutions in the edtech era can offer more than immersive learning experiences to students. The globally unrestricted nature of blockchains allows anyone from anywhere to learn anything from anywhere. NFTs and POAPs can be used as proof for attending courses and attaining skills. Teachers can be more organized with the use of other Web3 elements that can help them expose students to real-world advancements using a continuously-improving curriculum. Interdisciplinary teaching methods can elevate to another level using metaverse Web3 solutions to make students understand concepts better.
Web3 in Healthcare
Perhaps, one of the most discussed topics, Web3 solutions for healthcare, has surprisingly seen unprecedented growth in the past few years. While the life-saving nature of the sector is a primary reason for such quick adoption, the opaqueness surrounding the current healthcare system offers enough reasons. Healthcare Web3 solutions can be utilized for patient data storage on blockchains, metaverse virtual hospitals, surgical planning through simulations, and medical training for practitioners. It can assist patients and doctors in numerous ways, all while keeping sensitive data securely on blockchains and enough monetization for patient data to be used for medical research purposes.
The gaming industry has been one of the early benefactors of Web3 solutions, with the first NFT games appearing in 2017. Since then, the domain has gone on to garner billions, attain huge reputations, and offer passive earning opportunities. Mechanisms such as Play-to-Earn (P2E), Move-to-Earn (M2E), and NFT rentals have enhanced gaming through the use of NFTs and cryptos. Moreover, the rise of metaverse Web3 solutions creates lucrative opportunities for gamers and developers, as two-way profitability has been the case here. These applications even have decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) that increase player involvement and community-run game ecosystems.
Web3 in Finance
The first-known application of Web3 solutions, the finance sector has benefited immensely from blockchain technology. While cryptocurrencies became viable alternatives to centralized fiat tenders, applications to increase crypto holdings through centralized and decentralized finance mechanisms have garnered huge public interest. Now, Web3 solutions in finance can help people lend, borrow, and stake to earn extra income, along with exchanging between cryptos seamlessly. Transparency, quickness, secure records, privacy protection, and openness are crucial points behind the success of Web3 in finance (particularly DeFi). Current innovations have even resulted in platforms for buying insurance and trading crypto derivatives through cryptos and stablecoins.
Web3 in Event Management
Event management has seen the advent of Web3 solutions with the rise of NFT event tickets and virtual event spaces powered by metaverses. Also, Proof of Attendance Protocol (POAP) badges serve as non-fungible collectibles that present fans with bragging rights. These Web3 solutions assist event managers in knowing their attendees and offer exclusive perks to NFT holders.
Web3 in Social Media
Social networking Web3 solutions can offer creators and consumers means to incentivize in different ways. While creators can digitize their works on the blockchain to ensure authenticity and preserve their rights, they can even sell some range of rights to earn income. Also, the rise of VR technology makes it possible for social media Web3 solutions to offer immersive feed experiences for users.
Web3 in Architecture
Web3 solutions for architecture make use of the power of VR and AR technologies to enable professionals to design entire buildings in detail even before physical work starts. A striking difference here will be that one can view these virtual buildings using VR headsets as avatars. Also, recording building designs as NFTs on the blockchain can be beneficial to preserve rights to innovative and new-age designs.
Web3 for Scientific Research
When we speak about Web3 solutions for scientific research, almost every element of Web3 sees some use. While NFTs can be used to register unchangeable patents, VR/AR devices can be utilized by scientists and engineers to conduct immersive research on various domains for better results. Web3 for science has even got a name – “DeSci,” short for decentralized science, with the vision to make professional science accessible to all.
While the above applications of Web3 solutions might sound ominous to the end-user, a business-minded innovator could sense the profiting chances in the next-gen web. Hence, these top use cases can bring fortunes to ventures anytime, irrespective of the competition levels present, as people always look out for better services and products. If you plan to run a business based on one of the above Web3 solutions, it might just be the right time to do so. Opting for professional assistance from Blockchain App Factory, a seasoned Web3 solution provider, can be useful, given the intricacies associated with developing these platforms.