Last week, I attended the Web32 conference in Antwerp, Belgium. In 2021 in the US, Web3 companies raised almost $ 20 billion in venture funding, which is just the beginning.[i]
You may be wondering, what is Web3 all about anyway?
Some already know that Web3 is the next -decentralized- phase in the evolution of the internet. At this stage, most may be even familiar with the concept of cryptocurrency and NFTs. For a quick refresher, I recommend Kevin Tune’s brief article on “What Is Web3? A Brief Explanation | Seeking Alpha”
The most poignant definition of Web3 comes from the founder of Ethereum, Vitalik Buterin, himself:
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
But first: hypes are not problems.
Not all of these well funded companies will be successful. Only those solving real problems worth solving will be around a few years from now. Having enough funding and exceling will be key to sustainability in this space.
NFTs and Web3 are long ball games and not made for short-term gains. There is no doubt that the NFT space is hyped like only a few industries have been before. Or, as Venly’s Marijke Wouters put it at the conference: “On Gartner’s hype cycle, the hype for NFTS is where the “X” is.
Disregarding the almost ridiculous hype, it is worthwhile to look at four examples from the conference regarding how startups are solving real problems and how they are challenging the status quo.
Here are four companies from the Web3 conference in Antwerp tackling four Web3 problems and will make a difference in the days ahead.
Problem 1: Big platforms control content and creators.
Creators monetize their content via the platform.
The more creators become dependent on a particular platform like Twitter, Instagram, or LinkedIn; the more creators risk losing it all should they become de-platformed.
Solution(s) 1: The Ownership Generation (OG)
Thanks to Web3 content creators can now own and control their content.
Creators sell their content via NFTs on centralized and decentralized platforms. See the following two examples below:
Centralized: NFT Photographers
Decentralized: Rarible
The ability to own and monetize content places less dependency on big tech companies to control outcomes.
Problem 2: Web3 isn’t ready for the mainstream.
Ever tried to buy cryptocurrency on an exchange?
Blockchain transactions are complex. You still need to provide documents to exchanges (KYC) etc. There is definitely a learning curve to enter and participate in this space.
Surely, my parents are not interested in going through all the hassle.
Solution 2: Infrastructure solutions that allow web3 companies to onboard the masses to the metaverse.
Solved by Venly: Venly builds tools and products that make the metaverse easy for everyone.
To learn more visit: Venly
Problem 3: Many Avatars are restricted to only a single platform.
Avatars are our digital representatives in the virtual world.
If your avatar becomes your identity in your metaverse, it would be useful if you could take your avatar with you to any virtual world to help you grow your brand across platforms.
Solution 3: A cross-game avatar platform for the metaverse.
Create your own avatar, keep your identity and use it in many virtual worlds.
Solved by: Ready Player Me for gaming
Problem 4: Traditional industries with ethical “real-world” problems
Example- Global Diamond Supply Chain for diamonds
Local communities do not get a fair share of the profits.
The harsh reality: Armed groups get paid, diamonds “disappear”, and the mining process isn’t really that safe as things currently operate…
Solution 4: Transparency through Blockchain and NFTs
Solved by: Signum
Signum creates digital twins for each diamond, removes links within the supply chain, tracks the entire process, and builds partnerships with local communities.
Web3 will have an impact on all of our lives. It is worth closely following what different companies are doing and how they are applying centralized and decentralized technology solutions to solve real and metaverse problems.
Getting in front of this fascinating era and being prepared can only make you stronger. I am here to help and happy to discuss future developments and what this could mean to your industry.
[i] Funding Starts To Cascade Into Web3 Startups (crunchbase.com)
