WEB3 USE CASES AND APPLICATIONS

To make web technologies more accessible to people and enable digital transformation, the web must be expanded and its infrastructure constantly improved. Web1 first provided us with static websites and text-based web pages to give users with information, and web 1.0 did not place much emphasis on user-based input. Consequently, this online form is often referred to as the "read-only" web.

Web 2.0, the version of the web that we currently use (the internet infrastructure), was developed as the web's next incarnation. It may be open, simple to use, and compatible with a range of services, platforms, and software solutions. Web 2.0 refers to a web-based platform with social media and web applications.

We are now transitioning to web3, a decentralised web infrastructure that has sparked a revolution in the internet industry. Many people are still confused about web3's fundamental idea, nevertheless. Businesses have also been looking for real-world examples of web3's use in order to fully realise this technology's potential for business transformation. So let's talk about web3's use cases and applications in the section that follows.

Metaverse and metaspaces

A virtual reality-based environment called Metaverse aspires to combine the real and virtual worlds. While metaverse initiatives can be centralised or decentralised, decentralised metaverse projects are more in line with future needs thanks to web2. The web3 ecosystem and its connectivity properties can be used by the metaverse initiatives to improve the decentralised experience for users. With the help of IoT and AI technologies, Web3 further strengthens the metaverse and makes it more realistic.

Next-gen dApps

Blockchain technology is used by decentralised applications, which are not owned or managed by a single organisation. Both in terms of capabilities and usability, Web3 supports development that is sophisticated. Web3 dApps include gaming, DeFi, NFT, and metaverse. The decentralised and interoperable dApps created for web3 projects. However, unless the project specifically calls for it, dApps for the blockchain ecosystem may not always have to be compatible.

Decentralized finance

DeFi uses web3 features to enhance its current infrastructure and related capabilities, making it one of the most popular use cases for web3. Enterprises can create cutting-edge DeFi solutions and applications by fusing the DeFi technology with the robust and open web3 ecosystem. DeFi gains a lot from Web3, including access to an open source ecosystem, lower transaction costs, quick transaction processing, and more automated, transparent governance.

Advanced Gaming

Web3 games are a more sophisticated iteration of blockchain-based games like play-to-own, play-to-earn, and NFT games. These web3 games make use of technologies like blockchain, NFTs, and underpinning gaming infrastructure, which helps to produce next-generation games that let players own, trade, and manufacture in-game assets to make money from the game. The two ideal examples of web3 games that have attracted widespread player acceptance are Axie Infinity and Decentraland. Web3 games will undergo significant modifications in the future due to developments in the web3 environment.

Privacy & Data Management

The most well-known technology that aims to decentralise the future is undoubtedly blockchain. However, "full transparency" occasionally raises privacy-related concerns in users. Web3 enables blockchain infrastructure to apply cutting-edge ideas like cryptography and zero-knowledge proof to exert perfect secrecy for improved privacy in decentralised digital infrastructures.

Social media

A new generation of social media networks powered by Web3 stress the creator-driven economy with a key focus on giving users content ownership instead of any centralised institution. Social media apps like Facebook, Instagram, and Snapchat will be replaced by Web3 versions that ask users to give their data to a designated party. Web3 apps' ability to access users' private keys and wallet addresses anonymously is a big change.

Virtual Real-Estate

With the introduction of NFTs, blockchain, and metaverse, the real estate business has already undergone significant change. A variety of "contemporary" web3 real-estate initiatives have been developed that leverage NFTs, virtual reality, and 3D technologies to verify ownership and transfer NFT-based real estate properties now that web3 is offering a more robust and wide ecosystem for real estate. Additionally, the blockchain's immutable and transparent ledger contains a record of the transaction.

Remote workplaces

Companies are utilising web3 technologies to create 3D realistic workplaces that transform their physical workplaces, enable employees' avatars to work inside the virtual workplaces, interact with their coworkers, and engage in fun activities just like the real workplaces because web3 supports the development of high-end metaverse projects.

Advance NFT use cases

A crucial component of the blockchain is the NFT. NFTs have many applications in the web3 ecosystem, including rewarding viewers, offering users digital ownership, and storing immutable data on the blockchain. However, firms have begun to raise money by tokenizing their brands, providing exclusivity and ownership on the blockchain, or establishing DAO communities (a decentralised autonomous organisation or an online community owned by its members).

Real-world Web3 applications- Popular projects

Polka-dot blockchain application

Polkadot is a decentralised web3 blockchain project created to realise the multichain vision for the decentralised web. Polkadot distinguishes itself from the other third-generation advanced blockchains with characteristics like full interoperability, parachains, parathreads, great energy efficiency, and user-driven governance. The ecosystem of Polkadot makes it easier to create cutting-edge dApps and solutions that can easily support various web3 projects.

Gaming application- Axie Infinity

Axie Infinity is a cutting-edge web3 gaming platform that employs a play-to-earn model, allowing players to play, earn, and exchange NFTs-based game assets like weapons, skins, cars, etc., and collectibles. Users must finish a multi-step process, which involves creating an Axie Infinity account and connecting the wallet, in order to access the Axie Infinity platform.

DeFi application- Uniswap

Uniswap is a web3 DeFi exchange system that employs an open and decentralised network protocol to totally give ownership to the users rather than a single company. Participants in a financial market that is open and available to everyone include developers, traders, and liquidity providers.

Conclusion

Though Web3 is a futuristic idea, it is still in its infancy and needs more time to grow. To update their corporate infrastructure and switch to the web3 architecture, many sectors have begun creating web3 use cases. The two key use cases for web3 that are assisting businesses in realising their full potential are DAOs and the metaverse. With time and advancing technology, new use cases for web 3 will emerge to address current business inefficiencies.