From Fortune Magazine:

In 2023, the “grand metaverse dream” of a virtual, augmented-reality online existence championed by tech giants like Meta CEO Mark Zuckerberg lost its appeal among most consumers, leading to a shift toward generative AI. Web3 is defined by blockchain, smart contracts, and tokenization, with the rise of stablecoins enabling faster and cheaper transactions, and an estimated $5 trillion of central bank-issued digital currencies circulating by 2030. Companies like Nike and Puma are leveraging Web3 technologies for customer engagement, and blockchain is being used to track materials from gold to carbon.

Web3 has shifted from a revolutionary ideology to being embraced by savvy incumbents and integrated into the fabric of existing institutions, such as JPMorgan Chase, Nike, and BlackRock. To realize its potential, companies must see Web3 as an accelerator, moving away from general-purpose use cases and focusing on specific scenarios where it adds value. Companies must also shift their focus from dominance to networked partnerships in order to fully benefit from Web3 technology.

Embedding Web3 technologies into Web2 infrastructure to enhance existing propositions, using Web3 in specific, value-proven use cases rather than for general purposes, and shifting focus from dominance to partnership are essential for business leaders to extract value from Web3.

The convergence of Web3 with generative AI is being explored to create greater trust and verifiability of AI-generated content, and some companies are successfully integrating Web3 components to match their interests, such as Salesforce offering smart contract templates and Web3 data models. However, for more widespread adoption, use cases and technologies must be embedded within regulatory guardrails.



Read more: How companies can benefit from the Web3 revolution in 2024