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By Ravi Chamria
According to the latest ‘The State of Crypto: Corporate Adoption’ report by Coinbase, approximately 52% of Fortune 100 companies are currently engaged in Web3 initiatives. Two-thirds of the surveyed Fortune 500 executives believe that investing in these technologies is crucial for maintaining a competitive edge.
From the tokenisation of real-world and financial assets to identity management, payment & settlement solutions, supply-chain management, digital record management, and also the realm of NFTs/collectibles and Metaverses, Web3.0 and its related technologies are poised to revolutionize various facets of business operations.
Selecting the right strategy: A customer-focused migration to Web3.0
In transitioning to Web3.0, it’s paramount to prioritize the needs and preferences of your target users, ensuring a smoother and more effective migration. The advantage of a web2 company moving into Web3.0 is that you don’t need a shot in the dark. You have a customer base, a product market fit, and a lot of data. You understand the UI/UX game. Hence, the only thing is upgrading the backend for a more efficient, transparent, and robust system.
Understanding your current audience engagement is crucial in identifying areas that would benefit most from Web3.0 integration. Then, delve into the vast array of opportunities that Web3, blockchain, or NFTs present for your brand. Identify the solution that best suits you, whether it’s creating tokenized assets, NFT collectibles, digital twins, utility tokens, or utilizing a distributed, trustless ledger for simplified stakeholder participation.
Lastly, calculate the resources and budget necessary for the transition. This could involve expanding your team, partnering with Web3.0 infrastructure platforms, or allocating funds for marketing your brand’s foray into the Web3.0 space
Identifying the right Web3.0 infrastructure: Not all infrastructures are equal
Public blockchains, such as Ethereum or Polygon PoS, commonly feature high transaction volumes and better decentralization. But, due to their distributed consensus mechanisms, these platforms might be a bit costly. This could be your way to go if you’re looking to launch consumer-centric applications such as NFT marketplaces, gaming dApps, or similar kinds of applications.
Application-specific blockchains, on the other hand, provide the best of both worlds. They provide you with the customization and privacy choices of Permissive blockchains, as well as the security and decentralization of public blockchains. Polygon Supernet, or Avalanche Subnets, for instance, lets you create a single-use blockchain for your dApp with your own token, gas fee, own set of validators, or even your own KYC requirements. This could be the golden ticket if you’re running a large-scale dApp with a significant daily user base, where mainchain congestion could throw a wrench in the works.
Get the implementation done right: Learn how to ease the processes
With Web3.0, you will still be deploying on clouds like AWS or GCP, orchestrating with Kubernetes or Docker, and integrating a whole suite of tools for provisioning, automation, configuration, monitoring, logging, and alerts.
Your current tech team can lead this task. But, if you’re seeking a smoother transition and faster time to market, you could consider blockchain-Infrastructure-as-a-service (BIaas) platforms These platforms provide pluggable tools, customized APIs, and no-code deployment solutions for building robust, enterprise-grade blockchain applications, thereby reducing development costs and timelines and ensuring a high level of reliability and security.
However, let’s not forget: technology is only a piece of the puzzle. Whether your brand is B2B, B2C, or D2C, a robust marketing strategy is paramount. While the tools may differ slightly, and audience expectations might vary, the core of marketing psychology remains the same: ‘understanding and connecting with your audience.’
Keeping Web3.0 ethos
Transiting to Web3 isn’t just about integrating new technology – it’s about imbibing the ethos of a decentralized, user-centric digital world. The vast potential of the $81.5 billion projected Web3 market by 2030 is ripe for the taking, yet realizing this requires a considerate, user-inclusive approach. As you navigate through the technicalities, remember the heart of Web3 – collective ownership. Engage your audience actively, let them shape your Web3 journey, and watch your digital community thrive.
The author is founder, CEO, Zeeve
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