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Council Post: Smart Contracts And Beyond: The Possibilities Of Web3 Entrepreneurship

Founder and CEO of FortySeven Software Professionals, with over a decade of experience advising F500 companies and growth-stage startups.

In the rapidly evolving landscape of technology and innovation, entrepreneurs are constantly seeking new avenues to drive disruption and create transformative solutions. The emergence of Web3 and decentralized applications (dApps) has now opened up a world of unparalleled possibilities for these forward-thinking individuals.

I must admit that for the last few years, I’ve been communicating specifically with people who trust and believe in new Web3 and dApps. With the fusion of blockchain and smart contracts, the entrepreneurial landscape is being reshaped in ways previously unimaginable, especially in terms of new ideas that I listen to every day from our existing clients and potential ones.

Web3 And dApps: A Glimpse Of The Future

Web3 represents the next evolutionary stage of the internet, a decentralized, user-centric and trustless ecosystem that empowers individuals to take control of their digital presence. At the heart of this movement lies the concept of dApps. Unlike traditional apps that rely on central servers, dApps operate on distributed blockchain networks, ensuring transparency, security and immutability.

Smart Contracts: Automating Trust And Unlocking Value

At the core of dApps lie smart contracts, self-executing agreements that automatically trigger actions when predefined conditions are met. These contracts are incorruptible, immutable and tamper-proof, enabling entrepreneurs to create secure, automated and trustless transactions.

You can see smart contracts in every crypto project, and you can also check if each project has a smart contract audit and what it says. You cannot change, for example, token distribution if you have all the information written in a smart contract. That’s why it’s so important to keep an eye on whether the project has a smart contract and what the audit of it shows. The potential applications of smart contracts span supply chain management, real estate transactions, intellectual property rights and more, revolutionizing the way entrepreneurs conduct business.

Financial Inclusion And DeFi

Web3 brings with it the promise of financial inclusion, transforming the way entrepreneurs access and manage capital. Decentralized finance, or DeFi, has emerged as a groundbreaking subset of dApp development, allowing entrepreneurs to create financial products and services without intermediaries. With DeFi protocols, entrepreneurs can secure loans, trade assets and earn interest on their holdings, all while retaining control of their funds.

As time passes, we must ask ourselves whether we trust traditional banks or traditional ways of receiving information. As more changes are adopted by the modern community, the more this community demands. This decentralized approach to finance empowers underserved populations, stimulates economic growth and democratizes access to financial resources on a global scale.

NFTs: Redefining Ownership And Monetization

NFTs have taken the art, entertainment and collectibles industries by storm, providing entrepreneurs with novel ways to monetize their creations. NFTs represent unique digital assets that are indivisible and irreplaceable, allowing entrepreneurs to tokenize everything from digital art and music to virtual real estate and in-game items.

Based on my experience with projects in this realm, I must admit that NFTs provide a unique liquidity to the existing idea of ownership. In real life, some of us are collectors of antiques, for example, and in our virtual lives, people collect NFTs and digital assets. I personally think that, each day, we will begin to focus more on our virtual life than our real one, and for some of us, our virtual life and the assets we own there become even more important. I can see that it provides the power to revolutionize content creation, enabling entrepreneurs to directly monetize their work, connect with audiences and maintain ownership rights in a borderless digital economy.

Gaming And Virtual Economies

The gaming industry is another frontier ripe for disruption through dApps and Web3. And it’s one of my favorites, as I remember myself starting IT consulting with the development of a game in 2006. I can definitely see how the gaming industry has changed. According to Statista, in 2022, the revenue from the worldwide gaming market was estimated at almost $347 billion.

They say that gaming is becoming the new fintech. We all remember how the fintech domain appeared and developed over the past years. Nowadays, gaming is promising the same or even better growth.

By integrating blockchain and decentralized networks, entrepreneurs can create virtual economies where in-game assets can be bought, sold and traded with real-world value. This opens up new revenue streams for game developers. dApps can also introduce play-to-earn models, allowing players to earn cryptocurrency by participating in the gaming ecosystem, revolutionizing the way gaming and entrepreneurship intersect.

As we stand on the precipice of a Web3 revolution, in my opinion, entrepreneurs must adapt and embrace the transformative power of dApp development and Web3. The Web3 landscape is still in its infancy, and its potential to disrupt industries, reshape economic models and empower individuals cannot be overstated. The fusion of dApps, smart contracts and blockchain technology has unlocked a plethora of entrepreneurial possibilities that transcend traditional boundaries and change our perception of traditional ways of living.

From my point of view, when venturing into the world of Web3, it’s crucial to start by understanding the core principles of decentralization. It’s essential to evaluate different projects based on factors like team credibility, community support, code audits and security practices.

For me, Web3 is not merely a trend to watch; it is more a canvas upon which to paint the future. I can see plenty of possibilities for how traditional products and services can be improved and changed. Our human ability to dream and create new things can benefit a lot from the technologies we use today. It’s just a matter of knowing how to use and implement them.

Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?

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