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The upcoming advances in Web 3.0
will go far beyond cryptocurrencies. Thanks to a wide range of applications and global integration, Web3 will connect almost all processes, from purchasing products and services on the internet to production chains and space technologies. Those who hop on this fast, speeding train will get the maximum advantages and benefits. This article will tell you about the ten most promising business ideas for launching Web3 projects.
A very brief outline of WEB 3.0
Simply put, Web3 or Web 3.0 is the term for the future iteration of internet development based on decentralization principles, publicity, freedom from control, and censorship. As Gavin Wood, Ethereum, Polkadot, and Kusama founder claims, open source code, protecting personal data, token economy, and blockchain technology will become the fundament for Web3. Gavin Wood was the first to combine Web 3.0 with blockchain and cryptocurrency technologies
“Web3 is sort of an alternative vision of the web, where the services we use are not hosted by a single service provider company, but rather they’re sort of purely algorithmic things that are, in some sense, hosted by everybody. So it’s like, it’s very peer-to-peer, right?… The idea is that all participants contribute a small slice of the ultimate service,” Wood said in Beyond the Valley podcast.
“And thus, no one has any advantage over anyone else… not in the same sense, at least as, as you know, when you, for example, go to Amazon or you go to eBay or Facebook, where the company behind the service really has absolute power over what it is that they do in providing the service.”
Furthermore, Wood believes that Web3 will bring the ownership right for content and personal data to creators (sources). Currently, Instagram, Facebook, YouTube, and TikTok claim all rights and monetization for content and data made by users of the platforms.
‘’Watching baseball is Web1, playing baseball is Web2 while voting whether we have to play or own a baseball team is Web3… Web3 provides more opportunities
and control over your actions on the internet (and baseball),’’ says the Ventive CEO.
It requires significantly more freedom and opportunities for user control over personal data and content. Yet, it doesn’t mean that Meta (former Facebook
), Google, Apple, and Amazon will disappear
or lose their influence on Web3. They will probably continue to dominate the internet since they have colossal capital, technologies, and data). Still, Web3 implementation will limit its influence.
WEB3 integration advantages
One of the primary blockchain and Web 3.0 advantages is transparency since the technologies employ open-source code, and all information about transactions, smart contracts, etc., is typically public. Thus, businesses and clients can track each transaction, and all business processes become more protected. Furthermore, transparency is an excellent instrument for building a solid relationship with users on trust.
The enhanced protection of blockchain technologies is undoubtedly the most significant opportunity for business in Web3. Decentralized and distributed data are the only means to fight traditional cyber-attacks and phishing schemes. For instance, distributed denial of service (DDoS) is the biggest threat to privacy for Web2 users. DDoS sends many pings (information) to one server to slow or shut down.
With Web 3.0, this attack will not work since the blockchain has no single point of denial; all users in the network are servers. Only 51% of attacks on the servers can stop such a network, which is hardly possible for large networks. For instance, Bitcoin has 13 900 servers (nodes), and Ethereum has about 8000 nodes. It is practically impossible to hack them. Furthermore, it is irrational since the hack will not profit from such a massive attack.
Comparing security levels in traditional approaches (above) and blockchain (below). Source
Another advantage of Web 3.0 is that intermediaries for transaction validation are unnecessary. It concerns straightforward financial transactions and even business processes since smart contracts can process them. Smart contracts are software algorithms executed automatically, according to the ‘’if→then’’ principle.
The smart contracts function on open-source code, and all actions are recorded in a blockchain. As a result, any user can view and verify them. Moreover, the contract conditions can’t be changed after both parties sign it with a digital signature.
The traditional international transfer chain and the blockchain chain. Source
Web3 also provides extraordinary financial opportunities for businesses around the world. It means faster and cheaper transactions, no intermediaries, and automating newer business models and processes. For instance, numerous artists, musicians, athletes, influencers, and brands got a taste of NFTs (non-fungible tokens) that help identify and determine any product's authenticity on the internet. NFTs, help to sell images for millions of dollars, musical albums, texts, domains, game items, characters, tweets of famous people, and many other things.
In what concerns automatization, numerous companies like Microsoft, IBM, Visa, FedEx, Walmart, and JPMorgan automatized their financial operations in logistics, insurance, eCommerce, and taxes with smart contracts. Hence, they made these processes faster and cheaper.
The transparency and publicity of Web 30 make it an excellent instrument for complying with laws, privacy regulations, contracts, and sanctions. The authority organs and interested parties can verify the transaction history, all smart contract specifications, and decentralized applications (DApps). Not only would this reduce red tape, but it could also reduce corruption since these records would always be open for inspection and could not be changed.
Ten promising ideas for WEB3 projects
As we know Web 3.0 ideas and advantages, we can view some good business projects involving decentralized internet, blockchain, and other Web3 elements.
Musical NFT platform
The first thing that comes to mind speaking about promising Web3 ideas is a musical platform. Imagine an application where each song is an NFT, while each album is an NFT collection. You can buy and listen to these NFTs or rent, sell, or gift them. Apparently, it is much better than Apple Music or Google Play Music with their limited opportunities and single service (if you buy an album on Apple Music, you can’t listen to it on Google Music, and vice versa).
Furthermore, a Web3 musical platform also:
- Allows musicians to earn from their art without intermediaries like labels and producers that take the most significant part of their income. Musicians will add their tracks to the platform and gain revenue from sales and streaming.
- Provide more rights to listeners. Listening to music legally now requires paying a subscription or buying a specific track. Not only that, but the subscription or the purchased song will be linked to the particular platform (website or application), and you can’t listen to it on other platforms. For example, if you go to Android from iPhone, you will lose your musical playlist and all money spent on it.
- Allows linking tickets to a concert, autographs (digital or paper), VIP passes on the stage, etc., to an NFT of the song or album. These options can be tied to all NFTs at once, as well as, for example, the first 100 sold NFTs or given out randomly.
A marketplace for video game NFTs
Developers and experts discuss the exciting opportunities NFTs can provide for video games. It will be wonderful to use an NFT that will work as a sword in World of Warcraft and a shotgun in Fortnite. But so far, no one has implemented this idea, and it does not look like it will happen in the foreseeable future. The owners of big game franchises simply don't benefit from it. It's better to sell NFTs tied to just one game - it's much more profitable than selling one NFT for many games.
This is terrible news for the players. But not for you, because you can launch your P2P platform where players can trade NFTs from one game for NFTs from another (with or without a surcharge). Implementing such a trading platform in a relatively simple version is possible - as an ordinary bulletin board. Or, as a more complex one, bulletin board + smart escrow contracts for depositing tokens.
Decentralized social networks
Social networks are fantastic because they allow us to interact with others, share our feelings, and even make money on content. Still, these platforms collect much personal information, from full name and birthdate to relatives, locations, and searches. Moreover, social networks manage our data according to their needs without asking us. The security of storing data is not too inspiring; we are used to constant data leaks.
A Web3 social network will not have these disadvantages. It will be secure and collect your data only if you agree (you can delete the data or deny access). Also, you will have rights to all content you create.
Decentralized social trading
Social trading is when an experienced trader trades on the cryptocurrency or forex market while other traders automatically repeat their deals. Trades are usually copied through various centralized platforms, which take a small percentage of each transaction, regardless of whether it was successful, or the trader lost the investment.
The issue of these platforms is in closeness and a bad reputation. Numerous examples on the internet show which platforms distorted market data to steal users’ funds through fees. Frequently, they will not even trade on the market; they will just imitate it to steal the traders’ money. Not only that, but the user can’t verify the platform's transparency since all operations and codes are secret.
The blockchain will solve these issues. Open source code allows traders to see how the platform works, while smart contracts guarantee the security and transparency of copy trading. Since data on the blockchain can’t be changed, there will be relevant information on the trader's efficiency that offers their strategies.
Decentralized election platform
The other niche that will benefit from Web3 instruments like anonymity, security, and transparency is online elections. It can be either voting for the president of France or voting to select the weekly menu at school. The blockchain will do perfectly well for both. It is essential to trust the development of such a platform to a highly qualified team of programmers like Merehead.
Deferred action platform
Another way to employ blockchain is to create a website or application for pending actions on the internet. For instance,e sending an email to specific addresses after a certain date, publishing a video on YouTube, or automatically calling the police and launching audio. This service can help announce meetings, publish important news (if it requires anonymity and avoiding leaks between the staff), etc.
There are similar platforms, yet they are centralized; therefore, you can’t rely on them. Blockchain and smart contracts will fix it.
It is not surprising that many people do not trust lotteries and giveaways on the internet. People can’t verify the lottery mechanisms; hence, they avoid it even if the lottery gives books or tickets to a concert to the bloggers’ audience. Web3 lottery on open source code and blockchain technology will not have this problem. Everyone will be able to check its functioning, therefore, trust the mechanism.
The only possible issue is developing the algorithm that will randomly give the numbers, symbols, letters, or words. The thing is that these lotteries (and other randomizing systems) are prone to showing not random results. They provide some random numbers according to Gauss or other systems.
No one has managed to fix it yet. However, the problem can be tricked by taking random information from the real world.
Sharing P2P services
You might have probably used Airbnb services or heard of the platform allowing you to lend or rent apartments worldwide. It is highly comfortable and helpful, yet it has considerable disadvantages: high fees, lack of transparency, and poor security. These are typical issues for all centralized systems; only decentralization can solve them.