Web3 And New Business Models
For the moment, web3 is piggybacking off the business models of web2. This is a decent process for the time being until we get innovation and experimentation going.
In this video I discuss transaction fees, subscriptions, and advertising as models from web2 that are being adopted in web3. This is just the tip of the iceberg and we have much greater potential with all that we can do. When we consider different models relating to tokenization, NFTs, and other ideas, we can start to see where the models can be greatly expanded.
▶️ 3Speak
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Most of the NFTs are/were overpriced, and we saw a good and famous example for this in the recent past. Imagine buying a Bored Ape NFT for $1.3 million USD in 2022, only to see that it is worth only $60 000 USD in 2023. This is what Justin Beaber did. We saw/see something similar with the Splinterlands cards. Some people are still trying to sell certain cards for a ridiculously high price.
Summary:
In this video, the speaker delves into the concept of new business models within Web3. He discusses the existing business models within Web3, such as the use of reward pools, transaction fees, advertising, and subscriptions. The speaker highlights the importance of incorporating successful Web2 business models into Web3 platforms to generate revenues initially but emphasizes the need for innovation and creativity to develop distinct and effective business models in the long term. He talks about the significance of tokenization, decentralized computing, NFTs, AI, and algorithms in shaping potential business models in Web3. The speaker concludes by expressing his belief that successful Web3 platforms will feature diverse, unique business models that differ significantly from those in Web2.
Detailed Article:
The speaker initiates the discussion by addressing the current limited scope of business models in Web3. He highlights existing models like reward pools on platforms like Hive, where users receive value from upvotes after a voting period. Additionally, he mentions transaction fees in the financial realm, especially in DeFi and wallets. The introduction of advertising as a business model in Web3, borrowed from Web2 giants like Google and Facebook, is also acknowledged.
Moving forward, the speaker explores subscription-based models, mentioning companies like Amazon Prime, Netflix, and Spotify. He emphasizes the integration of successful Web2 business models into Web3 as a foundation for revenue generation. The speaker argues that leveraging advertising and subscriptions in Web3 platforms does not equate to transforming them into Web2; rather, it adds legitimacy to the platform.
The discussion then delves into the differences in business models between Web2 and Web3. While Web2 models focus on benefiting company stakeholders through profits, true Web3 models emphasize altering ownership mechanisms through tokenization. Token ownership on networks like Hive is likened to owning virtual real estate without traditional revenue or dividends, fostering a unique value proposition within Web3 platforms.
Furthermore, the speaker emphasizes the need for innovation and creativity in developing novel business models for Web3. He envisions a future where Web3 applications offer diversified and distinctive models, leveraging tokenization, decentralized computing, NFTs, AI, and other technologies. The speaker predicts that these innovative business models will attract a wider audience and distribute value to millions, setting Web3 apart from its predecessor, Web2.
In conclusion, the speaker underscores the importance of initially incorporating successful Web2 business models to kickstart revenue streams in Web3 platforms. He acknowledges the potential drawbacks of traditional models like advertising and subscriptions but expresses optimism about their sustainability within the Web3 landscape. The speaker encourages stakeholders in Web3 to embrace creativity and forward-thinking to shape the future of business models in the decentralized web.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.