What are the existing and future use cases of Web3?
Metaverse and metaspaces
A virtual reality-based environment called Metaverse seeks to combine the real and virtual worlds. Although 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 networking properties can be used by the metaverse initiatives to improve the decentralised experience for users. With technologies like IoT and artificial intelligence, Web3 further strengthens the metaverse and enables realism within it.
Next-gen dApps
Blockchain technology is used by decentralised applications, which are not owned or managed by a centralised authority. Web3 offers advanced development that is both feature- and usability-rich. Web3 dApps include those for metaverse, DeFi, NFT, and gaming. Web3 projects benefit from the true decentralisation and interoperability of dApps. However, unless the project specifically calls for it, dApps for the blockchain ecosystem are not required to be compatible.
Decentralized finance
DeFi uses web3 features to enhance its current infrastructure and related capabilities as one of the main use cases for web3. Businesses may create cutting-edge DeFi solutions and applications by fusing the DeFi technology with the robust and open web3 ecosystem. DeFi gains from Web3's various advantages, which include easier access to an open source ecosystem, cheaper transaction costs, quick transaction processing, and more automated, transparent governance.
Advanced Gaming
Play-to-earn, NFT, and play-to-own games are examples of blockchain-based games that have evolved into Web3 games. The development of next-generation games that enable players to own, sell, and manufacture in-game assets to generate revenue from the game is facilitated by the usage of technologies like blockchain, NFTs, and underpinning gaming infrastructure in these web3 games. The ideal illustrations of web3 games that have attracted widespread player adoption are Axie Infinity and Decentraland. Web3 games will experience significant changes in the future due to developments in the web3 environment.
Privacy & Data Management
The most well-known technology with the potential to decentralise the future is undoubtedly blockchain. However, "full transparency" occasionally raises privacy concerns in consumers. Web3 makes it possible for blockchain infrastructure to use cutting-edge ideas like zero-knowledge proof and cryptography to maintain complete secrecy for improved privacy in decentralised digital infrastructures.
Social media
A new generation of social media networks powered by Web3 highlight the creator-driven economy with a primary focus on giving users content ownership instead of any centralised institution. Social networking apps like Facebook, Instagram, and Snapchat will be replaced with the Web3 version, which would also require users to provide their data to a designated party. Web3 apps allow for anonymous access to users via wallet address and private key, which is a huge development.
Virtual Real-Estate
With the introduction of NFTs, blockchain, and metaverse, the real estate sector has already seen significant change. A variety of "contemporary" web3 real-estate initiatives have been created 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 transaction is documented in the blockchain's immutable and open ledger.
Remote workplaces
Companies are using web3 technologies to create 3D realistic workplaces that transform their physical workplaces, allow 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
NFTs are a crucial piece of equipment utilised in the blockchain. On the web3 ecosystem, NFTs have a wide range of applications, including rewarding viewers, granting users digital ownership, and storing immutable data on the blockchain. Tokenizing their firms, promoting exclusivity and ownership on the blockchain, or establishing DAO communities are some of the ways that corporations have started to raise money (a decentralised autonomous organisation or an online community owned by its members).
Polka dot blockchain application
A multichain vision for the decentralised web is what Polkadot, a decentralised web3 blockchain initiative, aims to realise. In comparison to other third-generation advanced blockchains, Polkadot distinguishes out thanks to features like full interoperability, parachains, and parathreads, as well as excellent energy efficiency and user-driven governance. The ecosystem of Polkadot makes it easier to create creative dApps and solutions that can easily support various web3 projects.
Gaming application- Axie Infinity
The play-to-earn model used by Axie Infinity, a cutting-edge web3 gaming platform, enables players to play, earn, and exchange NFTs-based game assets like weapons, skins, cars, etc., as well as collectibles. Users must complete a multi-step process, which includes 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 mechanism that gives full ownership to the users as opposed to a single company by using an open and decentralised network protocol. Participating in an open and inclusive financial market are developers, traders, and liquidity providers.
Conclusion
Though Web3 is a futuristic idea, it is still in its infancy and needs time to evolve. In order to update their corporate infrastructure and migrate to the web3 infrastructure, many sectors have begun adopting web3 use cases. The two key use cases for web 3 that are assisting businesses in realising their full potential are DAOs and the metaverse. With passing time and accelerating technology development, new use cases for web 3 will emerge to address current business inefficiencies.