We can all agree that Web3 is in its early stages and there are still a lot of questions about its adoption and application which is normal for almost every major tech evolution. Let's take a trip down memory lane. In 1994 the first secure digital transaction took place, and the internet became commercialised. But, actually, the internet was around for a very long time before that. It was used by the government, the military and certain academic institutions since the 1960s and only became available to the public in 1989-90.
So by the time it became commercialised, it had been around for years, and it still needed to make more sense to consumers and businesses. Back then, people were wondering, Why do I need a website? Is it secure to put my credit card online?
The same thing is happening now with Web3. We have the technology to transact with cryptocurrencies globally instantaneously. We can store information on the blockchain and can create hundreds of NFTs in a matter of minutes. The issue for users is that the language is too confusing and full of jargon terms that people don't understand. The interface is also a bit clunky. Users have to install a wallet physically and then put their assets in it. But, if we think about how internet browsers were in the 90s, we can tell that the current wallet UX will soon evolve to accommodate our various demands.
And, as with every major technological advancement, there are the early adopters who experiment, attempt to overcome challenges and lead the way to mass adoption. Let’s see some examples of major businesses that have successfully applied Web3 technologies to their operations.
Starbucks is baking NFT technology into their global loyalty program for millions of people worldwide. It will allow Starbucks members to earn and purchase digital collectable NFT stamps that will provide access to new, immersive coffee experiences. This will create a worldwide Web3 community to reinforce the Starbucks brand and connect members with partners.
Warner Bros Moviverse
Warner Bros joins the Web3 revolution by allowing users to have immersive Web3 Movie Experiences. The website opened on October 21st and features two NFT bundles for The Lord of the Rings: The Fellowship of the Ring. The first bundle has already sold out. LOTR fans can now access the full-length feature film Extended Edition in 4K UHD, special features plus commentaries, image galleries, AR collectables and more.
Gucci Vault Land
Gucci has started experimenting with the Metaverse, NFTs and other Web3 technologies by creating a fantastic immersive experience, the Gucci Vault Land. Users will enter a world that celebrates “a careful curation of rare vintage Gucci pieces, the dialogues between contemporary creators and the House, the enthusiasm for NFT artworks, and the magic that arises when all these different facets coalesce and when the communities around them converge.” Built in the Sandbox Metaverse, users can go into quests and win tokens and rare collectables. What’s not to like?
Google Cloud for Web3
Google aims to become the backbone of Web3 by offering node services via Google Cloud. Nodes, which run code for crypto networks, can be considered foundational building blocks for Web3. The tech giant also announced that they will allow some businesses to pay for their cloud computing services using cryptocurrencies early in 2023.
There are certainly still bumps in the road to Web3 mass adoption and barriers to overcome, like consumer education, user experience and more, but seeing the current use cases, we can predict how revolutionary these technologies are.
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As Web3 is in a developmental stage, businesses that are now starting to build their Web3 strategy will be the first to capitalise on its countless opportunities and future-proof their business.
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