Will Web3 Be a Game Changer | Changing Digital Landscape
Web3 Be a Game Changer? While the changes and developments in technology inevitably affect every area of life, they also shape the popular topics of the period. Undoubtedly, the most talked about concepts in recent years are Web3, NFT, digital art and metaverse.
Web2, which allows users to produce content and interact with each other, caused a revolutionary change. The birth of social media platforms, in particular, has facilitated these processes, but it has also raised concerns about censorship, data tracking and ownership.
Will Web3 Be a Game Changer? What is NFT?
With the increasing power of centralized companies, for example, your social media accounts can be closed in a day and there is nothing you can do against it. In the Cambridge Analytica Facebook scandal that we witnessed in the past period, we saw that the data was manipulated and the election results were interfered with. Another example has to do with NFTs and the game characters that are created. The fact that some game companies weaken the characters they use in the games, change their abilities and interfere with their NFT is among the negative experiences that Web2 and the central control mechanism it brings with it have reached scandalous dimensions for their users.
Web3 refers to the blockchain-powered and personalized version of the internet. This technology also makes use of artificial intelligence and machine learning. However, unlike Web2 technology, which has focused on centralized websites in the past period, Web3 puts the focus on users and their online information. Web 3, which eliminates the central structure, opens the doors to the creation of a digital economy and plays a role in valuing digital productions created on the internet.
Web3 What’s the core promise? New digital world!
While Web3 improved the technologies that Web2 put forward, on the other hand, it began to stand out in terms of reducing the question marks of users. The core promise of Web3 is; to make their online platform decentralized, transparent, solve the problem of insecurity and not require permission. The lack of a centralized power and lack of permission actually means allowing anyone around the world to access, create, store, and securely manage code without restrictions, because Web3 applications don’t store data on servers owned by a single company.
In this world where privacy and anonymity are at the forefront, where everyone can easily access data and content, the problem of insecurity in Web2 is minimized. Because users can make transactions on Web3 without the need to trust any entity other than the network itself, and the data cannot be manipulated by any person or institution. For all these reasons, we can say that Web3 is more transparent, more democratic than Web2 and that is an internet era where the control of data is taken from the companies and left to the control of the data owner.
On the other hand, with the transfer of control to the user in Web3, various responsibilities are indirectly imposed on people. For example, when logging in and out of wallets where coins are stored, users have to pay more attention to how secure their chosen site is. Otherwise, if they have a problem, there is no central control structure that they can resort to for a solution. For such reasons, browsers that do not collect data are more preferred, while solutions such as cold wallets continue to rise. When we think in parallel, we can say that Web3 increases the awareness of users and turns them into more conscious consumers.
How will it change its data collection policies?
Web3 is also popularizing concepts such as digital ownership and digital-native payments. Since the potential of Web3, which is based on blockchain technology, is quite high, it is very difficult to predict the developments that will occur due to this technology. When it comes to Web3, there is no doubt that the NFT and the concept of the metaverse are among the most prominent developments.
On the other hand, it is possible to say that the direct impact of Web3 will be felt in the field of marketing. It is envisaged that this technology can be used effectively in terms of creating communities where users will feel belonging. Since Web3 does not have a central structure like other social media platforms, it is conceivable that it will open the doors of a wide freedom of expression to communities at this point. Web3, which has a structure that allows users to manage their data and content freely, offers a more robust structure in terms of data security.
In parallel, brands are developing new strategies for data collection policies. While establishing these strategies, brands need to follow the latest trends, focus on emerging Web3 technologies and develop new approaches to interpret customer insights correctly.
In real life, Can Web3 create a new economy?
In real life, many sports clubs generate a large part of their revenue from the sale of branded products. The biggest metaverse reflection of this purchasing behavior, which appeals to the interest and belonging instinct of sports fans, is NFT collections. There is serious potential here. For example, NFL player Tom Brady’s NFT startup Autograph recently raised $170 million in Series B funding. Another striking example is the sale of more than a thousand wearable NFTs launched as part of the Sports Land – Soccer collection in less than 24 hours. Naturally, sponsorship and brand collaborations are also likely to be an important part of the Metaverse.
What does the data say?
While creating a new virtual world for users, Metaverse is a new source of income for companies and is a new face in digital marketing and content marketing. There are also different applications in this ecosystem, for example, some games have structures that make it possible for users to earn money as they play. With the opportunity to earn passive income, it is foreseen that it will have a positive effect on the increase in the number of users in the coming period. It may even be possible to earn advertising on the clothes worn in this universe in the future.
In the Global Technology Report 2022 published by KPMG, it is seen that businesses will adopt emerging technologies such as Web3 and metaverse in the coming period. On the other hand, the research shows that 58 percent of respondents will invest in the metaverse in the next two years, and 62 percent will invest in Web3. By 2026, two billion people are projected to spend a minimum of one hour in the Metaverse working, shopping, socializing, shopping or having fun. In the light of these data, it can be thought that technology companies will invest more in metaverse projects and more jobs will be created in this area.
The data supports these predictions. A 2021 study shows that in the United States, Millennials, who make up 30 percent of the country’s population, have a whopping 57 percent among crypto asset owners. The trading volume of crypto assets also continues to increase. Along with the US, countries such as India, China, Vietnam, Pakistan, the Philippines, Brazil, Nigeria and Iran are also leading the way in crypto transaction volume and ownership.
What does blockchain gaming offer gaming technology firms?
It is predicted that all developments will create a revolution in the field of game models. Web3 and blockchain gaming continue to feed off each other. At the beginning of the advantages offered by blockchain gaming, which will radically change the practices of the ecosystem; It comes as players can sell their acquired digital assets for a monetary value, exchange them, and transfer those assets to other digital platforms. These digital assets are notable for their transparent structure as they are not kept on a central server and are stored with an encrypted algorithm. In this way, players have complete control over their unique digital assets.
Today, the importance of communities continues to grow. In addition to the transparency and security it offers, the model also provides access to large audiences with growth potential through the communities created. Communities that have a meaning beyond the game experience maximize the interaction between people and create a plane of acting together and collective decision-making. As one of the most remarkable examples in this regard, we can show the events organized by The Sandbox, which we work with, in the Metaverse. Last year, the event to celebrate the Chinese New Year stood out as a very interesting community activity. The recent Ramadan event also managed to bring people together from different parts of the world and showed once again that the power of virtual communities is now increasing.
Blockchain and crypto money and NFTs
As it is played, it is thought that the number of games that enable the acquisition of crypto money and NFTs will increase in the coming period. With the rise of games that will enable monetization through the Metaverse, this area is preparing to offer various new revenue models, especially to game companies. Virtual clothes that can be worn within the Metaverse universe, sponsored content that players will receive on their avatars seem to offer new advertising models and opportunities with unlimited options in this regard.
According to the Blockchain Gaming report released by the Blockchain Game Alliance; By 2030, blockchain-based games are projected to reach a total volume of $70 billion. The same report also underlines that the adoption of blockchain gaming in a much shorter period of time compared to the emerging gaming technologies in the past is seen as a sign that this area will grow seriously and maybe the will change.