How to Start a Web 3.0 Enterprise

2022-03-25, 03:00

We see it all the time - mentions of Web 3.0 and metaverse technology. Whether it be via tweets or in mainstream media, Web 3.0 has become a critical movement within a new era of technological innovation.

Following on from the world wide web (or Web 1.0 or Web 2.0), Web 3.0 is seeking to revolutionise the way in which we interact with both blockchain technology and the wider internet. However, as this movement begins to develop, more interest is beginning to grow surrounding the entrepreneurial opportunities within this space.

What is Web 3.0?

Web 3.0 (often shortened to Web3) is an expansion of the world wide web, encompassing blockchain technology. Building upon the previous framework, with blockchain integrated at its core, Web 3.0 is seeking to revolutionise the way in which regular people interact with the internet.

Seeking to combat the domination of ‘Big Tech’ companies, Web 3.0 was first coined by Ethereum co-founder, Gavin Wood, as a means of depicting the prospective future of the internet. With decentralisation and cryptocurrency tokens inherent to its ecosystem, Web 3.0 is diminishing barriers between the power blockchain wields and the general population.

First truly gaining traction in 2021, as cryptocurrency investors warmed to this concept, Web 3.0 has since become synonymous with technology such as the metaverse, cryptocurrency, and DeFi (decentralised finance).

How Can I Start a Web 3.0 Enterprise?

As with any growing movement, many people likely want to get involved. Luckily, due to the nature of Web 3.0 technology, embarking on an entrepreneurial venture could prove to be a profitable venture. Whilst profit is not the be-all-or-end-all of any such venture, establishing an enterprise founded on Web 3.0 can enable individuals to become a part of one of the most significant technological movements of the 21st century.

Conceptualisation

As with any business venture, the primary basis must be a creative, innovative concept. Similar to those embarking on the creation of cryptocurrencies or DeFi platforms, a technologically aware and unique selling point is integral to the formulation of a Web 3.0 business. Yet, when it comes to Web 3.0, it is essential to be well versed within the blockchain sector and the way in which this technology is breaking barriers. Whether it be the essential concepts of decentralised finance, or how blockchain is providing a basis for the metaverse or Web 3.0 - it is essential to understand how this technology operates.

How Blockchain Plays a Role

Following this, it is integral to understand the ways in which blockchain can interact with this business model. Say for example you wanted to create an NFT selling platform, whereby users can purchase digital items in the form of NFTs. In order for this to be plausible, it is integral to understand the ways in which the facilitation of this activity is possible. If this platform is to be founded on the Solana network, you will need to understand how Solana will fund these transactions, how users can store their NFTs, and the process by which they can be purchased or sold via this network.

However, based on the intended functionality of your enterprise, you will need to select a blockchain that coincides with these aims. Whether this be Ethereum, Solana, Polygon, or the throngs of other available networks, it is crucial to recognise how these networks will interact with your enterprise. Ultimately, making a decision on your intended network will depend on how the network can support the attainment of your business targets and mission.

Reviewing Development Stages

When creating a business, its stages of development play a vital role in how the business progresses and how it is implemented upon blockchain. Whilst there will inevitably be a series of different developmental stages, stages such as design, installation, set-up, smart contracts, and so forth, will all be pivotal to how your Web 3.0 enterprise operates.

Locating Skilled Talent

Whilst it is not impossible to embark solely alone on your Web 3.0 endeavours, it can be beneficial to seek talented professionals within this sector. Whether it be blockchain developers, marketing professionals, or product professionals, it can be essential to find people who can support you in realising your Web 3.0 vision.

Why Should I Start One?

If you are a technology fanatic, blockchain enthusiast, or entrepreneurial minded, embarking on a Web 3.0 enterprise endeavour could prove immensely beneficial. Pioneering in one of the most eagerly anticipated and technologically advanced movements can unlock the potential for you to make significant changes within this industry and reap the benefits.

Web 3.0 is a technological movement that is generating interest across several industries across the globe, with several business leaders pledging to integrate their products and vision into this new format. However, enterprises that do not require adapting, as they are already built to withstand the growing technological demands, are setting themselves apart as the trailblazers of this upcoming technological movement.

Starting any business can be an exciting venture, yet emerging into one of the most significant emerging industries can be an immensely exciting and innovative experience. If Web 3.0, blockchain, and technology are passions of yours, then starting a Web 3.0 enterprise could change your life - as well as the roster of enterprises within the Web 3.0 movement.

Author：Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
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