World Wide Web, more popularly known as the web, is the institutional layer of how web applications and websites work on the internet. Different evolutions have been taking place in this space and web 3.0 is the latest evolution after web 2.0.
Introduction of Web
Web 3.0 is still in the evolution phase and it is likely to take over the web in the upcoming years. Before we define it, let’s first understand its predecessors.
The first version of web technology, which introduced the concept of static web apps and websites, was more driven by content consumers instead of creators. Primarily, web 1.0 was used to disseminate information and look for the information.
It is the next evolution, which is still in use in 2022. It introduced dynamic and more usage-specific websites and applications such as eCommerce, social networking, etc. It can also have user-generated data, which is consumed by other users. Web 2.0 is popular for creating a platform for more content creators along with the content consumers.
Web3 is the most advanced form of the web over the internet and is known as the third generation of the internet. It introduces the concept of decentralized applications. It is more likely to use trending technologies like blockchain, artificial intelligence (AI), and machine learning (ML). It also introduces the notion of the semantic web.
How to Make Money from Web3 As An End User?
Web 3.0 is all about monetization and with your data, you can make money with the right money-making options available.
1. Make Money from Your Own Data
Google, Facebook, and similar networks have been making money with web 2.0 by selling people’s data. Web 3.0 gives a chance to the end users to make money or get some returns using blockchain for their own data. With Web3, you can create, collect, privatize, and monetize data.
2. Decentralized Advertising Network
All transactions related to advertising using blockchain will bypass the middleman. This will reduce the expenses related to adding a middle layer for advertising. This helps in saving significant money.
3. Use Crypto Tokens
In web 3.0, you can use multiple currencies and a crypto token is an alternative to using cryptocurrency. They are more versed in buying assets in Ethereum or gaming environments. It can also be used to buy a home in a secured environment.
4. Using Virtual Products
Web 3.0 lets creators and artists create virtual products similar to non-fungible tokens). Using these products, one can directly connect with the user and make money by eliminating third-party advertisers, marketing platforms, etc.
How Could Businesses Make Money with Web 3.0?
Similar to end users, web 3.0 gives ample opportunities to enterprises and businesses to make money. Some of the popular ways to capitalize on web3 are as below:
1. Storage System Decentralization
Unlike a centralized storage system, with web3, you can store your business data and files in different locations worldwide at cheaper rates. This reduces risks of hack attacks, complete data loss on system failure, etc.
2. Transactions are Driven by Blockchain
Blockchain-based transactions are considered more secure as it uses the concept of decentralization. Other than cryptocurrency, there are multiple other currency options as well, including the option of creating your own currency. This technology can be used to store sensitive information like banking details and transactions securely.
3. Own your Data
Business data gets collected by major platforms and used for their own benefit. The value of business data is more than individual data. With Web 3.0, businesses can privatize their data and sell it to data collection companies to make money.
Challenges Facing Web 3.0
Web3 has futuristic opportunities to make money, but still, there are some considerable challenges related to the adoption and use of this next-generation technology:
1. Lack of Uniformity
There are multiple standards and protocols, which is why it makes it difficult for everyone to uniformly adopt and use this technology.
2. Lack of Regulations
In many countries, it is still not adopted. Also, there is no standard legislation related to using this technology and making money using it. This makes the future fuzzy as it cannot be predicted what kind of legislation would be enforced by different countries or if there will be any universal law for all countries related to Web 3.
Despite some of the challenges lurking around, the future of web 3.0 is bright. Already many businesses and end users have started investing in this next-generation technology to take advantage of decentralization and other money-making opportunities.
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