The Web3 space has seen a lot of recent improvements due to growing public awareness of the underlying technology. Blockchain, artificial intelligence, machine learning, virtual reality, augmented reality, and the Internet of Things contribute to building the core of Web3. how? Companies that choose Web3 development work on each of these elements in some capacity, which has brought us to where we are today. As a business enthusiast, you might be interested to see what opportunities web3 technology can bring you in 2023, some of which we discuss in detail here.
1. Non-fungible token-based venture capital
Non-fungible tokens (NFTs) are a revolutionary innovation in Web3 that bring this concept to a wider audience. Entrepreneurs who choose to run their own businesses based on NFTs have many options. The most popular business models to choose from this year include:
- NFT series
- NFT market
- NFT launch pad
- NFT aggregator
Each of these models has a number of available niches. Therefore, the options offered are many, ensuring the success of the business with the best long-term plan.
2. Web3 game platform
Another smart Web3 venture this year is Web3 gaming apps, which have entered the space after the NFT boom in 2021. Incentive-based games for these different segments can be categorized as follows:
- Play-to-Earn (P2E) – on-device gaming
- Move-to-Earn (M2E) – a game based on body movement
They cleverly leverage various Web3 elements, including blockchain, AR, and VR. It may even be possible to integrate mechanisms such as NFT leasing to ensure that Web3 development of games enters the mainstream gaming market.
3. Metaverse application
Since Decentraland’s debut, Metaverses have grown, with many businesses running across many Metaverse applications. The use of extended reality elements helps businesses appeal to tech-savvy consumers, making virtual versions of any business model possible in these worlds. Metaverses can be used in the following ways:
- event space
- Workspace
- educational space
- Healthcare Solutions
- immersive gaming
- An immersive shopping experience
Business owners can use the Metaverse’s apps for even more, and 2023 is the right time to start building.
4. Decentralized Finance (DeFi) Applications
The crypto community is slowly moving away from centralized finance (CeFi) due to some unpleasant events. Their next stop will be decentralized finance (DeFi), which has enjoyed considerable success amidst the NFT craze. Entrepreneurs can leverage DeFi platforms to:
- pledge
- borrow money
- yield farming
- Insurance
- flash loan
- Crypto Exchange (DEX)
- Crowdfunding (IDO)
Such business models can win praise from the crypto community if they feature foolproof smart contracts and optimal long-term operating mechanisms that determine the success of the business.
5. Web3 Social Networking
We have all witnessed the impact of social media on our lives and how a few large corporations have taken control of data in unwelcome ways. Web3 social networking applications can hold new promise as these applications allow users to monetize the content they generate and consume in various ways. While still in its infancy, Web3 social media is expected to grow over the next two years as data privacy is seen as an essential element.
6. Web3 content streaming application
Streaming and subscriptions became famous in the wake of a global pandemic that kept people indoors. However, there are some inherent issues with Web2 streaming that Web3 applications can also address very well. Entrepreneurial enthusiasts can leverage this NFT-powered model to create secondary markets for content subscriptions and media streaming. This could be a powerful way to get the most out of Web3 development. Integrating other Web3 elements will only increase the value these platforms bring to users.
7. Web3 e-commerce platform
E-commerce has been around for decades, and it’s no surprise that Web3 integration will be its next iteration. Web3-based online commerce applications can provide buyers with a physical experience by offering NFTs and physical assets at the same time or upon redemption. Using blockchain can also help users trace the journey of the products they buy, creating greater accountability among all stakeholders when something goes wrong. This technology-based trust-based platform is likely to thrive in the coming years, making it a strong business option to choose in 2023.
8. NFT ticketing application
The ability of non-fungible tokens to back almost anything has now extended to ticketing, including events and transportation. Concerns about counterfeit tickets have been heightened by event organizers facing the challenge of verifying the identity of ticket holders for security reasons. Transportation, on the other hand, presents challenges for users when they want to cancel a trip or transfer a ticket to someone else. All these problems can be solved optimally with NFT ticketing, redefining how ticketing works in the future. As a business model, these apps have a bright future as people realize the incompetence of existing systems.
9. Blockchain-based real estate
Blockchain-based real estate
Real estate has been seen as one of the biggest beneficiaries of Web3 development, although its potential has not been fully realized for some reason. In 2023, real estate real estate based on blockchain seems to have finally arrived. The model could help people sell properties without an intermediary, while allowing construction projects to raise funds through the sale of real estate tokens. Businesses could consider operating marketplaces that sell entire properties and startup platforms that raise funds for construction projects.
10. Web3 encrypted wallet application
As an underrated Web3 business model, crypto wallet applications can appeal to consumers as these are the basic elements any Web3 user needs. Startups could launch their own Web3 wallet platform and offer wallet-as-a-service (like Coinbase did recently). In this way, businesses can attract users and other businesses, increasing their avenues for getting paid. As an entrepreneur, developing a Web3 wallet this year with additional features will help cater to a wider range of users in the future.