Web3 technology, which is frequently spoken in blockchain circles these days, continues to create changes in our lives as it develops.
The development of Web3 technology day by day creates changes in every aspect of our lives, from sports to music. In this article, we have discussed in detail what Web3 has brought and will bring to our lives.
What is Web3? What’s Happening on Web3 Right Now?
Web3 represents the next generation internet with blockchain technology that is decentralized and offers more control to users. Adoption of Web3 is growing rapidly, and it is estimated that by 2026, around two billion people worldwide will spend at least one hour a day in the meta-universe. This new internet offers brands, individuals and teams the opportunity to discover new ways to engage with their fans and earn more equitably.
Why Are Brands Making Breakthroughs in Web3?
Brands are moving to Web3 because it is more advanced than Web2 in terms of transparency, reliability and ownership. The use of NFTs ensures definitive ownership of digital assets and offers brands the opportunity to combine real-life experiences, products or art with digital assets.
However, many fashion companies have also made their way to Web3 even though they are in their early stages. Some of them are Nike, Adidas and Hermes.
In the music industry, Web3 will provide musicians with new opportunities to build stronger connections with their fans, protect their intellectual property and generate revenue. With blockchain technology, Web3 is intended to impact the legal side of the music industry, enabling musicians and other stakeholders to benefit from a fairer distribution of income and greater control. By tokenizing their music through NFTs, musicians can interact with their fans and create their own revenue streams.
In this field, many record production companies and artists continue to be pioneers in Web3.
In the world of sports, Web3 allows teams, athletes and fans to interact in ways never seen before. New platforms such as digital fantasy sports games powered by NFTs allow users to create their own teams, participate in competitions and connect with other fans.
In the fashion industry, Web3 helps fashion brands create new business models, take anti-counterfeiting measures, and interact with customers. NFTs and Blockchain technology allow brands to develop strategies that focus on long-term values. It can also help prevent unethical practices by increasing the transparency and traceability of supply chains.
Although Web3 is still in its infancy, many major brands around the world continue to invest in the future of the Internet. Considering the meta-universes that are expected to become a part of people’s daily lives in the future, these investments indicate that they will make significant returns to brands in the future.
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