Web3 Adoption: Global Brands Embrace the Decentralized Future

In a shocking turn of events, the once-sturdy pillars of the financial world, including Silvergate Bank and Silicon Valley Bank, came crashing down, sending shockwaves through the very core of the crypto industry. But as the dust settled and the crypto enthusiasts braced for impact, a wave of innovation and AI rose changing the game forever. 

OpenAI’s game-changing GPT-4 sent shockwaves through the crypto industry, revolutionizing crypto fundraisers and reshaping the landscape. Against all odds, a band of resilient startups emerged, spanning the realms of AI, gaming, metaverse, AR & VR, and beyond. And in a stunning display of tenacity, they managed to raise $8 million in funds during the first quarter of 2023.

In a world eager to reshape the way we connect and transact, the rapid rise of web3-based projects has inspired entrepreneurs and visionaries alike. Powered by state-of-the-art blockchain technology, these projects have harnessed the power of immutability and transparency to revolutionize business operations, data exchange, and human interaction. From decentralized finance to digital art, the demand for this powerful technology has ignited a revolution, racing us into a future where possibilities are limitless. Welcome to the dawn of a new era, where the web is no longer just a tool, but a force that empowers us all. 

Why Web3 Adoption being Important for Businesses?

The rise of web3 has opened new opportunities to use the latest technologies. Despite the crypto winter that started in 2022, several global brands are adopting web3 and are exuberantly implementing the technology to enhance their business. But how and why? Let’s understand what web3 is, and why web3 implementation is essential to scale up your business. 

New technological advancements have previously proven to disrupt an organization’s entire ecosystem. The radical evolution of the internet with 5G, has opened opportunities for new businesses with AR, Machine learning, Artificial Intelligence, Metaverse, and Blockchain. Originally, web3 was known as the ‘Semantic Web’ by Tim-Berners Lee, the inventor of the World Wide Web. It was formulated as a more intelligent, autonomous, and open internet. 

Web3 technology is the new age that transforms the way humans interact with machines. It allows organizations to create a decentralized infrastructure that solves the issues of interoperability, data security, and more. There are major elements of web3 technology that empower to change the way businesses operate today. 

Also Read: Top Blockchain Development Companies 2023

Here are the key elements of Web3 that make it a vital adoption to scale up businesses. 

• Decentralization: The web3 ecosystem is primarily built on the state of teh art blockchain technology. The technology is based on decentralized nature meaning that the entire network is handled by the network participants. 

Any transaction or data stored in the network is stored in te form of blocks in ‘time and date’ format. This immutable nature of the web3 network lacks in most businesses which if adopted, can change the business game. 

• Machine Learning & Artificial Intelligence: One of the popular technologies in web3 today is Metaverse. It provides a digital space in a virtual world to conduct different activities such as work meetings, concerts, exhibitions, and other business needs. 

Metaverse is built on the core technologies such as AR, VR, MR, and XE. several industries including fashion, lifestyle, e-commerce, education, real estate, healthcare, etc are planning to make Metaverse an important piece of their business. With the current adoption rate, Metaverse might be the global mainstream service in the years to come. 

• Ownership with web3: In the current ecosystem, the ownership element is absent. Since everything on the internet is public, no one can track its use of it worldwide. 

Millions of people can watch a video without knowing the original creator of the video. Thus, resulting in the loss of authenticity, and lack of monetization details for the creator. However, with web3 that’s about to change.

Also Read: Top Crypto Payment Processor for Business

Global Brands Adopting Web3 and Transforming the Business Ecosystem

Despite the downturn in the cryptocurrency market, several global brands announce initiatives for Web3 development. Last year, Warner Music and Disney announced their expansion of Web3 teams, while Starbucks revealed its NFT loyalty program, Odyssey. Here are some of the big brands investing in web3.

1. NBA 2K in Web3

The gaming industry is rapidly changing, and web3 has a huge part to play in it. As global brands are recognizing the potential of blockchain and web3 technology, sports gaming is about to set on a new journey of interactivity, and excitement. 

Despite the unstable situation of the crypto industry, the gaming industry is rapidly developing in the web3 segment. Compared to other sports leagues, NBA is way ahead in terms of web3 adoption. Players such as Michael Jordan, LeBron James, and Spencer Dinwiddie, are already involved in Non-fungible token projects and collectibles. 

NBA 2K has signed a contract with NBA to create the world’s first basketball eSports league. According to the agreement, the global community will be allowed to participate in the online hosted NBA 2K tournaments with prizes related to the league all around the year. 

While, the blockchain technology implementation in the game is still under speculation, however according to sources there is a high possibility in the future. 

2. Nike’s NFT Sneaker Hunt

Nike recently announced a thrilling event called the “Ultimate Sneakerhunt” on June 20th. They have hinted at the potential integration of non-fungible tokens (NFTs) into their Airphoria platform. 

This means that Nike might be introducing digital representations of sneakers as collectible items in the form of NFTs. These NFTs could potentially be available within the popular online game Fortnite, created by Epic Games.

With the probability of integrating NFTs in Airphoria, Nike has taken the step towards teh web3 adoption in gaming and merging gaming, and virtual assets, and admires sneaker culture. 

3. Gucci

Gucci, a famous luxury fashion brand, has partnered with Yuga Labs, a prominent NFT company known for projects like Bored Ape Yacht Club and CryptoPunks. This collaboration aims to combine fashion and entertainment in the Metaverse, a virtual world. 

Gucci will be involved in the ongoing storylines of Otherside and 10KTF, exploring various creative forms. Robert Triefus, the CEO of Gucci Vault & Metaverse Ventures, expressed excitement about this new venture.

The partnership between Gucci and Yuga Labs is an important move toward the future of fashion and entertainment in the metaverse.

4. Lacoste

Lacoste, a famous French designer brand, has been supporting Web3 technology for some time now. They are now delving further into the world of blockchain by expanding their NFT ecosystem. 

In June 2022, they introduced their UNDW3 collection, and now they want to reward the owners of the 11,212 UNDW3 NFTs with a new reward system. Lacoste has a long-term plan to incorporate more Web3 elements into their business and identity.

Lacoste wants to give special privileges to the holders of their ‘Genesis Pass’ UNDW3 NFTs. These privileges include creative sessions, video games, exclusive contests, and interactive conversations with other members of the community. To access these rewards, those interested in Lacoste’s NFTs from last year will need to link their digital wallets to a dedicated website called UNDW3.lacoste.com.

5. Budweiser

ZED RUN and Budweiser have partnered up to offer a special 20% discount on exclusive merchandise. 

Budweiser Pass holders can buy limited edition items like racing jackets, hoodies, t-shirts, beanies, and hats from the ZED RUN merch store. The offer is only available for 72 hours. 

This partnership represents the blending of virtual and physical worlds and reflects their shared values of innovation and authenticity. Budweiser Pass holders need to have their pass in their wallet by March 24th to access the collection. 

Non-pass holders can buy a pass from the secondary market. This collaboration is an exciting opportunity for fans to own unique merchandise and supports the growth of web3.

Looking Forward

Web3 is revolutionary for businesses. It helps to improve data management, understand customer behavior, and improve services and products. With web3 businesses have a better chance of reaching customers, receiving funds, and conducting market research. Major brands have already started implementing and adopting web3. Our research predicts the web3 market will hit $200 billion by 2030 and might soon take over the world.