Web3 Transformation

We are entering the next generation of the Internet as we know it.

As with any change we have in life, things seem more complex, and our first instinct is always to remain within our status-quo. However, every 15 years, from 1995, we entered a new WEB era: from static web forms to dynamic web applications to decentralized smart applications.

WEB3 transformation is a natural evolution that businesses face to become active players in the following years. WEB3 is changing how we consider users, data and ultimately, interactions with products and services. The transformation brings new structural and political challenges, but it’s also going to help discover new business models and solutions.

In this essay, we will understand how to make the change possible, de-risked and profitable for our businesses.

Facing The Challenges

From glazing at the table below created by GeeksforGeeks, we notice how we implicitly transformed already our practices in the different years, going through at least the first two phases of the WEB.

The previous transitions sometimes have been seamless and boosted growth, sometimes led to bringing products to obsolescence (out-of-the-market), and in other cases led to losing market positions due to lacking adoption of new disruptive technologies.

WEB3 transformation might be highlighted as a substantial threat in some companies’ market intelligence reports. However, if the transition is initialised with small steps within several departments, it will become seamless in the mid-long term.

To do so, companies would need to find ways to shift their current departmental strategy to embrace what WEB3 is about: it’s a shift that’s not only technical, but it influences several different areas of a business, from marketing to sales to design and lastly to product development.

The central concept to rethink is the customer, data, privacy and interactions within the product flow. The customer has ownership and control over its data because the infrastructure is decentralised.

WEB3 is the internet owned by builders & users, orchestrated with tokens.

Customers become participants and work together with the company/brand toward a common goal, which usually is the growth of the network itself and appreciation of the token.

Understanding this paragraph above is vital to grasp why it’s crucial to actuate the change as soon as possible, with small but steady steps towards a future.

The lifecycle of WEB2 was predictable because, at an entry-level, the company’s objective is to attract as many users as possible and to cooperate with partners to grow. However, when the growth is stabilised, a change in the business model is needed. The shift in business model brings to the attract/cooperate to extract and compete – users become milking cows, and partners become competitors to acquire or overcome.

WEB3 is born due to the unhealthy link between companies and users and builders/partners; hence the change has started.

Discovering New Solutions

Web3 comes with new technologies and systems that can empower current processes in several industries, even “older” industries such as construction, manufacturing and finance.

By looking at these and several other scenarios within Web3 glasses, it will be possible to leverage a new grammar of practices and processes towards creating effective and efficient solutions (i.e. reducing times, automating and securing operations, saving costs and intermediary fees).

And it’s just the surface; new unicorns will appear and take over existing ones.

The challenge to transform your business and how you interact with your customers/users are enormous since the transformation has just started, or better, is now in the public domain because its beginning can be traced back some years ago.

However, the adoption curve takes some time due to the constraints imposed by the current big names of Web2.

The future is out there, with plenty of possibilities, new revenue streams, and growth. This time, the access is not limited to a few names but to everyone willing to transform its solution or create a new way to engage users in the new web.

Let’s Transform, Together

VENALBE has been in the now called Web3 since 2010 with a network of partners, creators and investors contributing to our digital and physical future.

We are here to support your growth through change and transformation.

Get in touch, and let’s create our future together.