Thursday, October 27, 2022

How Ecommerce Brands Can Prepare For The Web3

How Ecommerce Brands Can Prepare For The Web3

Decentralized web ideas may inspire novel approaches to online trade. 

Web3, also known as Web 3.0, is a widely used term. In the first few days of December 2021, Google queries for the term reached a peak that was roughly 20 times higher than a year earlier. Ecommerce business owners and managers may find it useful to understand the emerging web3 concept in light of this growing interest.

Web3 encompasses more than just the evolution of online shopping and social media. Some believe it will affect our way of life and restructure fundamental parts of society.

For instance, NFTs can be puzzling to the average person. If a JPEG of a bomb costs $3,000, why would a picture of a bored ape go for $350,000 or more? The answer is straightforward: NFTs are much more than mere snapshots or isolated examples of digital art. They have an immutable digital footprint on a blockchain and can be used for various purposes, but their underlying technology is non-fungible. 

Many buyers of NFTs do so because they appreciate the uniqueness of the investment, much like the rarity of the Mona Lisa. This work of art doesn't have the same provenance concerns as a masterpiece by a classical artist. The blockchain can verify who the rightful owner of an NFT is and that it is a one-of-a-kind asset.

What is Web 3?

Proponents of Web 3.0 argue that it is a software framework that will reimagine web applications in a way that will spread power more evenly, verify users' identities and intentions, and create a better, more long-lasting set of resources for everyone to use. The "read-write-execute" web that Web3 was supposed to be is not what it used to be. Instead, it is the "read-write truth" network.

Web 3.0 and the Development of E-Commerce 

Web 3.0 and the Metaverse: With the advent, hype, and widespread promotion of the Metaverse, the attention of many has shifted to Web 3.0. While the two ideas are related, they cannot be used interchangeably just yet.

Commerce in Web 3.0:  Web 3.0, especially if it employs blockchain technology, will play a crucial role in making the Metaverse a reality. Through Web3, we can bring the simulated environment online and make it available from any computer with a web browser.

Individual Data Control and Sharing: Users in this brave new digital world may have full legal title to their data and digital possessions, be free to take their information with them if they decide to switch service providers and decide for themselves who they want to

Why Web3?

While the Web2 era ushered in new avenues for financial gain and expansion based on originality, the Web3 era addresses problems that surfaced during the Web2 era, such as the misuse of data, digital property rights, and authentication. 

With Web3, users can take control of their data and ensure that it is used transparently to know who has access to their information and for what purposes. Web 2.0 sites like Facebook brought to light the opportunity to monetize user data in novel ways. 

While the Web2 data space provided new opportunities for businesses of all sizes to hyper-target specific demographics of consumers, it also made widespread data abuse possible.

We are entering an era where users will have greater control over their data in the Web3. This will lead to a wide variety of novel applications and user experiences. Since users will now have more control over their data, they will be able to make money off of their internet activity due to the shift in data ownership. Users take control of the Web3 landscape by deciding who has access to buy their data.

Blockchain's transparency ensures that users can see who is purchasing their data and for what purpose, giving them control over when their data is used. The Internet has never been so accessible to the general public as in this new era of data ownership.

Web3 goes beyond data ownership by providing alternative digital possession and authentication methods, empowering individuals and businesses to address the Internet's historical shortcomings.

How Web 3.0 Can Help Your Company 

Internet users can expect a major change with the arrival of Web 3.0, which will place a greater emphasis on protecting their privacy. Web 3.0 is powered by blockchain technology instead of Web 2.0's Internet as a platform for app development.

Storing customer data on blockchain makes it less vulnerable to hacking because it is decentralized, and the use of that data by businesses is transparent. Because many tech behemoths would lose access to the information that has given them an edge over their competitors, returning data ownership to customers could destabilize the tech industry.

Incorporating blockchain technology into your website's login process will improve security and user satisfaction. Think about all the times you logged in with your Facebook profile. Even though Facebook already has access to your user data, blockchain technology operates on the same principle.

With blockchain, however, you are the only one with access to your information. From a business perspective, this means that users can still easily log in, and you can stop worrying about protecting their data by yourself. 

Given the notoriously stringent security measures necessary for blockchain technology, Web 3.0 may prove useful in protecting against intrusion. IBM claims that due to blockchain's end-to-end document encryption, it is highly unlikely that the network will ever be hacked.

Anonymizing data and requiring authentication are two more ways to keep hackers off your site. Companies like Apple, Google, and Facebook are already implementing blockchain technology for security purposes.

New technologies like AI, ML, and VR will combine to create a 3D experience that blurs the boundaries between digital content and actual physical goods, which is good news for businesses and consumers.


The e-commerce sector will undergo significant transformations as a result of Web 3.0. Because of blockchain and web3 eCommerce website development, customers will have an easier time when shopping online. Sellers on the world wide web can also anticipate more openness from their suppliers and the professionals with whom they work. 

This means that platforms will no longer have to share their media ownership with their users; they will own both sets of content and everything else. Sellers, buyers, and suppliers can all reap many benefits from using blockchain technology. 

Before adding new technologies to existing channels or techniques, e-commerce companies should educate their team on the latest technologies and how to use them.