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Whether you like it or not, web technologies finally advanced to Web 3.0, which allows the use of blockchain, metaverse, & NFTs. This new era has many uncertainties that can be turned into opportunities.

If you are unfamiliar with these terms, sit tight because we are here to explain them. We will also give you quick tips to make the most of them for your business. Let’s start with a quick recap of what happened on the web in the last 35 years.

It all started with Web 1.0, created by Tim Berners Lee, a computer science professor from MIT, in 1989. This is the basic form of the world wide web, where users only see static web content. This centralised system delivered informational content to a limited number of people.

In 2004, web 2.0 was introduced. The term was coined by Tim O’Reilly. The main difference has been the user interaction. With Web 2.0, social networks came into our lives, and users started to engage with dynamic content. Cloud technologies also came into display in this era.

The term blockchain was first introduced by Gavin Wood, co-founder of Ethereum, in 2014. However, these technologies became famous in 2021 when large companies and venture capital firms started to be interested. Here we are jumping from static and dynamic content to semantic content that is primarily AI-powered.

To understand what these technologies might mean for your business, let’s quickly go over a few terms that are also called Web 3.0 applications:

Blockchain: It’s simply a digital database/ledger powered by a network of computers. It differs from traditional database in the way it collects data. Data is collected in groups called blocks.

NFTs: Digital assets that can be created, published, and sold at marketplaces such as OpenSea. Probably the best Web 3.0 asset that brands can effectively use for marketing purposes.

DeFi: Emerging financial technology that removes bank fees, allowing you to transfer funds in seconds using digital wallets.

Cryptocurrency: A digital or virtual currency that doesn’t rely on any central authority. It’s secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

dApp: These are apps that run on a blockchain network in a public and decentralised environment. DApps don’t rely on a single authority; instead, they use smart contracts to complete the transaction between two anonymous parties. Users don’t need to provide personal info to use dApps which is the best bit.

3 Step Guide to Leverage Blockchain, Metaverse & NFTs for Your Business

Unless you’re a tech nerd, you probably don’t have a clue about how your business uses blockchain, metaverse, and NFTs. And that’s completely fine. However, understanding these terms, and knowing how to effectively use them, can benefit you in many ways.

So, we have done that thinking for you; let’s check them out!

1- Get a Cryptocurrency Account

In the last couple of years, investing in cryptocurrencies has been in the interest of individuals, but it won’t be the main strategy for most businesses. Nevertheless, you would need cryptocurrencies to use other services such as Metaverse or NFTs. That’s why it’s essential to have cryptocurrencies as a company. Companies in the investing or finance industries would use the currencies differently than typical businesses.

To buy cryptocurrencies, first, you will have to choose a cryptocurrency exchange platform such as coinbase, gemini, or binance. Next, you will create an account, verify yourself and hopefully start purchasing currencies. You will have to deposit cash into your account by wire transfer or using a credit card. You might have to pay a small transaction fee when buying cryptocurrencies.

Related Forbes Read: How To Buy Cryptocurrency

2- Buy a Land in Metaverse

Now that you have funds in your crypto wallet, you can invest in some business assets, such as land in the metaverse. This might sound a bit odd at first, but Fortune500 companies are buying lands and heavily investing in creating a metaverse experience for their customers. You can think of land in the metaverse as a brand asset.

Your company can also buy land for investment purposes; you can do buy&sell of the metaverse lands to make a profit. To purchase land in the metaverse, you must create a user account on one of these platforms: Decentraland or Sandbox. Next, you will connect the e-wallet you just started. Once that’s done, you can purchase lands with your cryptocurrencies.

Related Article: How To Buy Land In The Metaverse

3- Create & Mint NFTs

Here comes the best part: NFTs. Nonfungible tokens are digital assets or art pieces published by a person or a business. This process is called minting. A Twitter post, a tattoo design, or a small video clip can be minted as an NFT. Once NFTs are published in a marketplace such as Opensea, they can be purchased by investors, and the publisher will get a royalty fee each time a subsequent sale is executed.

Also, brands can purposefully plan and create NFTs to connect customers with their brand even more. This is excellent news from the marketing point of view as it’s a brand new way of engaging customers with a brand. To mint NFTs and receive royalties, you will need to connect an e-wallet to the platform you choose to mint NFTs.

Read More on HubSpot: How Brands Use NFTs for Marketing: Are They Really Worth The Hype?

A Fortune 500 company, a small business, or an artist can equally benefit from the Blockchain, Metaverse & NFTs. You can start by following the tips in our 3-step guide and developing a web 3.0 strategy. As this is still a hidden gem and often neglected by individuals and businesses, acting quickly might result in outranking your competition.