Tag: Web 3.0

How Web 3.0 Will Revolutionize the Public Relations Industry | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

The rise of Web 3.0 is set to transform all industries. Public relations (PR) is no exception. With the emergence of decentralized technologies like blockchain, Web 3.0 brings new possibilities for PR professionals to connect with their audiences in ways previously thought impossible.

Blockchain technology, for instance, can enable PR practitioners to create secure and transparent channels of communication that protect user privacy by giving individuals greater control over their personal data. This can build deeper trust between brands and their audiences, leading to more meaningful relationships.

Meanwhile, Web 3.0 technologies such as non-fungible tokens (NFTs) offer a unique way to engage audiences by creating digital assets that have value and scarcity, which can be used to incentivize participation and reward engagement. NFTs can be used to create unique digital experiences and reward audiences for their engagement and loyalty.

Some companies have started testing the waters of incorporating Web 3.0 technologies into their communications campaigns. Established businesses started developing digital assets on the metaverse or creating corporate NFTs.

What are the top strategies for PR professionals to harness Web 3.0 technologies in their communications campaigns?

Related: 3 Tips to Take Advantage of the Future Web 3.0 Decentralized Infrastructure

1. Leverage NFTs to create a unique audience experience

One of the primary attractions of NFTs is their capacity to tell brand stories in innovative ways. Public relations professionals can incorporate stories into NFTs and deliver them through collectible assets. NFT-compatible PR campaigns give consumers access to brand content, exclusive events, digital assets and special offers. Brands can now collaborate with their customers more closely than ever, rewarding them for their loyalty and attention.

Nike, for example, has acquired virtual goods company RTFKT which specializes in digital sneakers. By leveraging RTFKT’s virtual sneaker drops on its Web 3.0 marketplace, Nike creates new digital collectibles Air Force Ones that are positioned as more than just NFTs; but virtual creations. This approach fosters a sense of belonging and personalized interaction, strengthening the bond between Nike and its dedicated fanbase.

2. Build a niche community on the metaverse

Brands can leverage the metaverse to build a niche community by tapping into its unique privacy features. As consumers become increasingly privacy-conscious, the metaverse’s decentralized nature and anonymity options offer a safe and secure space for users to engage with others who share similar interests. By creating a branded presence within the metaverse that prioritizes user privacy, brands can cultivate a loyal following among niche communities.

Teaming up with People of Crypto Lab (POC), major metaverse platform, The Sandbox, has co-launched launched the Valley of Belonging, a safe and vibrant space that celebrates diversity and inclusivity. The immersive experience allows platform members to participate in an LGBTQIA+ Pride Parade and explore various activities and meet diverse personalities. This initiative showcases the potential of the metaverse in fostering social change and creating a welcoming environment for marginalized communities.

Related: The World Of Web3: A Beginner’s Guide To A Space That’s Set To Change The World As The Internet Once Did

3. Integrate metaverse into your online and offline presence

M2O2O (metaverse to online to offline) is a strategic approach that aims to create a seamless user experience across different platforms. It involves using the metaverse as a starting point and transitioning to online and offline platforms. This approach can be used to create immersive experiences that allow users to engage with brands and products in a more personalized way. By connecting the metaverse to online and offline experiences, brands can create a cohesive and memorable user experience that fosters loyalty and engagement.

Last year, Coca-Cola’s “Share a Coke” summer campaign in Mainland China, Taiwan, Macau and Hong Kong showcased a remarkable fusion of audience connectivity in both the Web 3.0 domain and the physical realm. The campaign transformed Coke bottles into connection points for friends. It also featured a “Metaverse Music Festival” where users customized avatars and engaged in music battles and a WeChat-embedded game with social sharing elements. The campaign bridged the virtual and physical realms, creating memorable moments for Coca-Cola fans.

The emergence of Web 3.0 technologies marks a new era of engagement for PR professionals. With the inclusion of NFTs, metaverse and other cutting-edge Web 3.0 technologies, brands now have the tools to create unprecedented experiences and forge deeper connections with their audiences.

As the new age of Web 3.0 continues to evolve, we can expect to see even more innovative applications that will revolutionize the way brands engage with their customers.

The future of PR is here, and it’s time for us to embrace it and unlock the full potential of Web 3.0. With limitless possibilities and new frontiers to explore, the only question remains: Is the sky still a limit?

Related: Boost Your Business’s Online Presence By Leveraging These Web3 Marketing Trends and Tactics

Brian Yeung

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August 17, 2023
Web3 Marketing Trends and Strategies to Know in 2023 | Entrepreneur
Opinions expressed by Entrepreneur contributors are their own.
The world of marketing is undergoing a paradigm shift with the rise of Web3 technologies. This decentralized internet model, characterized by blockchain-based platforms, decentralized applications (dApps) and a strong focus on user privacy, has paved the way for innovative marketing strategies that cater to an increasingly savvy audience.

As an entrepreneur, staying on top of these trends is vital to remain competitive in the ever-changing digital landscape. In this article, we explore the most significant Web3 marketing trends in 2023 and provide insights on how you can leverage them to enhance your business’s online presence.

Related: How Web3 Will Change Marketing Landscape Forever

I. Decentralization and the impact on marketing

Web3’s decentralized nature challenges the conventional marketing approaches that rely on centralized platforms such as Google and Facebook. Marketers must now navigate decentralized platforms like Decentralized Autonomous Organizations (DAOs), decentralized finance (DeFi) platforms and decentralized marketplaces.

To master the decentralized marketing landscape, consider the following tactics:
1. Understand the ecosystem: Gain a deep understanding of the web3 ecosystem and the platforms’ unique attributes. Each platform has its own set of rules, governance structures and user behaviors that require tailored marketing approaches.
2. Build relationships: Establish strong connections with platform developers and influential community members. These relationships will help you better understand the platform’s intricacies and provide valuable insights for your marketing strategies.
3. Experiment with formats: Explore various content formats, such as articles, podcasts, videos and live events, to reach your target audience effectively. Adapt your messaging and delivery to the decentralized nature of Web3 platforms.
II. The emergence of token economies

Token economies, driven by cryptocurrencies and non-fungible tokens (NFTs), are revolutionizing the way marketers engage with their audiences. To capitalize on this shift, marketers must leverage token economies creatively:
1. Tokenized marketing: Create and distribute branded tokens that can be redeemed for products, services or exclusive experiences. This strategy not only incentivizes user engagement but also enables real-time tracking of campaign effectiveness through blockchain technology.
2. Reward and loyalty programs: Implement reward programs that leverage cryptocurrencies or platform-specific tokens. Offer exclusive perks, discounts and benefits to users who hold or use your branded tokens.
3. Gamification: Develop gamified experiences that encourage users to explore and engage with your platform. Incorporate token economies into these experiences to incentivize participation and drive user retention.
III. The rise of NFTs and their impact on marketing

Non-fungible tokens (NFTs) have gained significant attention in recent years as they represent unique digital assets that can be bought, sold and traded on various platforms. For marketers, NFTs present both challenges and opportunities. Here are some strategies to harness the power of NFTs:
1. Limited-edition campaigns: Create limited-edition NFT collections that users can purchase, trade and showcase, instilling a sense of exclusivity and driving demand. Consider collaborating with well-known artists, designers or influencers to increase the appeal of your NFTs.
2. Utility-driven NFTs: Develop NFTs that offer utility beyond mere collectability, such as access to exclusive content, events or experiences. This approach will deepen user engagement and foster long-term loyalty.
3. Cross-platform integration: Partner with other Web3 platforms and NFT marketplaces to expand your NFT’s reach and functionality. This tactic can increase your audience and create new opportunities for collaboration.
Related: How to Realize Your Brand’s Digital Potential With NFT Marketing

IV. Community-driven marketing in Web3

Community-driven marketing is paramount in the Web3 world. Marketers must foster a sense of community by engaging with users on a personal level and creating content that resonates with their values and interests. Here are some tips for building vibrant Web3 communities:
1. Active participation: Be an active participant in online forums, Discord channels and social media platforms related to your niche. Engage with users, answer questions, and share valuable insights to establish trust and credibility within the community.
2. Collaborate with influencers: Partner with influencers within the Web3 ecosystem who share your brand’s values and can effectively communicate your message to their followers. This will amplify your reach and help you connect with a wider audience.
3. Host virtual events: Organize virtual events, such as AMAs (Ask Me Anything), webinars or live-streamed presentations, to share valuable information and interact with your community in real-time.
4. User-generated content: Encourage and reward users for creating content related to your brand or platform. User-generated content not only generates buzz but also helps foster a sense of belonging and ownership within the community.
V. The importance of authenticity and transparency

Web3 marketing demands a strong emphasis on authenticity and transparency, with users placing immense value on trust. Blockchain technology, the backbone of Web3, inherently offers transparency through its public, verifiable record of transactions and interactions. To build trust and authenticity in your marketing efforts, consider these approaches:
1. Open governance: Showcase your platform’s governance structure and decision-making processes to demonstrate your commitment to openness and fairness. Engage your community in these processes to foster a sense of ownership and shared responsibility.
2. Data privacy and security: Communicate your commitment to user data privacy and security through transparent policies and blockchain-based solutions. In an era of increasing data breaches and privacy concerns, a proactive approach to data protection will instill confidence in your users.
Related: Why More and More Companies Are Embracing Web 3.0

The Web3 marketing landscape presents a world of untapped opportunities for marketers who are willing to embrace its unique challenges. By understanding the nuances of decentralized platforms, token economies, NFTs, community-driven marketing and prioritizing authenticity and transparency, marketers can develop innovative strategies that captivate users and propel their brands into a decentralized future.

As Web3 continues to evolve and redefine the internet, marketers who stay ahead of these emerging trends and adopt winning strategies will be best positioned for success in this brave new digital world.
Winfred K. Mandela

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May 17, 2023
How NFT Marketplaces Will Onboard the Next Mass Wave of Users to Crypto | Entrepreneur
Opinions expressed by Entrepreneur contributors are their own.
Is there life beyond the bear? While crypto Twitter and mainstream media are expressing varying levels of hope and skepticism, a lot of teams are working hard to bring the future of Web3 closer. And this time — it’s not only crypto, folks.

This is the main difference between this “crypto winter” and the one of 2018-2020, when Ethereum was available for less than 200 dollars. Drastic decreases in prices and market capitalization caused a lot of debates on the legitimacy of the industry from traditional outsiders but couldn’t scare off the Web3-native believers who just continued building. Whether it’s because of the precedent they set or anticipation of the bigger market, traditional players doubled down on the bear builder party this time.

Related: How Crypto, Blockchain and Web3 Institutions Can Accelerate Mass Adoption

NFTs to lead the way

The spotlight here is once again on NFTs. Not intimidated by the market conditions, quite a few future-oriented brands have been releasing pilot NFT projects to test the waters (McFarlane, Fox, Starbucks) or working on robust digital asset-based community campaigns behind closed doors. It’s obvious to anybody that it’s not a race for quick gain, but a well-thought-out long-term game.

“Why now?” you’re probably wondering. First and foremost, the technology, UX and education frameworks have finally reached the level that significantly lowers the entry barrier to the NFT ecosystem. Arguably, for the first time ever, Web3 is close to being ready to onboard millions of mass users.

“How does it look in practice?” you might ask. Loyalty programs, community engagements and unlockable content are among the brands’ favorites. Big companies are starting to consider NFTs as a base for a variety of activities, giving an inspiring hint at what the next bull run can look like.

Such a spike in credibility and the prospects of mass adoption can’t help influence the current shape of the industry and the trajectory of its development. To date, the heart of the Web3 movement has been NFT marketplaces — platforms with different levels of decentralization where users can mint (create), display, buy and sell their collectibles. For quite a few brands, these marketplaces have been the entry point into the NFT world.

With this trend clearly unfolding, we can’t but ask ourselves: What role will NFT marketplaces play in this big movement? Will they stay the same or evolve to boost mass adoption in collaboration with brands?

Related: Make Your Brand a Household Name Using the Power of NFTs

Rethinking NFT marketplaces

What is the first thing that comes to mind when you think about an online marketplace? Quite likely, the likes of Amazon will be there: a one-stop-shop environment where users can find literally anything they want. Offered goods vary in price, but one thing stays the same: High-end brands have very limited representation there. You might find an expensive perfume or a pair of glasses, but that’s about it. And who would go shop for Chanel bags on Amazon anyway?

This analogy is key to understanding the brand’s strategy as they come into Web3 with their massive user bases. Does this traditional marketplace model appeal to brands? I’d argue not. Since NFTs are shaping up to power next-gen gamified loyalty programs for communities, one-size-fits-all does not look like a good match.

Brands dipping their toes into NFT are looking to offer a safe, uniquely branded experience for their customers — with controllable monetization on top.

Adoption issues and solutions

When directing users to a third-party NFT marketplace, there are several problems a brand can encounter:
1. Safety and IP protection: Unfortunately, there are malicious players on the market, and NFT marketplaces do not always do a timely job eliminating collection copycats to make sure that a new user does not purchase a wrong NFT by accident.
2. Monetization: With the recent market development and “race to the bottom,” the trend moves towards not respecting creator royalties, which could serve as a major revenue stream for popular collections. On top of that, using a third-party NFT marketplace always means paying fees that can be changed at any point of time. In other words, not controlling your revenue stream fully.
This is where the Shopify model is entering the scene. Unlike traditional Web2 marketplaces, NFT marketplaces can take different forms — and verticalized, custom community marketplaces are a very promising route.

Creating and fully controlling its own community marketplace allows a brand to enforce royalties, set custom fees and ensure the proven authenticity of digital collectibles with a branded look and feel, all in the spirit of decentralization.

On top of that, NFT community marketplaces can be powered by shared orderbooks, meaning that buy and sell orders can be aggregated from other marketplaces from the start to help bootstrap the liquidity.

All that said, on-brand community NFT marketplaces can truly become the gateway to onboard the next mass wave of users to crypto in a safer and more accessible way. Will this be the case in the next bull run? Time will tell.

Related: Why Community Is Key in Web 3.0
Masha Vyazemskaya

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March 30, 2023
How Web3 Is Making Now the Best Time to Be a Creator | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.

These are the words of the Nobel Laureate Paul Krugman from 1998, demonstrating how technology can have more farther-reaching effects than even the most brilliant minds can predict.

To that end, few technological leaps have the power to impact the economy as much as Web3 and NFT infrastructure. Yet, early applications have kept much of the potential utility and economic benefits for creators and entrepreneurial businesses hidden beneath images of costume-wearing animals and cartoon profile pictures. The world has been going ape over NFT art with many a well-to-do individual treating these JPEGs on the blockchain as status symbols, wearing a “Bored Ape” on their profiles instead of, say, a Rolex on their wrist.

Fueled by the surge in online activity and online gaming communities with the promise of metaverse to come, we witnessed the emergence of a new trend: a desire for digital art NFTs. Now the sale of these “digital originals” (verifiable as originals through their address and contract number on the blockchain) rivals their paint-and-brush analog counterparts.

Related: Web3 Is the Future of the Creator Economy

From social media to social marketplace

With Web 2.0, we saw the birth of social media and higher degrees of social interaction both across countries and across continents. This unprecedented level of communication had substantial macro-behavioral and cultural consequences, giving us almost instant snapshots of events around the world. However, with Web3, we are now moving beyond only communication.

Many Gen Y and Gen Z creators are turning down the prospect of traditional jobs in favor of a life where they can be fairly compensated for their value in the online economy. Web3 technology delivers the prospect for financial incentives, art and culture by joining communities of stars and brands where everyone will be more fairly rewarded based upon their value in the economy. Creators can be fairly incentivized as they build their own audience that consumes content and buys products while being given exclusive access, backstage passes and other rewards, even royalties for their involvement.

Until now, despite being given a myriad of free platforms to utilize, creators of all kinds — musicians, coaches, experts, writers, athletes and artists — have been at the mercy of the tech giants and algorithmic gatekeepers. This has been an unfair bargain with large social media platforms keeping almost all of the revenues generated by creators.

Web3 is here to change all of that, but you might be understandably wondering, “How?” How is this emergent technology rebuking and replacing the status quo and championing content creators to provide greater value to their communities? Tokenization of assets on the blockchain has the power to convert audiences into rewarded advertising engines that increase what they earn no matter how big or small by building incentivized, independent, cross-collaborative creator economies. This is a paradigm shift from competition to collaboration and from social media to a true “social marketplace.”

Until recently, in the Web 2.0 and social media era, content creators would ask their followers and viewers to “like, comment, subscribe and share.” Yet once the devoted fan completes this mission of showing their support, what does the fan get for their efforts?

Joel Comm, co-host of the Bad Crypto Podcast with over 10 million downloads and known for having minted over 1.5 million NFTs, had this to say: “Now I can reward you as a superfan and AirDrop into your wallet a discount, a bonus NFT, something that you can use for the future. It (Web3) really allows artists of all kinds, not just musicians, any kind of creator to connect with their audience and build community in a meaningful, significant way, so their audience is portable.” says Comm.

Related: This Is What Content Creators and Entrepreneurs Need to Know About Web3

From centralized to decentralized

Despite flooding platforms with content, centralized institutions have held a monopoly on privacy, content, audience and on revenue. Even in the traditional publishing world and music industry, record labels and publishers keep the majority of all earnings while the artists and authors sign contracts to keep a small percentage of royalties. An increasing number of authors, however, are choosing to forgo the traditional route and instead are self-publishing, supported to best-seller status through swathes of their army of YouTube followers buying their book. This can be seen as evidence that a cultural and socio-economic shift is already well underway.

“I don’t need to go to these massive studios or labels. I can go directly to my audience.” says Comm.

One such platform aiming to help usher in this new era of collaborative success is StarStake. According to their homepage, “StarStake is collaborative commerce — launching the creators of today into the stars of tomorrow.” StarStake firmly believes we are witnessing a turn in the creator-community economy and wishes to play a leading role in facilitating this evolution and revolution.

Chris Hawk, CEO of StarStake says, “Traditional creator-community relationships are limited, with minimal contributions and meager returns. StarStake removes the financial barriers for creators to earn more — reward their communities — and grow together.”

Serial entrepreneur, Gary Vee, said in one of his talks that what the internet has done for information and data, NFTs will do for transactions and contracts, making us still in the visionary stage of the adoption curve of this new technology.

NFTs are evolving beyond vanity to utility and are increasingly being endowed with powers such as exclusive memberships, reward contracts, perks, privileges and even access to products. The power may be tipping from the platforms to the people. Whether you are a creator or a consumer, the good news is you are still very early. Ultimately, the creators and their communities, through their newfound, deepened interaction, will decide what this technology is to become.

Related: Why Web 3.0 Will Change the Current State of the Attention Economy Drastically

Maria Matarelli

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March 13, 2023
5 Essential Tips for Starting a Successful Web 3.0 Business | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

The internet has undergone significant changes since its inception, and we are now on the verge of the next significant revolution in digital technology — Web 3.0. Web 3.0, also known as the decentralized web, is poised to revolutionize online interactions by providing a more secure, efficient and decentralized online experience. As entrepreneurs, it’s essential to keep up with the times and adapt to this new environment to stay ahead of the competition. This article will explore some tips to help you build a successful Web 3.0 business.

Related: 3 Tips to Take Advantage of the Future Web 3.0 Decentralized Infrastructure

Learn about Web 3.0

To start a Web 3.0 business, it’s essential to understand the underlying technologies that make it possible. Web 3.0 is built on blockchain technology, a decentralized, distributed ledger that enables secure and transparent transactions. Additionally, Web 3.0 includes other emerging technologies, such as decentralized finance (DeFi), non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

To begin your Web 3.0 journey, it’s essential to immerse yourself in the community. By participating in online forums and social media platforms, you can engage with like-minded individuals, learn about the latest trends and stay up-to-date with developments in the Web 3.0 space. Reading industry publications such as CoinDesk, The Block and Decrypt can also be incredibly valuable. These resources can help you understand the challenges and opportunities of Web 3.0 and provide insights into the emerging use cases that are gaining traction.

As you learn more about Web 3.0, you’ll discover that it’s not just a technological revolution but a cultural and social movement as well. Web 3.0 is about putting control back into the hands of individuals, creating a more equitable and decentralized internet. By understanding the values and principles that underpin Web 3.0, you can build a business that aligns with these ideals and make a meaningful impact.

Here are a few essential tips for starting a successful Web 3.0 venture:

1. Choose a niche

Like any business, choosing a niche for your Web 3.0 business is essential. The decentralized web is still in its infancy, with numerous opportunities for innovation and disruption. You can focus on a specific industry, such as gaming, finance or social media, or a particular use case, such as identity verification or supply chain management.
When selecting a niche, it’s essential to consider several factors. For instance, you should examine the potential market size, the competitive landscape and the regulatory framework. You should also consider the technical requirements of your chosen niche and ensure that you have the necessary skills and resources to build a successful Web 3 solution.

2. Build a strong team

To thrive in Web 3.0, you’ll need a talented team with diverse skills. Building a Web 3.0 business requires technical expertise in blockchain development, smart contract programming and decentralized application (dApp) design. However, having team members with expertise in business development, marketing and user experience design is also critical. When assembling your team, it’s essential to seek out individuals passionate about Web 3.0 and share your vision for the future. It would be best if you also looked for team members open to learning and adapting to new technologies and comfortable working in a fast-paced, rapidly evolving environment.

Related: Entrepreneurs Should Embrace Web 3.0

3. Focus on user experience

Web 3.0 technologies are still in their early stages, and many users need to become familiar with them. To succeed in Web 3.0, focusing on user experience and making your product as user-friendly as possible is crucial. One way to improve the user experience is to create intuitive user interfaces that are easy to navigate. You can also use gamification and other engagement strategies to incentivize users to engage with your product. Additionally, providing clear and concise instructions and tutorials is vital to help users understand how to use your product.

4. Embrace decentralization

One of the defining features of Web 3.0 is decentralization, which allows for more secure and transparent interactions online. To succeed in Web 3.0, embracing decentralization and building your product with a decentralized architecture is essential.

5. Stay up-to-date with regulations

As with any emerging industry, regulations for Web 3.0 are still in their early stages. It’s crucial to stay up-to-date with the latest regulatory developments to ensure your Web 3.0 business complies with applicable laws and regulations. In some cases, regulatory requirements may differ significantly from traditional industries. For instance, the regulatory framework for cryptocurrencies and token sales is still evolving and can vary widely by jurisdiction. As such, it’s essential to consult with legal experts specializing in Web 3.0 and blockchain to ensure your business is on the right side of the law.

In conclusion, starting a successful Web 3.0 business requires a deep understanding of the underlying technologies, a strong team with diverse skills, a user-friendly product and an embrace of decentralization. By choosing a niche, staying up-to-date with regulations and focusing on user experience, you can set your Web 3.0 business up for success in this exciting new era of digital technology.

Related: Web 3.0, the Metaverse and the New Digital Economy — Are You Prepared?

Winfred K. Mandela

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March 10, 2023
How to Take an Organization From Web2 to Web3 in 2023 | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

After years of serving as a hotspot for early technology adopters and innovators, Web3 is finally receiving the attention it deserves. From Big Tech to traditional enterprises and even government institutions, the advancement of blockchain technology is undeniable.

While this innovation remains complex, blockchain has shown that it can serve as highly secure, transparent and reliable infrastructure for countless applications. For example, as the U.S. Air Force works on tokenizing components of its supply chain and budget, FIFA even released an exclusive NFT series during its 2022 World Cup.

However, as a growing number of traditional organizations line up to explore Web3, it’s clear the transition isn’t always easy. Efforts to track groceries using blockchain have progressed more slowly than expected, while others have given up due to the high costs associated with developing blockchain applications from scratch.

Despite these setbacks, it’s important to note that organizations can mitigate the risks of experimenting with Web3 by structuring plans around a few core considerations.

Related: Web 3.0 Is Coming, and Here’s What That Really Means for You

Selecting the right strategy

Blockchain has numerous applications that help optimize workflows and visibility across trustless systems. Companies can leverage blockchain to improve internal processes, such as budgeting, supply chain management, manufacturing and auditing — or they can utilize the technology to communicate with consumers and build a fanbase. These processes often require enterprise-grade solutions and thus are usually separated from public use of blockchain.

Getting started with blockchain isn’t always easy, requiring several critical decisions before development can begin. For example, companies must think about which specific use cases blockchain can offer to their organization, what data privacy and protection requirements they need to consider (which can help determine whether a public or private blockchain is necessary), what data needs to be stored on chain, as well as their current cloud and node infrastructure, among other decisions. These considerations must also include how to scale or adapt, accommodating an organization’s future needs.

Not all infrastructures are equal

Previously, most Web3 applications were built on Ethereum, the world’s first smart contract platform. But this dynamic has changed dramatically since 2017, with an abundance of options emerging that allow organizations to successfully connect to the new internet era.

With access to multiple options, choosing the right infrastructure is critical to ensuring compatibility with current systems and regulations, as well as future endeavors. Fortunately, unlike a few years ago, organizations can now select a protocol that perfectly fits their needs.

For example, decision-makers can choose between public, private and even hybrid blockchains. Public blockchains, such as Ethereum, commonly feature high transaction volumes, are used by a huge variety of projects and are popular amongst consumers. On the flip side, they’re often quite expensive to use and lack privacy. As a result, public blockchains are best suited to consumer-focused projects like NFT markets and gaming.

Private or permissioned blockchains, like Hyperledger Besu, perform as closed databases, allowing only select members to create and view transactions, smart contracts and nodes. These systems are best for internal applications or pilot projects.

Hybrid blockchains, on the other hand, provide the best of both worlds. Polygon, for instance, is a relatively inexpensive public blockchain platform that integrates with Ethereum at significantly reduced fees, while also providing access to private environments via Polygon Edge.

Another option is to choose a solution that simplifies building with blockchain by delivering exclusive tools, templates and sandboxes to build enterprise-grade blockchain applications. SIMBA Chain, for example, auto-generates APIs that support private, public or hybrid deployments. The powerful platform also supports a structured data feature that generates valuable business intelligence insights while allowing organizations to migrate between supported blockchain protocols with ease.

Perhaps most importantly, these platforms can significantly cut developing costs, shorten timelines and utilize proven infrastructure, ensuring a high level of reliability and security.

Related: Web3.0: The Next Big Thing?

The path to Web3 success

Web3 has the potential to significantly improve key processes in many organizations, but it’s also clear that not every enterprise has the technical resources and talent to make an ambitious project successful.

When Meta (then Facebook) announced its plan for a digital currency called Libra, the company went from having no blockchain connection to launching its own cryptocurrency. Although hundreds of organizations have launched their own cryptocurrencies over the years, it appears Facebook’s initiative failed to receive the time, resources and preparation it needed to thrive. As an unnamed government official told Financial Times, the company “spent years trying to reverse engineer their project to fix all of its faults. But they could never fix being linked to Facebook. It was their original sin.”

In comparison to such ill-fated projects, the U.S. government has been successfully expanding its blockchain applications across the Department of Defense (DoD). One of the U.S. Air Force’s (USAF’s) ventures into blockchain started with a Small Business Innovation Research (SBIR) contract in 2021, which tasked SIMBA Chain with developing a Web3 solution to manufacture, test and deploy 3-D printed replacement parts for aircraft and other weaponry on the battlefield. Following this successful implementation, the USAF has slowly expanded its blockchain projects in conjunction with other U.S. agencies, such as the U.S. Space Force.

One step at a time

Given the challenges associated with Web3 development, it’s critical that organizations and governments take the time to learn blockchain fundamentals and weigh the opportunities and costs of each initiative. This practice is particularly important for large enterprises that already have well-oiled operations and those that deal with considerable public interest.

Taking a step back to thoroughly consider specific solutions and their requirements, leveraging the right technology solutions to simplify the building process and relying on experts to help complete the job, are the three core pillars of virtually every successful blockchain project — and thus the key to rewarding investments and a solid reputation.

Related: The Ultimate Guide to Navigating Web3 for Non-Tech Founders

Bryan Ritchie

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February 23, 2023
How B-schools are introducing digital technology courses to keep students’ skills updated

B-schools are responding to the pandemic-led acceleration of digitisation of businesses. IIMB has introduced a new core course on digital businesses this year, while electives like gamification, Web 3.0 and Metaverse respond to some of the latest technology trends. IIMA has started courses on digital strategy and transformation and digital marketing. “The traditional way of marketing or strategy or managing HR are all changing. Real-time data about what employees are doing is useful to understand how giving a day off in the middle of the week may improve productivity,” says D’Souza.

Consulting major BCG India, one of the largest recruiters at the leading B-schools, recently launched ‘BCG X’—a vertical to bring together more than 2,500 digital and AI experts, tech designers and builders globally to service client needs, as the nature of businesses they consult for is also evolving. “We do a lot of work with large start-ups now, which are digital-first companies,” says Sankar Natarajan, Managing Director and Head of Recruiting at consulting firm BCG India, adding that the new vertical has a mix of people with specific functional and domain expertise, but also requires management and consulting skills.

Also Read: What are India’s top B-schools doing to prepare students for the digital age?

Meanwhile, agility, an umbrella term for skills required to overcome the VUCA (volatility, uncertainty, complexity and ambiguity) world’s challenges, is a key ingredient for managers leading the businesses of tomorrow, the country’s top B-schools and businesses agree. “Post-Covid, while companies continue to think and implement long-term strategic plans, there is a need to be more agile about certain decisions. For example, clients we work with have to revisit decisions due to external shocks such as supply chain uncertainty, geopolitical developments, changes in commodity prices, etc. So, companies and consultants have to be adaptive and all these elements come to bear a lot more,” says Natarajan. Adds Varun Nagaraj, Dean of S.P. Jain Institute of Management and Research (SPJIMR): “The pandemic exposed to the whole world that somebody falls sick somewhere and, suddenly, the prices of auto rickshaw parts go up. Therefore, an appreciation for people who can operate in that kind of a world has gone up.”

Institutes are going about preparing students for unfamiliar and shifting situations in different ways. D’Souza says IIMA has introduced courses on innovation, including one on ‘Innovation, Live!’, a hands-on, practical course aimed at developing a student’s ability to come up with out-of-the-box solutions, understand innovation methodologies and learn corporate decision-making processes. “In the last few years, we have been thinking a lot about divergent thinking, where there are different solutions to a problem. This has become central to quite a few courses operating on the campus,” he says. For SPJIMR, one way is to focus on solutions in core courses. “For example, in human resources, how do we introduce a diversity, equity, inclusion solution in Afghanistan or in a company that’s like that?” says Nagaraj. IIM Bangalore (IIMB) is emphasising on digital, data and ESG-related skills to help students catch early trends in external changes that contribute to VUCA. “If you see a change in demand, or you see a new trend towards a new technology, or you see some other consumer or social trend, the focus on data will help students understand these kinds of changes,” says Rishikesha T. Krishnan, Director of IIMB.

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November 6, 2022
Lumiii Joins Collision 2022 as a Featured Impact Startup

Lumiii opens the door to metaverse and digital world education for tweens and adults, making it easy to learn together.

Press Release
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Jun 21, 2022

TORONTO, June 21, 2022 (Newswire.com)
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Secret Pirates Entertainment Inc., creators of The Secret Order of Lumiiis franchise, announces that it will be joining a prominent lineup of companies at Collision 2022 as part of their Featured Impact Startups. Collision 2022 will be held at the Enercare Center in Toronto from June 20 to June 23.

Lumiii opens the world of Web3 and the metaverse to kids and adults and continues to disrupt the industry with its unique learn-to-earn ecosystem.

“We’re thrilled to be recognized as a startup doing more than chasing unicorn status,” said Ali Badshah, Co-Founder, CEO, and Creator of Lumiii Franchise. “We’re solving far-reaching problems with global impact using sustainable methods that prioritize social collaboration and sharing over competition and profit.”

Known as North America’s fastest-growing tech conference, Collision 2022 will feature over 400 expert topical speakers and over 1,250 startups. Featured Impact Startups will have the opportunity to connect with top investors, network with potential mentors, and learn from the top names in tech. Over 33,000 attendees are expected this year.

Lumiii’s mission is built alongside the UN’s 17 Sustainable Development Goals, which include No Poverty, Zero Hunger, and Reduced Inequalities — all created to address global challenges like climate change, poverty, and environmental degradation.

An innovative, fun way of introducing Web3 and blockchain technology to kids and families, Lumiii is poised to shine at Collision 2022 as a Featured Impact Startup, continuing to build its community through industry-leading partnerships and programs.

Lumiii’s blockchain-powered, decentralized edutainment ecosystem is the first of its kind with a full product suite of TV media, governance and play-to-earn tokens, non-fungible tokens (NFTs), toys & collectibles, metaverse and decentralized finance platforms, and digital education.

To learn more about Lumiii, please visit https://lumiiis.newswiremap.com.

About Secret Pirates Entertainment Inc.

Secret Pirates Entertainment Inc. is a Canadian global media and gaming company marketing consumer products across all age groups. Founded in 2021 by Ali Badshah and Mehdi Rahman, Secret Pirates’ mandate is to democratize the global arts and entertainment industry through altruism and decentralized technologies.

About Lumiii

Lumiii uses interactive storytelling and learn-to-earn gaming to build the next generation of skilled and conscientious people. Co-founded by ACTRA Award-nominated actor, showrunner, and comedian Ali Badshah and international business leader Mehdi Rahman, Lumiii by Secret Pirates Entertainment Inc. demystifies the blockchain and decentralized finance (DeFi) for kids and adults, while amplifying the United Nations’ Sustainable Development Goals (UN SDGs) through its entertainment, gaming, and easy-to-use digital offerings.

Media Contact

Madeleine Moench
madeleine@newswire.com

Source: Lumiii

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June 21, 2022
What Is Web3 All About? An Easy Explanation With Examples

First, there was web1 – aka the internet we all know and love. Then there was web2 – the user-generated web, heralded by the arrival of social media. Now, wherever we look, people are talking about web3 (or sometimes, web 3.0) – the supposed next big evolutionary leap forward of the internet. But what is it, exactly?

What is Web3 All About? An Easy Explanation With Examples

Adobe Stock

Well, opinions on this differ somewhat. Web3 is currently a work-in-progress and isn’t exactly defined yet. However, the main principle is that it will be decentralized – rather than controlled by governments and corporations, as is the case with today’s internet – and, to some extent, connected to the concept of the “metaverse.”

Before we start – just to avoid confusion – it’s worth mentioning that, until a few years ago, the term “web 3.0” was frequently used to describe what is now known as the “semantic web.” This was a concept put forward by the original “father of the internet,” Sir Tim Berners-Lee, for a machine-to-machine internet. Language is defined by its use, and the term is more frequently used to describe something else now. However, Berners-Lee’s concepts are considered to be a part of what we now call web3, although not the entirety of it.

What is the decentralized web?

Let’s look at decentralization first. Today, all of the infrastructure that the popular sites and hangouts we spend time on online are usually owned by corporations and, to some extent, controlled by regulations set out by governments. This is because this was the simplest way to build network infrastructure – someone pays to install servers and set up software on them that people want to access online, and then either charges us to use it or lets us use it for free, as long as we abide by their rules.

Today, we have other options, and in particular, we have blockchain technology. Blockchain is a relatively new method of storing data online, which is built around the two core concepts of encryption and distributed computing.

Encryption means that the data stored on a blockchain can only be accessed by people who have permission to do so – even if the data happens to be stored on a computer belonging to someone else, like a government or a corporation.

And distributed computing means that the file is shared across many computers or servers. If one particular copy of it does not match all of the other copies, then the data in that file isn’t valid. This adds another layer of protection, meaning no one person other than whoever is in control of the data can access or change it without the permission of either the person who owns it or the entire distributed network.

Put together, these concepts mean data can be stored in a way so that it is only ever under the control of the person who owns it, even if it happens to be stored on a server owned by a corporation or subject to the control of a local government. The owner or government can never access or change the data without the keys to the encryption that proves they own it. And even if they shut down or remove their server, the data is still accessible on one of the hundreds of other computers that it’s stored on. Pretty clever, right?

Other important concepts that are often used in relation to the technical infrastructure of web3 are that it is open, meaning largely built on open-source software, trustless and permissionless.

Trustless means that interactions and transactions can take place between two parties without the need for a trusted third party. This was not necessarily the case on web2 or below because you would have to be certain that whoever owned the medium you were using to interact or transact was not manipulating your communications.

A good example of a web3 trustless transaction would be sending Bitcoin directly to another person – not via an online exchange or wallet stored on a centralized server. The entire process of making the transaction is controlled by the blockchain algorithm and encryption, and there is close to zero chance that anyone can step in and disrupt it.

Similarly, “permissionless” means that neither party in a transaction or interaction have to seek permission from a third party (such as a service provider or government) before it can take place.

By the way, if you think all this talk about avoiding government interference sounds a little bit anarchistic or libertarian, then you’re not alone! There are still big questions to be answered about the implications that this lack of oversight or control has for safety and legality. We’ve already seen governments attempt to create legislation that will allow them to retain some level of control over communications and interactions on the web3. This includes the UK Government’s indications that it would like to regulate citizens’ ability to send end-to-end encrypted messages.

Web3 concepts – the DAO

The Decentralised Autonomous Organisation (DAO) is a web3 concept describing a group, company or collective that are bound by rules and regulations coded into a blockchain. For example, in a DAO-based shop, the price of all of the items, as well as details on who would get pay-outs from the business, would be held on a blockchain. Shareholders in the DAO would be able to vote to change prices or who gets the money.

However, no individual could change the rules without having permission to do so. And no one who owned the physical infrastructure, such as the server owners, or the owners of the facilities where the profits were stored, could interfere in any way, like running off with the takings!

Crucially, DAOs – in theory – eliminate the need entirely for many of the “men-in-the-middle” needed to run an organization – such as bankers, lawyers, accountants, and landlords.

Artificial intelligence (AI) and web 3.0

Most people believe that AI will play a big part in web3. This is due to the heavy involvement of machine-to-machine communication and decision-making that will be needed to run many web3 applications.

How does the metaverse fit with web3?

The last important concept of web3 that we have to cover is the metaverse. In relation to web3, the term “metaverse” covers the next iteration of the internet’s front-end – the user interface through which we interact with the online world, communicate with other users, and manipulate data.

Just in case you’ve missed all the hype – the idea of the metaverse is that it will be a much more immersive, social and persistent version of the internet which we all know and love. It will use technologies like virtual reality (VR) and augmented reality (AR) to draw us in, enabling us to interact with the digital domain in more natural and immersive ways – for example, by using virtual hands to pick up and manipulate objects, and our voices to give instructions to machines, or talk to other people. In many ways, the metaverse can be thought of as the interface through which humans will engage with web3 tools and applications.

It’s possible to create web3 applications without the metaverse being involved – Bitcoin is one example – but it’s thought that metaverse technology and experiences will play a big part in the way many of these applications will interact with our lives.

This all sounds great, and everyone must love it, right?

Well, actually, no. It should be mentioned that there has been a fair amount of high-profile criticism of web3. Elon Musk has made several comments, including stating that it “seems more like a marketing buzzword than a reality right now” and tweeting, “Has anyone seen web3? I can’t find it.”

Former Twitter CEO, Jack Dorsey, on the other hand, has questioned whether it will be as free and open as many hope. He said, “You don’t own web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”

Others don’t like many of the current proposals for web3 due to the fact that they are built on blockchain, which can sometimes be very energy-intensive, contributing to carbon emissions and climate change. The Bitcoin blockchain, for example, is estimated to consume around the same amount of energy as Finland. Other blockchains – such as those that are built on proof-of-stake algorithms rather than proof-of-work, are not as energy-intensive.

Some examples of web 3.0 applications

Let’s look at some examples of web3 in practice:

Bitcoin – The original cryptocurrency has been around for more than ten years, and the protocol itself is decentralized, although not all of its ecosystem is.

Diaspora – Non-profit, decentralized social network

Steemit – Blockchain-based blogging and social platform

Augur – Decentralised exchange trading market

OpenSea – A marketplace for buying and selling NFTs, itself built on the Ethereum blockchain

Sapien – Another decentralized social network, built on the Ethereum blockchain

Uniswap – Decentralised cryptocurrency exchange

Everledger – Blockchain-based supply chain, provenance, and authenticity platform

To learn more about the business and technology trends that are transforming today’s companies, sign up to my newsletter, and check out my books ‘Business Trends in Practice: The 25+ Trends That are Redefining Organizations’ and ‘Extended Reality in Practice: 100+ Amazing Ways Virtual, Augmented and Mixed Reality Are Changing Business and Society’.

Bernard Marr, Contributor

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January 23, 2022