Web3 Use Cases
Web3 presents a revolutionary system that will change how we live our lives in many ways!
Not only will Web3 bring the world closer together, but it also provides users with more ownership and opportunity for growth.
That being said, Web3 promises new governance and economic models, more liquid, efficient, and global capital markets, and a more fun world.
Now, the question is…
Has Web3 begun?
The answer may surprise you. The future is here.
Let’s look at some of the notable Use Cases of Web3:
· Metaverse - The 3D virtual world of tomorrow is here. The Metaverse provides an online space for people to socialize, learn, shop, travel, trade, collaborate and play. Users can interact with the words either on a screen or a headset for a unique and immersive experience with their 3D avatar.
Fully realized, the Metaverse is made up of multiple technologies, such as augmented and virtual reality, videos, and 3D avatars. While its actualization can take a few years, you can already see aspects of it in online game universes -- like Fortnite, Roblox, Animal Crossing, and Minecraft.
Metaverse examples include:
C21 Metaverse Genesis City — showcases businesses to promote their brands and products via immersive virtual experiences. Shop, earn, and build a community via C21 Metaverse Genesis City.
Decentraland — a blockchain-based virtual reality world owned by its users. Users can purchase land, hang out in groups, buy clothes, and more.
Big brands such as Facebook (Meta), Microsoft, Google, Amazon, Tencent, and more are building their Metaverse.
· Non-Fungible Token (NFT)– NFTs is a revolutionary new type of token that can be stored in the blockchain and represent digital identity, collectibles, or assets.
Most people probably associate NFT with exciting projects like Bored Ape Yacht Club (BAYC), Crypto Punks etc., but NFTs are much more than that.
Besides holding NFTs for future value, you can use NFT as a token to enter a community/event, build a portfolio of assets, and it’s also a way to show or identify credentials.
NFT examples include:
- Consortium 21 has been providing NFT solutions to businesses –check out Consortium 21 NFT Use Cases here
- Digital assets like Bored Ape Yacht Club — a collection of 10,000 unique Bored Ape NFTs which allows owners to have Yacht Club membership cards and access exclusive benefits.
- NFT Marketplaces such as Opensea, Axie Marketplace, Rarible — allow anyone to discover, collect, and sell NFTs.
- POAPs (Proof of attendance protocol) — a unique NFT is given to people to commemorate and prove they attended an event (virtual or physical).
You may also check out other NFT Use Cases in these posts:
· Decentralized Autonomous Organizations (DAOs) – DAOs are a new form of community that integrates with Web3.0 services to provide structure and governance in a decentralized approach, based on blockchain smart contracts for transparent encoding rules.
The DAO is a perfect choice for an innovative new way to run your business because it's completely verifiable and offers unparalleled security.
Every transaction within the system is stored on public blockchain networks which ensure high-end safety, transparency, and immutability with regard to financial statements.
This idea has never been more relevant now than ever, considering how much information from different industries nowadays needs verification.
DAOs bring people together to achieve common goals. It represents a true democracy.
The first DAO was created by a small group of members belonging to the Ethereum blockchain community. It was launched on April 30, 2016, and was known as Genesis DAO.
Other DAO Use cases:
- Seed Club - DAO that builds and invests in communities.
- Uniswap — The Uniswap Protocol is a public good owned and governed by UNI token holders.
DAOs have also formed around a wide range of use cases -- including financing projects, administering grants (Aave Protocol), building communities (Friends With Benefits), acquiring cultural collectibles (ConstitutionDAO), private investing (Krause House), media and content creation (Bankless), and more.
· Decentralized Finance (DeFi) – Imagine a world where you could conduct financial transactions without relying on banks, exchanges, or insurance companies. Now imagine these decentralized institutions are powered by cryptocurrency and blockchain technology, instead of being run through trusted third parties like before - with lower fees. That's DeFi.
Defi provides you with control and visibility over your money. It also gives you exposure to global markets and financial services -- the alternatives to your local currency or banking options.
Imagine with DeFi, you can lend, save, trade, and more without any bank or processor in the middle.
With DeFi, you will always have access to your money and it's never locked up. There's no more waiting for slow banks or authorities!
Below illustrates DeFi’s breakdown:
· Cryptocurrency. Bitcoin was the first decentralized digital currency. We have seen how cryptocurrency has become more accessible to the general public. Many more countries and businesses are now accepting cryptocurrency as payment.
· Decentralized Applications (dApps): dApps are applications that run without any centralized network. Instead, dApps run on a blockchain network and use smart contracts to enable service delivery in a programmatic approach that is logged in an immutable ledger.
These applications can be used for anything from social networking all the way up to payments--and even file sharing.
- Brave Browser — The web browser is known for its fast browsing experience and ad blocker.
- Audius — Decentralized music-sharing and streaming protocol.
· Blockchain Games: Blockchain games are one of the most prominent examples of Web3 in use cases. The fact is they were among those early adopters.
The blockchain-based gaming businesses have unique economies where players can own items that they can use while playing – such as avatars, skins, tools, experience points, and upgrades.
The Axie Infinity game is an excellent example of how Web3 can be used in real-world applications. It has enabled people to earn crypto by playing games - because it utilizes blockchain technology, which would not have been possible before.
There are still many potential use cases and innovations waiting on our discoveries.
If you’re interested to explore Web3 with us or finding out how you can enter our C21 Metaverse, please contact Ms. Kate via WhatsApp.
Connect with us at Consortium 21 Telegram channel for the latest news and updates about Metaverse development, giveaways, experts insights, and more!