The web 3.0 landscape is slowly starting to mature, and numerous Web 3.0 business ideas have been validated throughout the past few years.
Whether you want to design a completely new Metaverse or create an NFT collection for your brand – the possibilities are endless. And Lumen Spei can help you realize any Web 3.0 business idea!
We’ve helped brands build innovative blockchain solutions, from an idea on a whiteboard to a completely developed and monetized solution.
Let’s turn your Web 3.0 business idea into reality! Contact us, and we’ll build something great together.
Without further ado, let’s start!
What is Web 3.0?
Web 3.0, also known as the decentralized web, is the next evolution of web technology.
Unlike Web 2.0, which is primarily controlled by large tech companies and central servers, Web 3.0 relies on decentralized networks and distributed ledgers to function.
This not only allows for greater privacy and security but also opens up new opportunities for businesses operating in Web 3.0. The decentralization of Web 3.0 technology gives power back to users, creating new markets and business models.
Additionally, Web 3.0 offers unprecedented data ownership and transparency, allowing businesses to easily track transactions and interactions within their networks.
As Web 3.0 continues to evolve and expand, it presents exciting possibilities for businesses seeking more efficient and secure ways to operate online.
Some examples of Web 3.0 businesses include decentralized marketplaces, distributed cloud storage platforms, and peer-to-peer lending networks. With the right idea and execution, Web 3.0 has the potential to revolutionize industries and create entirely new ones.
Web 3.0 comes with a plethora of benefits, and the most notable are:
- Control over data ownership
- Universal access to all data
- Freedom for interactions
- Increased security
- Content creators get more control over their work
In short, Web 3.0 completely shifts the current paradigm of how companies and individuals conduct their business online.
Let’s discuss how Web 3.0 changed how we do business today!
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How does Web 3.0 impact businesses?
The introduction of Web 3.0 to the masses and, especially, business owners caused a tectonic shift that we are currently experiencing.
Each and every aspect of a business has been impacted and can be reimagined in the Web 3.0 space. Let’s analyze several business aspects and talk more in detail about how Web 3.0 impacts business!
Impact of Web 3.0 on supply chain management
Supply chain management involves coordinating and overseeing a company’s various suppliers, manufacturers, warehouses, and distributors.
However, traditional supply chain management strategies often need help with transparency and traceability issues. The decentralized nature of Web 3.0 technology offers potential solutions to these issues through Web 3.0 business applications.
Blockchain technology allows the creation of immutable records that can be easily accessed by all parties in the supply chain. This not only improves transparency but also facilitates traceability by providing a clear record of a product’s journey through the supply chain.
Recently, businesses have been shifting from traditional supply chains to more decentralized supply chain networks (SCNs). They comprise of networks of suppliers, manufacturers, retailers, distributors, and all other included members in the supply chain network.
With Web 3.0 focusing on decentralization, it’s poised to make supply chains more efficient, secure, and reduce unnecessary costs.
As Web 3.0 technology continues to evolve, it has the potential to revolutionize supply chain management and improve overall efficiency in the industry.
Impact of Web 3.0 on data management
As the internet progresses from Web 1.0 to Web 2.0 and finally to Web 3.0, we have seen a change in the ability to share and collaborate on data.
Through time, this led to new business models that focused on data sharing and data collaboration. And as we progress further into the era of Web 3.0, we see that new data-driven businesses are leveraging data to create new value propositions and offer new, never-before-seen services.
Increased use of data in Web 3.0 allows businesses to get a better understanding of their customers. This, in turn, enables creating tailored services and products and getting a few steps closer to successfully selling your products and services online.
Impact of Web 3.0 on marketing and advertising
In the first phase of the internet, Web 1.0, the focus was on providing users with information. It was the read-only stage of the internet.
Then, Web 2.0 came, enabling users to have two-way interactions with the internet – they could read AND write information. This is the phase we are all very well accustomed to.
Finally, the next phase of the internet took off, and Web 3.0 was formed. This allowed users to read, write, and OWN information on the internet. A simple article written on a blockchain is now in the full ownership of the author. This was never the case in the past.
Moreover, this shift made a significant impact on marketing and advertising. It allowed marketers to craft more personalized user experiences and effectively reach their audiences.
And the results are amazing. We see increased sales and brand awareness from companies that already chose to move into the Web 3.0 space. We expect to see more brands switching to Web 3.0, even though they may not fully realize the impact, just to stay ahead of the competition and meet the needs of their customers.
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What are the best Web 3.0 business ideas in 2023?
As the internet continues to grow and evolve in the Web 3.0 space, so do the business models.
Completely new job positions are opening and new types of businesses are becoming widespread. This article chapter will go through the 7 most popular Web 3.0 business models.
You will get a grasp of how to generate revenue in Web 3.0 and how to start. Let’s jump right in.
#1 Create an NFT collection
NFTs are one of the most crucial Web 3.0 phenomena. They are a digital representation of an asset in the physical world and are always in the form of a picture, art, music, video, or any other digital content.
Consequently, an NFT collection comprises individually unique NFTs and may carry special perks for owners of said NFTs.
NFT is short for a non-fungible token, meaning there are no 2 same NFTs. They cannot be multiplied or divided. Their supply is limited, especially in a collection. Buyers usually want to have rare and unique artistic representations of different files, so such unique NFT collections generate demand right from the start.
There are numerous benefits to starting an NFT collection!
- The supply of digital art is in your total control
- Creating an NFT collection allows for the creation of a dedicated community
- Digital art creation can easily be outsourced
- You can focus on only one type of NFT
Of course, there is always a risk of your collection not being sold out. So, remember that you need to create a winning promotion strategy for your NFT collection!
P.S. Be sure you don’t miss out on our Lumen Spei NFT collection!
#2 Develop a DApp
A DApp stands for a decentralized application running on the blockchain. Even though it is more complex, to develop a DApp, you must follow the same principles as when developing traditional web applications.
The main difference between traditional applications and DApps is data storage. Instead of storing all the user data in a centralized system, the data is broken up and stored on different servers.
The advantage of DApp over traditional applications is that they eliminate the chance of data theft. DApps ensure maximum data security, which is one of the key reasons for the growing number of DApps developed in 2022.
Another common issue with traditional applications, the single point of failure, is eliminated by using DApps.
DApps are present in numerous niches, from gaming to social media and crypto wallets. Even though you are not in control of data on DApp, you can still easily monetize it in many different ways.
Some of the ways to monetize a DApp are:
- Token launches
- Creation of digital goods
- Transaction fees
- Advertisements
- Donations
There are more ways to monetize your DApp, so keep that in mind when thinking about starting your own.
Whatever idea you have for your next DApp, you can count on Lumen Spei to execute it flawlessly.
#3 Promote Web 3.0 projects
Starting a marketing agency has been a popular idea for ages, and it’s safe to say that marketing remains relevant in Web 3.0!
You must always remember that there are many Web 3.0 projects now, but not all get appropriate attention from target users. This allows you to cover that emerging market and position your business as a Web 3.0 marketing agency.
But there is a catch. Promoting Web 3.0 projects is much different than promoting traditional Web 2.0 projects.
To promote Web 2.0 projects, you can use user-specific data to personalize your ad campaigns and reach target audiences. In Web 3.0 space, this works a bit differently. You will need to get accustomed to new marketing channels like Discord and Telegram and completely new marketing strategies.
More than anything else, this is an opportunity for businesses and individuals looking to focus on a growing niche. Of course, this requires substantial knowledge of blockchain, crypto communities, and NFTs.
Limiting your niche to only Web 3.0 projects will give you a competitive advantage against agencies still focusing only on Web 2.0.
#4 Design a Metaverse and host virtual events
Whether you know much about it or not – you have already heard about a metaverse several times. Metaverse projects have been one of the most popular business ideas in the blockchain space for the last few years. And in 2023, their popularity is growing even further.
Major metaverse projects like Decentraland or The Sandbox have solved their data storage question by storing all data on the Ethereum blockchain. This enabled users to manage all aspects of their in-game digital identities with a crypto wallet.
Before you even think about starting your metaverse project, think about what you want to enable your users to do. The most enticing aspect of the metaverse for users is the freedom they get by joining.
They can play different games in a metaverse, socialize with other users, purchase physical and digital products, and even purchase a parcel of digital land.
#5 Create a play-and-earn blockchain game
Play-to-earn blockchain games have taken over the blockchain. But as time passed, many users recognized play-to-earn games as Ponzi schemes. Recently, the term has been updated, and today we know these games as play-and-earn.
Play-and-earn blockchain game model focuses on developing an attractive game for Web 3.0 gamers. When the game is fun enough to play for long periods, the development of earning component comes next.
However, gamers have fully embraced this future gaming model where they can play games and earn by doing so. Until now, this was unimaginable for many gamers who aspired to find a way to earn by doing what they love.
Now, how to successfully create a P2E game?
For instance, you can create a web platform or a DApp that will allow players to earn certain tokens. In many cases, the web platform (or a DApp) will use the power of users’ devices to mine that project’s cryptocurrency.
And to reward your players for their loyalty – you can reward them with a certain amount of cryptocurrency.
In essence, the idea is that both you and the player earn money simultaneously. Of course, there are numerous ways to monetize your Web 3.0 game, like in-game advertisements, donations, or in-game purchases.
There is a high demand for passive income generation through entertainment today, and users are discovering new ways to earn passive income daily. The more earning opportunities you provide your players, the more players you can attract.
Creating a game from zero is never easy. It has to be fun, creative, and meaningful if you aim to have loyal and dedicated players.
If you need help with creating such a blockchain game, let’s talk! Our blockchain experts are experienced in building immersive game experiences!
P.S. Read our complete guide for beginners to Web 3.0 gaming to find out more crucial info before you decide to develop your own game!
#6 Launch a DAO
DAOs, short for decentralized autonomous organizations, have become extremely popular in 2022. They perform on a unique model that may sound unusual initially, but it’s always good to remember that many DAOs are active right now, and many are profitable.
When we think about how organizations are run today, we can immediately identify some key issues. The first of these issues, and the most important one, is the lack of transparency. Crucial decisions are made at the top, with the rest of the organization having a little-to-none influence on these critical decisions.
Often, DAOs are started by groups that share similar interests. They want to work together in an organization that operates without a hierarchical authority figure. This allows them to work with total transparency. No emotions, only math-based decisions.
Through their use of smart contracts and governance protocols, they have enabled numerous communities to take ownership of causes that are of great importance to them.
Here is an example.
A charity organization usually has a Board and a certain number of members. But when deciding how to spend the available funds and which activities to organize, the decision is often left to the Board.
Decentralizing this charity organization creates new opportunities for the community. In such a decentralized organization, every member has a direct say in how the organization is governed.
Of course, with such new concepts, there are always several drawbacks to pay attention to. For instance, including too many people in a single decision raises fear of the organization being slowed down.
Also, in DAOs, there is always a risk of a 51% attack, which means that 51% of the votes are being harmfully manipulated to take control of that DAO. Despite those fears, many DAOs exist today. They make their decisions efficiently, continuously improve, and end their business years with profit.
We have prepared a step-by-step guide for starting a DAO, so make sure you don’t miss it. If you need help building your new decentralized organization, contact us! We would love to help you.
#7 Create cryptocurrencies
The number of cryptocurrencies available on trading platforms these days is incredible. Some cryptocurrencies can be used across all platforms, but other cryptocurrencies can be used only for unique purposes.
For example, if you create a decentralized platform, it is a lucrative idea to create a cryptocurrency usable only on that decentralized platform.
The best thing here is – anyone can create a cryptocurrency. All that is needed are coding skills and knowledge of computer science.
While everyone can create a cryptocurrency, not everyone can grow that cryptocurrency. If your cryptocurrency is designed for a unique purpose, promoting and growing it comes off as more effortless.
You can achieve this by creating your blockchain technology and cryptocurrency or simply by modifying existing blockchain technologies.
One great example of a cryptocurrency with a unique purpose would be for cryptocurrency to serve as an entry token for your business platforms. So, the more businesses decide to join your platform, the more your cryptocurrency grows.
Creating a cryptocurrency is beneficial for several reasons.
- Creating a cryptocurrency with a unique purpose improves your brand’s relevance and puts your business on the map
- Cryptocurrency can create a new passive income stream for your business
- Creating a cryptocurrency is an easy-to-complete process
Of course, there are always some drawbacks when discussing a specific business idea. In this scenario, what you need to understand before venturing into creating your cryptocurrency is:
- You need to have a large budget
- You need to have solid working decentralized systems and coding skills
However, this is a solid business idea, and countless cryptocurrencies have already found their place on the global crypto markets.
If you have a future cryptocurrency project in mind, we can help! Let us know and our team will do their magic and get your cryptocurrency on the exchanges!
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How to earn money from blockchain? (3 bonus Web 3.0 business ideas)
In the previous chapter, we’ve discussed the best 7 Web 3.0 business ideas. But if you are not looking to start your own blockchain business, there are still ways to earn money from blockchain!
Cloud mining
Cloud mining started as a way of allowing users to mine cryptocurrency using rented cloud computing power. They don’t have to install or directly run any related software or hardware.
Anyone can participate in cryptocurrency cloud mining by simply creating an account with a cloud mining company and paying a minimal mining cost.
Buy cryptocurrency and HODL
If you are a cryptocurrency investor, you are most likely familiar with this investing philosophy. Usually, crypto investors buy coins and tokens like Bitcoin, Ether, and Ripple just to hold them in their wallets indefinitely.
They are confident that the prices will rise and that they can sell their crypto at a profit.
This sometimes comes off as true with some cryptocurrencies, such as Bitcoin and Ether. They maintain their standard price fluctuations and are often considered a safe investment by numerous financial advisors. Of course, every asset can be traded anytime, but HODLing (buying and refusing to sell) has proven to be a fruitful crypto-investing strategy in many cases.
Please do not take this as financial advice. We urge you to do your crypto research before deciding to buy cryptocurrencies.
Earn money by staking cryptocurrencies
Crypto staking is highly similar to term savings. You will earn interest when you invest your money and lock it in the bank. The same happens when you stake your cryptocurrencies.
By staking your cryptocurrencies, you lock them in exchange – and earn interest or rewards from the platform for doing so. Many exchange platforms already offer their users to stake their cryptocurrencies with them.
The issue with staking cryptocurrencies is their fluctuating prices. So, the lowest risk option for staking crypto is to stake stablecoins. Stablecoins, like USDC, eliminate this risk of price fluctuation.
The best thing you can do now is – research various staking options, do your own cryptocurrency research, and decide whether staking cryptocurrencies is a good way to go.
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Lumen Spei will help you explore the best Web 3.0 business ideas
Now that you have seen what kind of Web 3.0 business ideas are viable in 2023, all that is left is to start a Web 3.0 project!
Our digital experts are highly proficient in building innovative Web 3.0 solutions, and our digital transformation consultants will guide you through the entire process of optimizing your business processes.
We go all-in on every project we take up. Our team is guided by a short philosophical thought – the client’s success is our success!
Reach out to us, and let’s talk about new future-proof projects and ideas! Or you can schedule a call with us right away!
