Many laypeople may think of Web3 and blockchain technology solely in terms of cryptocurrencies. However, Web3 technology offers unique strengths that are applicable to the broader market—and beneficial for both industry and consumers.
Businesses can tap into Web3’s efficiency, transparency and trust-building potential, while consumers may soon enjoy more power over their digital data and assets. Below, members of Forbes Technology Council discuss some of the ways both businesses and individuals can benefit by getting in on the ground floor of the Web3 revolution.
1. Accessing Investment Opportunities
Being an early adopter of Web3 is like accessing Swift in its early days. We are at the start of what many call the future of finance, and this industry is here to stay. Early adopters can explore innovative technologies that democratize investments, unlocking opportunities once reserved for a select few. – Geoff Ira, TradeTogether
2. Achieving Greater Control Over Digital Assets
An often-overlooked strength of Web3 is its elimination of middlemen, enabling direct peer-to-peer interactions. Early adopters benefit from reduced costs, enhanced security and greater control over their digital assets. – Mohammed Cherifi, Hyperion Consulting
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3. Encouraging User ‘Stickiness’
One often-overlooked strength of Web3 that early adopters could benefit from is the tokenization aspect. This mechanism encourages user “stickiness” far more effectively than early internet businesses, as it provides users with a tangible stake in the platform, reducing the likelihood of churn or user loss. – Robert Mao, ArcBlock Inc.
4. Supporting Sustainability Efforts
Web3 can support organizations’ sustainability efforts, particularly through transparent and traceable supply chains, carbon credits and incentivized sustainable practices. Many early adopters are focused on the financial or technical aspects of Web3, missing its potential for addressing environmental, social and governance challenges by creating verifiable and trustworthy records. – Dr. Milan Kumar, ZF Commercial Vehicles
5. Analyzing User Behaviors
One key strength of Web3 is the transparency and accessibility of real-time on-chain data. In the gaming industry, this allows developers to analyze player behavior, asset ownership and engagement without third-party intermediaries. For example, by examining both in-game behavior and on-chain activities, we found that personalized in-game offers increase player retention by 63%. – Anton Umnov, Helika
6. Receiving Rewards For Learning
Web3 allows for the creation of token-based learning platforms where participants can be rewarded for gaining knowledge. Early adopters can leverage these environments to earn tokens while developing skills, creating a self-sustaining model for lifelong learning and economic incentives. – Mani Padisetti, Emerging Tech Armoury
7. Getting More Value From Owned Assets
One often-overlooked strength of Web3 that early adopters can benefit from is ownership of digital assets. Several projects offer tokens and other rewards for participation and engagement, as it boosts their growth. Further, given that assets can be interoperable, users have the potential to utilize them in a broader, interconnected ecosystem, further enhancing their value and utility. – Yuriy Gnatyuk, Kindgeek
8. Controlling One’s Own Data
One often-overlooked strength of Web3 is user-controlled data ownership. In Web2, platforms control and monetize user data, but Web3 empowers users to own and control their data. We leverage this to enable advanced security for private data ownership; third parties are prevented from accessing the data, as it’s stored on disparate servers. – Nick Cherukuri, ThirdEye Gen Inc.
9. Having More Ways To Contribute To The Growth Of Digital Ecosystems
Web3 gives users direct ownership and control of their data and assets. Early adopters can take advantage of this fact by trading or selling the nonfungible tokens they earn from platforms such as decentralized apps and blockchain games. Consumers are more able to contribute to, and even be rewarded for, the expansion of these digital ecosystems. – Luboslava Uram, Solvd Group
10. Creating Transparent, Immutable Supply Chain Records
Web3’s potential to transform supply chain management is often overlooked. By leveraging blockchain technology, we can create transparent, immutable records of product journeys, from manufacturer to end user. This could revolutionize industries plagued by counterfeiting and opacity. Early adopters who implement these solutions could gain a significant competitive advantage. – Marc Fischer, Dogtown Media LLC
11. Having A Trending Marketing Narrative
One strength of Web3 is in its marketing and trend presence, so it’s good for companies to have a Web3 narrative to draw on when needed. When something is trendy or popular, or otherwise being mentioned a lot, it’s good to have a narrative ready for how your company could leverage it. Web3 technology gets easier to integrate with every cycle of development, so have an idea of how your company can do it. – Jordan Yallen, MetaTope
12. Easily Transacting Through A Centralized Wallet
Web3 simplifies user authentication and transactions by linking them to a single wallet. This streamlined approach allows users to easily interact with various services, conducting all transactions through one centralized digital wallet, enhancing convenience and security in the decentralized ecosystem. – Gabriel Gonzalez, Edenred
13. Contributing To New Product Development
Its ability to redefine user-driven innovation is one of Web3’s unique, often-overlooked strengths. By adopting decentralized governance models, Web3 empowers users to influence and contribute directly to product development. By shaping product evolution in real time, early adopters gain both financial and strategic stakes. – Jyothish R, AIMLEAP
14. Leveraging Composability
Web3’s best feature is composability. You can fork any public smart contract and build on it instantly—no APIs, no price limits, no need to ask permission. That’s why decentralized finance is moving so fast—everyone is building with open Lego blocks. – Joey Bertschler, VolanteChain.com
15. Building User-Governed Platforms
Web3 enables the establishment of verifiable digital identity without centralized control. This empowers users with undeniable proof of ownership and a history of their digital interactions, opening up opportunities for enhanced trust and transparency in online transactions. Early adopters can leverage this to build more secure, user-governed platforms where privacy and data integrity are paramount. – Dmitry Mishunin, HashEx
16. Tapping Into Cooperative Innovation
One overlooked strength of Web3 is its potential to redefine value creation through decentralized collaboration. Using decentralized autonomous organizations and smart contracts, early adopters can tap into new forms of cooperative innovation, where global teams contribute without intermediaries, leading to faster iteration cycles and more equitable profit distribution across borders. – Andres Zunino, ZirconTech
17. Quickly And Easily Linking Services
A big advantage of Web3 is how it helps different apps work together across multiple blockchains. This means businesses can quickly and easily link services. Early adopters of Web3 can take advantage of this feature and give their users a more complete, well-rounded experience than is possible with a traditional system. – Thomas Griffin, OptinMonster
18. Securely Storing Critical Data
Data redundancy, especially with multichain networks, makes blockchain a decentralized data storage solution, not just a transactional tool. Early adopters can leverage this to secure and preserve critical data across nodes, reducing risks tied to centralization and single points of failure. – Avi Patel, Nitrility
19. Combating Censorship
Web3’s often-overlooked strength is its ability to combat censorship by decentralizing control. Decentralized apps and digital identities give users full control over their data, making it harder for centralized authorities or platforms to limit access or manipulate information, ensuring privacy and freedom online. – Daniel Keller, InFlux Technologies Limited (FLUX)
20. Developing New Revenue Streams
The micromonetization potential of Web3 is underutilized. By integrating smart contracts, early adopters can monetize even small user interactions, creating new revenue streams. This economically scalable model works well for platforms that rely on user-generated content, providing both creators and consumers new incentives for value creation. – Andrey Kalyuzhnyy, 8allocate
