Top Use Cases Of Web 3

Creator economy

Factors like the increase in internet usage and digital tools, the globalization of content consumption, and disruption in formal employment patterns have contributed to the event of the creator economy. It is impossible to overlook this dynamic and expanding business, whose market size was expected to be $104.2 billion as of May 2021, 4.2 billion.

However, the present platforms, marketplaces, and therefore the like, where creators produce and publish their works, are too centralized. They control the data, brand, audience, and undoubtedly the income of the producers. These platforms oblige content creators to strictly follow their terms and conditions, and that they don't allow them to interact directly with their audiences and fans outside the platform’s environment.

But with web3, the creator economy features a chance to upgrade to an entire new level and award content creators with more freedom and therefore the power to retain full control over their works. Web3 also will help them do away with any intermediaries, and communicate with their fans directly while streamlining authentic creativity with no ad-driven content.

Real-life applications

Although there's still an extended thanks to go before web3 creator economy platforms become commonplace, one can already encounter nascent, yet fully fledged platforms that are bringing content creators closer to the web3 era.

For example, today’s NFT marketplaces like Rarible and OpenSea enable content creators to supply , sell, and promote their content within the sort of NFTs on to their fans.

What’s more, an answer called Rally has been specifically designed to permit creators and their communities to develop their own independent digital economies. It gives developers the resources they need to produce and disperse social tokens and NFTs. Rally also encourages a network of developers and partners to create extra experiences for creators and fans on top of the prevailing Web 3.0 infrastructure.

Blockchain-based gaming

Blockchain-powered web3 gaming, which is additionally often mentioned as GameFi, has made waves across the world. Experts estimated that within the half of 2022, a mean of 800,000 users connected with Web 3.0 games on a daily basis. Web3 gaming solutions are by default decentralized in contrast to traditional games, which typically entail centralized authorities. This suggests that users can establish absolute control over their in-game assets like NFTs and simply trade them with other players with none intermediaries getting involved.

On top of that, the web3 gaming concept are often extended to the metaverse space where players will have the chance to make their own avatars and trade their collectibles amongst themselves.

Another significant point worth mentioning is that web3 gaming are often customized in accordance with players’ likes and preferences and transcend playto-earn (P2E). Numerous concepts are designed as a result, the foremost outstanding of which are learn-to-earn (L2E), move-to-earn (M2E), exercise-toearn (E2E), and sleep-to-earn (S2E), among others.

Real-life applications

You have surely heard about the web3 game called Axie Infinity, currently the foremost popular game of its kind and infrequently out of the news.

Skyweaver, Guild of Guardians, and Gods Unchained are a few other standouts.

Besides this, as we've discussed earlier, GameFi has generated some cool alternatives to P2E. As a result, you'll take your pick from top game apps like Genopets (M2E), WIRTUAL (E2E), and SleeFi (S2E).

Decentralized browsers

Web3 decentralized browsers preserve the traditional features of common browsers, yet they also empower users to efficiently interact with decentralized applications (dApps) that are created on top of blockchain technology.

The new generation of browsers offers users multiple benefits, including better transparency and security, streamlined performance, guaranteed user confidentiality, and therefore the opportunity to retain ownership of the info. Additionally, when utilizing web3 browsers, users can earn money for interacting with content or watching advertisements.

Modern web3 browsers are equipped with integrated web3 wallets which permit for frictionless functioning. Chrome, Safari, and Firefox—traditional web2 browsers—can also act as a gateway to web3 apps. The sole thing users are required to try is install either a web3 wallet like MetaMask or a special browser extension.

Real-life applications

Given that web3 is evolving at lightning speed, it's no surprise that the list of web3 browsers is growing too. The Brave browser is taken into account to be one among the simplest gateways to web3 thus far. It possesses a strong decentralized ecosystem and is currently leveraged by around 59 million users. Ad blockers, integrated support for IPFS, and a built-in wallet for virtual currencies make up the fundamental features of Brave.

As regards other popular web3 browsers, it's worth mentioning Osiris, Opera Web3, Puma, and Beaker.

Decentralized streaming

Video and music streaming has become an outsized and fast-growing industry. Consistent with Fortune Business Insights, the worldwide streaming market are going to be worth $1.69 trillion by 2030.

Even so, traditional streaming platforms are centralized. This suggests that they pose numerous obstacles, and lift potential controversy associated with monetization policies, unfair promotion algorithms, data collection and privacy concerns, and more.

Decentralized blockchain-enabled streaming platforms, on the opposite hand, offer privacy-focused approaches to users and creators. Additionally, they help content curators get direct access to their money and broadcast their own material on the network on their own terms.

Real-life applications

HOAG may be a modern streaming platform for web3 creators. It's set to form video streaming available to anyone while also providing a high level of security. DTube presents it because the world’s favorite decentralized, crypto-based video platform. It's built on top of the STEEM blockchain, alongside the IPFS P2P network.

Another top-notch project worth mentioning is Livepeer. This is often an open source video infrastructure service created on Ethereum. It makes use of blockchain’s decentralization feature to assist video engineers produce high-quality, low-cost video streaming models.

Decentralized science

Web3 is slated to upend not only the way we play, create, and socialize, but also to upgrade the scientific landscape and introduce us to the new movement called decentralized science, or DeSci for brief .

DeSci relies on blockchain technology and web3 to tackle the shortage of obtainable research findings, help scientists access the proper funding, bolster collaboration across the sector, unleash new knowledge, and enhance many other bottlenecks associated with research and scientific processes.

Real-life applications

Even if DeSci remains in its nascent stages, there are still many projects keen to embrace this new, tech-powered scientific concept.

VitaDAO, as an example, is among the foremost outstanding biotech decentralized autonomous organizations (DAOs). Its core mission is to assist raise early-stage funding for R&D projects in longevity science and drug development. To realize this, VitaDAO collectively funds and digitizes research within the sort of IP NFTs.

SCINET is an additional decentralized approach to scientific research and development. It's set to facilitate funding for research and scientific projects within the health field and to foster the safety of IP rights, referee, and publishing. SCINET is powered by blockchain, which makes it possible for retail and institutional investors to take a position directly and safely in life sciences research and technology.

Social media

SocialFi has been introduced to assist confront and battle the challenges associated with freedom of speech and content monetization and to bring novelty to the way we socialize and have interaction with content online.

Blockchain-enabled SocialFi intrinsically is that the combination of social media and DeFi. It aptly incorporates the web3 approach to enable users to supply, manage, and, importantly, own the content that they generate.

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Real-life applications

Eager to tackle the challenges of traditional social media, innovators are rolling out a variety of SocialFi platforms. Diamond, for instance, which is viewed as a decentralized version of Twitter, enables users to exert control over the content, build communities, and obtain rewarded for any engagement on the platform.

Entre is another web3 platform worth mentioning. This is often a decentralized web3 professional community that boasts features like AI introductions and matchmaking, and opportunities to host live streams, meetings, and events. Additionally, it provides direct texting, group messaging, and activity-based rewards.

Meanwhile, Torum is being heralded together of the foremost promising SocialFi projects. It's a SocialFi metaverse ecosystem that's set to compile crypto users and communities from everywhere the planet.

Decentralized storage

The rise of web3 has also spurred the event of decentralized storage solutions which will empower users too efficiently and conveniently store, retrieve, and manage their own data.

In basic terms, web3 cloud storage, or decentralized storage, is data storage that's located on several servers and is operated by multiple participants who haven't any central authority and ownership over data.

Here are the key advantages of web3 cloud storage.

  • Absence of one point of failure: This suggests that in web3 cloud servers, data is dispersed across multiple locations, which offers extra security and prevents hacking attempts.
  • Reduced costs: With decentralized storage, the value of storing gigantic petabytes of knowledge is substantially lower compared to traditional data storage solutions.
  • Enhanced privacy: In web3, cloud storage data is split among many nodes, which is why owner-only access may be a valuable benefit.

Real-life application

To date, variety of various web3 storage solutions are unrolled, including IPFS, Filecoin, and Computecoin.

Two distinct, complimentary protocols developed by Protocol Labs are Filecoin and IPFS. They're intended for storing and sharing data on the distributed web. Both of them are free and open-source and share building blocks like data representation formats (IPLD) and network communication protocols.

Computecoin is another web3 decentralized storage network. It's been specifically designed to assist web2 users and developers effortlessly and smoothly transit into the web3 space.

Decentralized Autonomous Organizations

One of the highest entries among blockchain web3 use cases would point at Decentralized Autonomous Organizations or DAOs. They're basically online communities under ownership of members of the community. The interesting highlight about DAOs is that the facility of community governance which depends on consensus of members. As a matter of fact, one can determine the highlights of web3 in DAOs with decentralization and autonomy.

A single individual or centralized entity cannot change the principles of DAOs. On top of it, DAOs ensure autonomy by using smart contracts for tallying votes and implementing decisions without the necessity for human intervention. DAOs are a well-known web3 example of on-chain governance if you pay close attention.. Decentralized Autonomous Organizations introduce the concept of corporate governance within the virtual world by encoding specific policies in smart contracts.

DAOs deserve an edge among the highest web3 use cases, especially for his or her potential in offering a governance model for web3 organizations. Interestingly, the principles of DAOs are applicable across a good range of assets and organizations.

Decentralized Finance

The next significant question is, "What is web3 used for?" refers to decentralized finance or DeFi. It's a replacement concept supported the utilization of decentralized applications for financial services. Decentralized applications are basically general software applications related to a series of smart contracts. The smart contracts in decentralized applications mentioned as protocols, help in defining specific functionalities of the applications. The prominent advantage related to decentralized apps in DeFi is that they're going to exist as long because the underlying blockchain exists.

Furthermore, dApps created on open blockchain networks allow the participation of any computer within the network. The important world web3 use cases in DeFi have helped many of us discover alternatives to traditional financial services. For instance DeFi has enabled the power of crypto lending, and borrowing wherein crypto owners can receive loans against their crypto as collateral.

Blockchains used for payments are a key feature of web3 use cases in DeFi. DeFi has enabled payment blockchains which will facilitate peer-to-peer digital transactions. As a matter of fact, DeFi is one among the simplest web3 use cases, which shows a plausible improvement in cryptocurrency usage.

The significance of DeFi becomes clearly evident with the power of low cost, peer-to-peer, almost instantaneous, and borderless transactions. Payment blockchains in DeFi can function the simplest web3 example for enabling access to financial services. The payment blockchains could easily improve the prevailing payment systems. For instance, cryptocurrencies can function an important asset for distribution of aid to people without bank accounts. Additionally, DeFi also leverages blockchain for achieving the specified transparency to counter abuse, waste, and fraud.

The best thing about DeFi is that it's changing the backend of monetary technologies. DeFi makes it easy to use, acquire, inspect, upgrade, and build financial services. DeFi is clearly one among the highest web3 use cases focused on enabling cost- effective and straightforward participation within the economic system. At an equivalent time, DeFi also leverages web3 principles for allowing complete control over ownership of finance products to consumers.

Privacy and Digital Infrastructure

Complete transparency is the most visible issue in present blockchain networks. You'll find blockchain web3 use cases tailored for improving privacy and digital infrastructure. New research within the innovative facets of cryptography, like zero-knowledge proofs, enables mathematical proofs of validity without disclosing information.

For example, a user can convince an internet site that they know the password without giving the password to the web site. As a result, the user’s password would never continue a database of the web site, thereby ensuring safety from unprecedented attacks. Web3 solutions can ensure plausible improvements in digital infrastructure to supply the reassurance of higher privacy.

As one of the simplest web3 use cases, digital infrastructure improvements believe the protection of users’ personal data. Additionally, web3 has extended the pliability for designing applications with improved privacy. Data protection is clearly one among the prominent highlights among many web3 use cases, considering the huge data breaches in web 2.0. Now, web3 can provide the perfect foundation for accessing a set of applications for improved protection of your data.

At an equivalent time, the web3 use cases of privacy and digital infrastructure improvements could also improve regulatory compliance. Privacy layers can help users to beat their apprehensions about sharing personal information with an application or service on blockchain. Therefore, web3 will obviously play an important role in easing the trail to regulatory compliance in blockchain networks without risks.

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Blockchain Games

The most visible web3 example in real-world applications will entice you to blockchain-based games. The games, built on blockchain technology, provide individualized economies in which users have genuine ownership of in-game things. Because they were the first web3 applications, blockchain games are one of the famous responses to What is web3 used for?

Blockchain-based games offer the pliability of transferring in-game objects to other games. Within the initial stages, blockchain games have shown a promising glimpse into the longer term of gaming. Blockchain-based games that adhere to web3 principles have the potential to create entirely new virtual worlds and economies.. The significance of blockchain games together of the highest web3 use cases is clear within the use of decentralized technology for facilitating monetization opportunities to creators. Blockchain-based games use NFTs for allocating ownership of in-game items like avatars, skins, tools, experience points, and upgrades. Surprisingly, players can sell NFTs for fiat currency on secondary marketplaces, in addition to the ability to move assets between games.

Another prominent highlight of blockchain-based games in world web3 use cases points at the play-to-earn models. One among the simplest samples of using web3 principles within the world with gaming is Axie Infinity. It's served as a promising tool for several people to earn rewards in cryptocurrency by playing the sport.

Metaverse

Among the various entries in best web3 use cases, you'd obviously encounter the metaverse. It promises an infinite virtual world, or "metaverse," where users can roam as virtual avatars. Basically, you'll get on the web instead of watching it through your computer screens.

The metaverse leverages many web3 principles for providing immersive and interesting experiences to users. You'll find the element of decentralization and creator economies within the metaverse. The metaverse promotes open access to a person and allows complete control of the experiences within the hands of users.

The recognition for metaverse together of the highest web3 use cases depends prominently on the guarantees of an open, shared, decentralized virtual world. However, the metaverse remains far away from reality, and you'll discover a couple of hints of the technology on different platforms. Facebook, Microsoft, Epic Games, and lots of other big names within the world of tech and business have identified the worth of web3 principles in several metaverse applications.

Bitcoin

Despite being quite a decade old, it had been the primary decentralized digital currency. As a matter of fact, bitcoin was truly the appliance that raised to fame and showcased truth potential of blockchain.

Even though other cryptocurrencies and blockchain platforms, like Solana or Ethereum, have advanced the technology as compared to bitcoin and use the concept of three .0 better, bitcoin still matches the quality .

It is estimated that 36% of small businesses within the US now accept Bitcoin payments, and one country has even recognized it as tender.

A growing number of countries and businesses are already accepting cryptocurrencies as payment.

Privacy and Security

One of the numerous decentralized messaging platforms evolving into web3 versions of WhatsApp or WeChat is Spectrum. Web 3.0 seeks to prioritize privacy and security by allowing connections without a telephone number or any email ID. the present version of Web, web 2.0, was ready to identify an individual because it was centralized. The owner of the server retained the knowledge.

In addition, there are tons of decentralized video streaming services like Dtube, where we will watch videos that interest us. Let’s take the instance of YouTube. Currently, YouTube is in a position to recommend the videos we might like better to watch and showcase them on our feeds. But, that won’t is that the case with the three .0 version of Web.

They also make crucial decisions on which individuals can make money from their videos and which videos are often monetized. All of this is often administered following guidelines under the location owner’s control.

However, these decentralized video streaming systems attempt to give consumers this control by basing all video exposure decisions on views, shares, and likes. Within the conventional sense, no “owners” have the authority to regulate uploaded content by merely removing it from their servers.

Virtual Real-Estate

The real estate industry has already transformed considerably with the arrival of NFTs, blockchain and metaverse. Now with web3 providing a more robust and wide ecosystem for land , a variety of “modern” web3 real-estate projects are developed that use NFTs, computer game and 3D technology to verify ownership and transfer NFT-based land properties. Moreover, the transaction is recorded within the immutable and transparent ledger within the blockchain.

Remote workplaces

Since web3 supports the event of high-end metaverse projects, companies are using web3 technologies to create 3D realistic workplaces that transform their physical workplaces, allow employees’ avatars to figure inside the virtual workplaces, interact with their colleagues and have interaction in fun activities a bit like the important workplaces.

Concluding

Keep in mind that web 3.0 is still in early stages of development and majority of these benefits of Web 3.0 are still theoretical. Much of the current discussion around web 3.0 is focused on the potential of these technologies, rather than the actual applications that are available today. However, as technology advances and more developers, companies, and users begin to adopt web 3.0 technologies, we will likely see more real-world examples of these benefits of Web 3.0 in action. By partnering with a metaverse development company or metaverse developers and utilizing their metaverse development services, businesses can tap into the limitless potential of web 3.0 and create immersive, interactive experiences for their customers.

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