The introduction of Web 3.0 is posing enormous challenges and altering how businesses operate. Businesses strive to keep up with technology improvements and new market demands as the web continues to develop. In today’s world technology is an integral part of our lives which leads to create lots of problems. To solve these problems with new emerging technology many web3 companies are coming up with collaborative web3 business ideas.
In this article, we will see some of the best web3 business models and how they are helping to invent the life of the internet.
Business models based on Web 3.0
Web3.0 has the potential to upend established industries by giving organizations more autonomy, openness, and responsibility. The unique characteristics of Web 3.0, such as the incorporation of AI, semantic web, ubiquity, DLT, and smart contracts, and 3-D graphics, will undoubtedly elevate business models and tactics. Web3 is using these characteristics to reinvent the web2 business models with a positive sum game.
The following are some noteworthy changes we could notice in the business models of current companies:
Revenue sharing model
As we all know about web2 companies like Youtube, Meta, etc... how they create monopolies and keep most of the money in their hands despite the fact that these companies are due to their users and creator. To overcome these shortcomings of this business model, Web3 companies are coming up with a co-revenue sharing business model, which will be based on the chain of value creation.
Gaming
Playing video games will enable users to make money in the Web3 era. Users in this new gaming period can purchase items from the market with their own money and then sell them to other gamers inside or outside of the virtual world. This is another business model where business can be done by selling digital assets in the game or outside the game.
Data selling models
It may look like web2 but it's not, in web2 a particular company keeps a particular behavioral data of a person that they use to maximize their profits but users get nothing from that profit. web3 is based on the promise of ownership of your data, so here user has full control over their data, they can use their data to sell to any company and get money from it.
Creator economy
The creator economy is fueling innovation across industries, changing the way work is defined, and offering new ways to make money. People can generate income through the creation of content such as images, movies, or music in this software-enabled economy.
Browsing
Web3 browser brave gives tokens to their users for spending time on the app in the form of Brave Rewards. Users come first at Brave, therefore Brave directly share any ad revenue that they make with them. Users receive a direct rebate of 70% of the money Brave makes from these unobtrusive, privacy-protecting adverts in the form of Brave Rewards.
Bent bonding model
This model allocates the token price across the asset's increasing value. The price of the token rises along with the value. This concept encourages users to make early investments before the token truly increases in price.
Money streaming
There is a channel for money streaming
Side channel- Using a two-way peg, a sidechain is a separate blockchain that is linked to its parent blockchain. You can use this mechanism to transfer assets to the sidechain and then back to the main chain. But sidechains also need their own miners. These miners are compensated through "merged mining", which involves simultaneously mining two different coins using the same algorithm.
The scope of this article is too broad to include all possible Web 3.0 business models. These are some of the business models you read about above. There are hundreds of thousands of businesses and many are emerging day by day.
Conclusion
Although the Web3 incentive models are still in their infancy, this ecosystem as a whole allows these businesses to scale swiftly provided they come up with a solid business model. Web 3.0 appears to have a bright future, and the journey ahead appears exciting as it develops. Investors and industry professionals are optimistic about Web 3.0. Youth are learning and finding new ideas and building businesses over it that will create many web3 jobs. It’s just a matter of time, a completely new world of the internet will come that will be more transparent, ethical, and work on the positive sum game.
