Web3 is the next big thing in the web, so web3 business ideas are a hot topic of conversation and intrigue. This decentralized, peer-to-peer internet evolution is powered by a technology known as blockchain, which allows for more direct, peer-to-peer communications. A Web3-based solution that offers customers greater control over their digital assets and data could improve the user experience. Explore innovative Web3 venture concepts poised to transform industries. Discover the next wave of potential startup successes in the decentralized web space.
This paradigm change has led to the creation of novel business models using blockchain, cryptocurrencies, and decentralized applications. These are a few of the most intriguing web3 development company concepts that might be excellent for a successful launch. Let’s first clarify what Web3 is.
What is Web3?
The Web3 Internet uses blockchain technology, the same technology that powers Bitcoin, to increase the security and privacy of the decentralized Internet. A web3 system is a technical protocol that allows users, apps, and data to communicate directly and securely. It is managed by computer code. With Web3, you are the direct owner of your digital assets and identity, with no intermediaries or outside parties involved. It’s the transition from a value-exchanging to an information-giving internet.
The size and business prospects of the Web3 market
Web3, while still in its early stages of development, has a promising future. The industry has grown significantly over the past few years, and this tendency does not appear to be decreasing. The figures below demonstrate this.
Web3 businesses and investments
In the first half of 2021, Web3 companies raised funding by 764% instead of the initial $214 million.
Polkadot is the most valuable Web 3.0 cryptocurrency, with a market valuation of almost $8 billion.
Chainlink is ranked second with a $3.3 billion market value.
The global Web 3.0 blockchain market is expected to bring in USD 23.3 billion by 2028.
Web3 venture concepts to investigate in 2024
- The Metaverse
- Web3 center for content development
- The NFT online store
- Decentralized Finance (DeFI)
- Hosting based on subscriptions
- Networks of decentralized social networks
- Lifestyle apps based on Web3
- A system of cloud services
- Web3 consulting
- decentralized Apps
The Metaverse
Metaverse is the next big item on the list of Web3 business ideas. Metaverse has started holding gatherings and concerts. Hosting Metaverse events is one approach to launching a Web3 company. Building a Metaverse event hub that can accommodate both entertaining and instructive events will be profitable. All you need is the required technology, an interior and exterior designer, and a virtual space. This makes way for more Web3 business concepts, such as buying real estate. These Metaverse statistics can help you understand the market and its potential.
Grand View Research projects that the metaverse market will reach a valuation of $678 billion by 2030. The analysis projects that market value will expand at a compound annual growth rate of 39% over the next ten years to slightly under $39 billion in 2021.
According to McCann Worldgroup, by 2026, about 2 billion individuals will work, shop, attend school, socialize, or enjoy amusement in the Metaverse for at least an hour every day.
Example of a Web3-based Metaverse business: Users can now create virtual worlds, games, and experiences in the Metaverse using a variety of platforms, including Roblox, The Sandbox, and Decentraland.
Web3 center for content development
What about a blockchain-powered platform that allows writers, musicians, and other content creators to share and make money off of their creations? One of the best Web3 company concepts to launch in 2024–2025 might be this one. Creators would receive pay for their creative labor and maintain ownership of their intellectual property with the aid of this platform. You can incorporate systems for digital rights management, royalties, and content licensing if you intend to launch this web3 firm. These features will assist them in protecting and making money off of their works and content.
Web3 business instance: Rarible, OpenSea, and Foundation are a few early examples of Web3 entertainment and content creation hubs that provide a platform for producers to generate and sell digital works. Similar to this, BitClout and Audius are platforms that let artists and musicians communicate directly with their fans, aiding in the decentralization of the entertainment sector.
The NFT online store
You should be familiar with the fundamentals of non-fungible tokens and how they operate before starting to develop an NFT marketplace as one of the Web 3.0 business models. Users can produce, purchase, and sell digital assets that cannot be duplicated or traded like-for-like on the NFT (Non-Fungible Token) platform.
NFTs are transforming the notion of digital ownership by offering brands and enterprises opportunities never seen before in the digital world. As the cultural cornerstone of crypto art, they are essential to Web3, transforming digital communities, enterprises, and assets within the realm of Web3 developments.
Despite the fact that NFT prices are rising, there is no denying the promise of web3 startup concepts that use NFTs. The total amount of transactions made on NFT marketplaces surpassed $37 billion as of May 2022. The striking graphic shows how firms can successfully use non-fungible tokens to build successful web3 enterprises.
Business example for the NFT marketplace: Digital artists like Beeple, Pak, Daniel Arsham, and Grimes have sold their works on the well-known NFT marketplace Nifty Gateway. The site is run by Gemini, a secure and regulated cryptocurrency exchange that works with prominent businesses and producers. It is considered a premium marketplace.
Decentralized Finance (DeFI)
Blockchain and tokenomics are becoming popular worldwide. As more people become aware of cryptocurrency’s potential and its ability to enable more prominent consumer credit, the practice of investing in it has grown more widespread. Among Web3 business concepts, Decentralized Finance (DeFi) is one of the most widely accepted. Creating decentralized systems for lending, borrowing, trading, and investing in cryptocurrency is what we mean when we talk about DeFI startups. By automating numerous financial activities, smart contracts ensure transaction security and transparency.
Those who want global banking systems devoid of middlemen, centralized authority, and occasionally absurd processing requirements will find it most appealing. Startups like Celsius and Compound Finance are using the DeFi option to extend reserve money in stablecoins. As an incentive, they are offering high-interest lending rates together with 5%–7% yearly returns on the resources saved. The growth of money lending capacity is a key feature of blockchain-based DeFi, which makes it a remarkable Web3 business model.
Business example for DeFi: Decentralized lending, borrowing, and trading platforms, such as Aave, Compound, and Uniswap, let people access financial services without the help of conventional banks or financial organizations.
Hosting based on subscriptions
In the software as a service (SaaS) approach, an outside vendor hosts the apps and makes them accessible to clients online. The SaaS model has been redesigned with subscription-based income generating in mind as a result of Web 3.0. It’s nothing new, but a lot of established companies have already started turning a profit.
In this approach, the Internet collects a subscription fee from a different company, group, or entity. Charging another organization a fee to hold their cryptocurrency wallets is a Web 3.0 business idea. Now that private key permission for blockchain trade has been removed, Web 3.0 companies can host another company’s cryptocurrency wallet on a monthly, quarterly, or annual basis, with payments made in cryptocurrency.
To begin working on your ideal project, get in touch with a knowledgeable Bitcoin exchange development company if you’re interested in developing a SaaS model for your organization.
Example of a Web3-based SaaS business: One such Web3 SaaS example is Alchemy. The platform offers services and tools for creating, growing, and implementing decentralized applications.
Networks of decentralized social networks
For a while now, social media users have been worried about centralized control and data privacy. Social media is frequently criticized for the same reasons. It is possible to create a decentralized social media network with a strong emphasis on user privacy, data usage, and content monetization. Users would have control over the data and interactions with the aid of blockchain technology. This will result in a more open and user-focused social media experience, making it an excellent business idea to put into practice. Keeping user data secure and private also requires the use of encryption and other privacy-preserving techniques.
Examples of decentralized social networks: The Ethereum blockchain powers the decentralized social network Peepeth. Authenticity, responsibility, and openness are emphasized. Active users on Peepeth can follow and publish messages, as well as gain reputation points for their good deeds.
Lifestyle apps based on Web3
The Web3 ecosystem is developing into a new wave of lifestyle applications. There appears to be a similar play-to-earn strategy being used in other industries as it did in the gaming sector. Some of them—move-to-earn, sleep-to-earn, etc.—must be familiar to you. Users are encouraged to adopt healthy habits by this emerging web3 trend of healthier lifestyles. Similar to play-to-earn models, Web3 lifestyle applications give users a financial incentive (usually) to interact, creating value that benefits both users and producers.
These kinds of apps were created to encourage leading better lives. Today, because of the revenue streams they offer, it has developed into a business model. This idea is applied in several Web3 lifestyle applications. For entrepreneurs interested in blockchain company concepts, it provides access to fantastic Web 3.0 business potential.
Example of a Web3-based lifestyle application: The Solana-based startup STEPN has released an app that uses GMT, a move-to-earn currency, to reward users for jogging, walking, or running. Sweatcoin was another move-to-earn software with a $40 million market cap and more than 100 million users.
A system of cloud services
Because of Web3, the cloud storage industry will see significant changes. A blockchain-based cloud system or, more accurately, new web3 business concepts may surface.
In contemporary enterprises, centralized data storage systems will give way to cloud-based infrastructure. Google Cloud, Microsoft Azure, and Amazon Web Services are the three main cloud hosting providers. This is because these businesses possess their data servers. They so control more than 70% of the market for cloud infrastructure.
Because Web 3.0 is decentralized, it will break up the monopoly of web services and create space for more competitive companies. In addition, cloud infrastructure prices will fall, making it possible for new firms to prosper. Blockchain initiatives like Filecoin and Storj will permanently alter the Web3 sector.
Web3 consulting
Many startups and aspiring business owners are searching for Web3 business ideas in the same way that you are. It can be a terrific idea to launch a Web3 consulting company where you will help people embrace web3 technology. You have to be an expert in the subject matter you are teaching. Therefore, before providing Web3 consulting services,
it is essential to have a thorough understanding of blockchain technology, decentralized applications, smart contracts, and other facets of the Web3 ecosystem. Consulting services could offer up-and-coming businesses insightful suggestions on how to integrate Web3 and Blockchain technology into their operational procedures.
Businesses that offer Web3 consulting services can also provide knowledge and direction on the creation and modeling of web3-based new companies. To facilitate clients’ understanding of Web3 technologies, consultants may also offer workshops and training.
Decentralized Apps
Decentralized blockchain apps are becoming more and more popular as a lucrative Web3 business concept. A decentralized infrastructure is used by “Decentralized Applications” to do away with the requirement for regulatory control.
These apps are quite helpful to businesses, particularly in cloud storage. Apps for Web3 organizations could make it easy to keep confidential data secure. Applications for decentralized cloud storage should be part of Web3 business concepts. The emergence of decentralization through DApps is a fundamental element of the web3 ecosystem. Web3 apps have many benefits over traditional business models, such as privacy, resistance to censorship, ownership of personal data, and a more equitable sharing of revenues. This is why Web3 is a great place for businesses to start.
Example of decentralized applications: One of the innovative DApps investigating the potential of blockchain technology in the entertainment industry is Audius. It functions quite similarly to more conventional music streaming apps like Deezer and Spotify.
Conclusion
The Web3 environment is full of exciting business ideas that are ready to take off. The market is prepared for innovation, from the immersive possibilities of the Metaverse to NFT marketplaces and decentralized finance (DeFi). Due to the growing need for decentralized solutions and the anticipated exponential development, Web3 business models present a great opportunity for entrepreneurs to profit. Success, however, depends on comprehending user privacy issues, blockchain technology, and the dynamic digital environment. Future online interactions and commerce will be significantly shaped by the creation of decentralized applications and strategic consultancy services as the Web3 ecosystem grows.
