How Web3 enables new Business Models
- Felix Bächle
- 27. Juni 2022
- 2 Min. Lesezeit
Aktualisiert: 27. Feb. 2023
Snapshot of current business models & use cases in Web3
Web evolution as business model enabler
The evolution of the Internet is moving inexorably forward. After Web1.0 and Web2.0, work is now underway on the next stage of development, Web3.0. Before we take a closer look at the impact on business models, we need to understand the differences and characteristics of the stages:
Web1.0 Static websites without interaction possibilities between user and website. Creator: Company Profit: Company | Web2.0 Users interact with website & create own content (e.g., blog, social media). Creator: User Profit: Company | Web3.0 Intelligent, autonomous & connected databases. Use of ML, blockchain, NLP. Creator: User Profit: User |
The basic idea of the Internet was characterized by the urge for freedom, independence and decentralization. As it has developed over the years, the World Wide Web has moved further and further away from its initial ideals. A few companies (e.g., Meta with Facebook, Instagram, WhatsApp), Alphabet with Google Chrome, Google etc.) gained a dominant position on the Internet. This development has certain advantages, but is also viewed very critically by many.
as a consequence, the Web3 space has evolved to solve the problems of Web2. The definition of Web3 is broad and often mistakenly equated with crypto or blockchain and/or metaverse. Blockchain technology is only one part of Web3, but the one that has received the most attention in recent months.
Even though the hype has died down significantly due to the recent slump in crypto prices, entirely new and interesting business models have emerged in the past crypto cycle. In this cycle, the focus was on so-called non-fungible tokens (NFT).
User benefit is the focus of new business models
With the following snapshot, I would like to give an overview of the current state of developments and show the disruption & innovation potential of Web3 in general, but NFTs in particular.
NFTs are dismissed by many critics as simple, speculative and worthless JPEGs. That may possibly be true for much of the NFTs from the past few months (Will be seen in the coming months/years). However, the digital world offers an as yet incalculable number of use cases for NFTs and enables completely new approaches to business models.
A glimpse into the future
Business models of Web3 are fundamentally different from today. If we e.g., look at current business models from social media platforms like Instagram, TikTok & Facebook, users don't pay with money but with their data. Large corporates use this valuable data to manipulate user behavior to their favor. Web3 products & services are more user/community-centric than ever before. Users want to actively benefit from the utilization of their data. Further, content creators will benefit from their contribution to community.
As in the 2000s, when there were few if any business models for Internet companies, it remains to be seen which approaches will work and which will not in Web3. Likewise, we must be careful not to make the same mistakes we made on Web2.
However, the pace of iteration in this environment is impressively fast. What is already clear, however, is that blockchain technology will set completely new standards for tomorrow's business models.
Want to talk to me about business models, metaverse, Web3? I look forward to your message and discussion.