Such games have also spawned nonprofit organizations that leverage gaming proceeds to fund scholarships for underprivileged users. Play-to-earn games using NFTs provide a means for users to earn income.DeFi protocols such as Aave and MakerDAO provide users with lending and borrowing services run by smart contracts, which eliminate intermediaries so as to enable higher yields and returns, albeit with much more risk.These include decentralized finance (DeFi), NFTs, play-to-earn games and community-organized decentralized autonomous organizations (DAOs). Web3 provides decentralized protocols and a technology stack that can be used to build parts of a metaverse and the new communities and economies that it will enable.ĭownload now: 2021-2023 Emerging Technology Roadmap Web3 use casesĮxisting Web3 applications are limited in enterprises, but public applications are thriving. Metaverse denotes an evolving vision of a digitally native world in which we will spend our time working, socializing and engaging in all types of activities. The terms “metaverse” and “Web3” are often conflated, but they actually describe distinct - yet related - concepts. Tokens and cryptocurrencies power the business models and economics of Web3, which supports new business opportunities in relation to, for example, the monetization of nonfungible tokens (NFTs) in new metaverse applications. That ownership shifts power and money away from centralized Web 2.0 “gatekeepers,” such as big tech companies and governments. Users own their data, identity, content and algorithms and participate as “shareholders” by owning the protocol’s tokens or cryptocurrencies. Web3 uses a stack of technologies, based on decentralized blockchains, that enables new business and social models. “Web3 is intended to give any participant in the web their own autonomous power and control.”
“The idea behind the Web was to make publishing possible for anyone the idea in Web 2.0 was that readers should be writers too,” says Whit Andrews, Distinguished VP Analyst at Gartner. Web3 is attractive because it enables peer-to-peer interactions without centralized platforms and intermediaries. Watch our experts: The Opportunities and Challenges Surrounding Blockchain Why Web3 is different Potential Web3 risks include lack of customer protections, new security threats and a swing back to centralized control, so organizations will want to shore up governance and risk management before replacing Web 2.0 applications.” “But Web 2.0 still has advantages in terms of scale, customer service and customer protections. “Web3 innovations will take the internet into new realms and give rise to applications not previously possible,” says Avivah Litan, Distinguished VP Analyst at Gartner. Also called Web 3 and Web 3.0, Web3 eliminates the need for, and functions of, Web 2.0 central authorities and “gatekeepers,” such as major search engines and social media platforms. The term Web3 was popularized by Gavin Wood, co-founder of Ethereum, who argues that centralization is not socially tenable long-term.
The first step for business and IT executives is to understand the key ways in which Web3 differs from Web 2.0, the early Web3 use cases and related technologies.Web3 will initially benefit large enterprises through applications that benefit from new blockchain-enabled business models and social and gaming networks.
It retires centralized platforms, servers and authorities as the key managers of information and value flows. Web3 makes peer-to-peer interactions the essence of a new generation of networked commerce and society.
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