As web3 continues to evolve at a rapid pace, businesses need to adapt and identify the areas in which they should focus their attention. While there are countless opportunities within the web3 landscape, there are three key areas that businesses should consider doubling down on: stablecoins, NFTs, and appchains.
Stablecoins have gained significant traction within the financial services industry. These digital assets, built on blockchain technology, offer a secure and efficient distribution mechanism for existing financial products. By leveraging public blockchain networks, stablecoins enable global access and 24/7 trading through both centralized and decentralized cryptocurrency exchanges. This accessibility and flexibility open up new possibilities for financial services firms, allowing them to expand their reach and offer their products to a global audience. Embracing blockchain rails for traditional financial assets can be a fruitful endeavor for organizations in the coming years.
NFTs, or non-fungible tokens, have experienced a wild ride in recent years. While the NFT market went through a period of mania in 2021, it has since become more stable. The value of NFTs lies not only in speculating on their prices but also in their ability to provide digital art, collectibles, and in-game assets with unique characteristics and scarcity. Major brands like Adidas, Nike, Coca-Cola, and Starbucks have already leveraged NFTs to engage with their customers directly. As the demand for digital assets continues to rise, businesses should explore the possibilities that NFTs offer in terms of customer engagement and new revenue streams.
Appchains, also known as layer two or three networks, are becoming increasingly popular in the blockchain space. These networks are secured by public blockchain networks but offer lower costs and higher transaction throughput compared to the base layer networks like Ethereum. Appchains simplify the process of launching a blockchain network by piggybacking off an existing network’s security and infrastructure. They provide a platform for innovation, enabling companies and projects to create assets or decentralized applications to solve specific business problems. With their lower costs and greater scalability, appchains present an attractive option for businesses looking to dive deeper into web3.
While these three areas are not the endgame for web3, they represent highly impactful uses of the technology that will likely become more widespread in the coming years. Stablecoins, NFTs, and appchains present unique opportunities for businesses to embrace web3 and leverage its benefits. Whether it’s financial services firms utilizing blockchain rails for traditional assets, brands engaging customers through NFTs, or companies exploring the innovation potential of appchains, the frontier of web3 offers exciting possibilities for businesses willing to invest in these areas.
