Web3 Business Ideas 2024 - Enabling the Business for Decentralized Future

Web3 is the next wave of the internet built on decentralized technology such as blockchain and crypto underpin. It provides a new, more private, secure, and user-owned method of communicating with the internet.

As per global Web3 statistics:  

• The Web3 industry is predicted to grow to a value of up to $14.5 trillion by 2030 and up to 11 trillion by 2024.
• Over 40 million cryptocurrency wallets are in use worldwide.
• Invested almost $100 billion on DeFi technologies.
• There are more than 3 million gamers of Web3 games.

According to Invezz web3 statistics,

• In the first quarter of 2023,108 web3 enterprises raised $814 million in investment. 
• 45% percent of web3 blockchain operations originated from the gaming sector.
• The web3 gaming business is expected to be worth $35 billion by 2024 and $65.7 billion by 2027.

Web3 business ideas and applications to examine:

Web3, which is frequently connected to decentralized technologies like blockchain, offers up a lot of business opportunities. Here are some Web3 startup concepts to think about:

DeFi Platforms:

• Use smart contracts to build a decentralized platform for borrowing and lending.
• Construct a decentralized exchange (DEX) where users can trade cryptocurrencies.
• Construct a decentralized or algorithmic stablecoin.

NFT marketplace: 

• Provide a platform so that creators of digital art can tokenize and sell it for NFTs.
• Create an NFT marketplace where players may trade virtual property or in-game items.
• Provide a platform for tokenizing physical assets like artwork or real estate.
• Market size estimates for 2024 are $65.7 billion and $35 billion, respectively.

Decentralized identity solutions:

• Create a private and secure decentralized identity management system with blockchain technology.
• Establish a system that lets people own and manage their personal information.

Tokenized gaming: 

• Provide a transparent and safe blockchain-based electoral voting mechanism.
• Provide a platform that will enable organizations to vote in a secure, verifiable manner throughout decision-making processes.

Blockchain based supply chain management: 

• Put into practise a blockchain-based supply chain solution to improve traceability and transparency.
• Create a blockchain-based network that verifies the legitimacy of products.

Decentralized social media platforms: 

• Create a social media network where individuals are in charge of their information and content.
• Build a platform where users can earn tokens for making contributions to the community.

Auditing services for smart contract: 

• Provide services to other blockchain projects for auditing and ensuring the security of smart contracts.
• Create the platforms and tools necessary to facilitate the auditing of smart contracts.

Cloud storage for decentralized: 

• Develop a decentralized storage system that makes use of blockchain technology to enable users to properly store and exchange their data.
• Provide a platform that encourages users to give other people access to their excess storage space.
• Some of the applications using Web3 technologies,

Decentralized finance (DeFi):

Users can lend, borrow, trade, and invest in assets using DeFi protocols without the assistance of a middleman. One DeFi protocol that enables lending and borrowing of cryptocurrencies is called Aave.

Non-fungible tokens (NFTs):

NFTs are distinct digital assets that can be used to signify ownership of goods like collectibles, music, and artwork. In the game CryptoKitties, for instance, users may purchase, trade, and breed virtual cats, or NFTs.

Web3 gaming:

Gamers can acquire prizes for their efforts to the game and own the in-game items in Web3 games. for instance,Axie Infinity,  is a Web3 game in which users engage in combat and breeding with virtual creatures, or NFTs.

Decentralized social media: 

Users on decentralized social media networks have greater control over their privacy and data. One decentralized social media network that is neither owned or managed by a single organization is Mastodon.

Web3.0 business model for enterprises 

Businesses need to keep up with the most recent technological advancements and the shifting demands of the ever-evolving web. With its decentralization, more transparency, and accountability features, Web 3.0 has the potential to upend established businesses. 

Among other unique elements of Web 3.0, will undoubtedly elevate business paradigms and tactics. The incorporation of artificial intelligence, semantic web, ubiquity, DLT, smart contracts, and 3-D graphics, 

We might notice the following notable modifications to existing businesses' business models: 

Revenue model:

The idea of decentralization will break businesses' stranglehold on generating income. Revenue sharing will be the company model's manner of operation along the value generation chain.

Lack of a centralized authority for marketplaces

Web 2.0 comprises a variety of e-commerce websites and exchanges that act as middlemen between buyers and sellers, charging commissions for their services. As users can easily trade with one another peer-to-peer, Web 3.0 eliminates the requirement for a third party to conduct commerce. 

Unrestricted data and value exchange:

Web 3.0 will allow users complete control over their personalized data, in contrast to earlier iterations. The value created by the material will go back to the content creators rather than the multi-trillion dollar social media giants, and they will be able to simply own and monetize their content and individualized data stored throughout their internet sessions. 

Better client relations:

Web 3.0 will raise the level of trust and make the whole consumer experience better. Every transaction will be transparent to all participants and recorded on the blockchain in a decentralized ledger. Because the blockchain is immutable, any information stored on it will be authentic. This will foster longer-lasting relationships with customers, increase transparency, and foster trust. 

Value chain improvements: 

Web 3.0 will significantly improve value chains across all industries with blockchain transparency enabling easy and quick tracking and monitoring of ownership and value creation. With a decentralized approach, customers and companies can effortlessly monitor the supply chain, recognize problems or possibilities, and enhance services by utilizing the data. 

What Hivelance can do for your Web3 business?

These Web3 endpoints increase an individual's online visibility and financial potential by facilitating the creation of lucrative web3 enterprises. Thus, a lot of tech-savvy people and investors think that web3 will play a crucial role in the internet's continuous expansion, opening up new opportunities for speculation for developers and investors. Consequently, web3 technology is being widely used by large businesses as well as small and medium-sized enterprises to integrate it into their operations.

If you want to integrate web3 solutions into your business, keep an eye out for Hivelance, a premier web3 development company, offers excellent web3 solutions across a range of areas, enabling businesses to prosper in the web3 era.