How companies can benefit from a Web3 strategy: Insights from financial experts.

How companies can benefit from a Web3 strategy: Insights from financial experts.

According to a report by amp2.handelsblatt.com,

Web2 has empowered users to publish their own content. Web3, on the other hand, turns users into owners through blockchain technology. This creates digital originals that can be exchanged without traditional intermediaries such as banks or internet giants. In addition, Web3 enables the use of tokens and NFTs, which will act as currency in the metaverse. Decentralized Autonomous Organizations (DAOs) and smart contracts are further features of Web3.

The impact of Web3 on the market is drastic as it reduces transaction costs at all levels and completely revolutionizes the way companies operate. In the future, companies that do not pursue a Web3 strategy may find themselves lagging behind the competition and unable to attract young talent. Web3 is expected to become an important part of the economy and companies need to prepare now.

For example, the pharmaceutical industry could be exempt from Eroom’s Law, and companies could benefit from more efficient collaboration through DAOs. Insurance could be fundamentally changed by smart contracts and the automation of claims.

Overall, Web3 offers enormous potential to redesign companies' business models and enable the trading of intangible goods. In addition, it could help save CO2 by making emissions certificates more transparent.

It is therefore essential that companies in Europe develop a Web3 strategy early on in order to remain globally competitive in this new technology cycle. This includes using blockchain technology to automate internal processes, offering tokens and NFTs, and creating a presence in the Metaverse. Companies that do not take this step in a timely manner risk being left behind and losing young talent who are looking for future-oriented employers.

The author, Isabell Welpe, emphasizes the importance of a Web3 strategy for companies and emphasizes that only those who put themselves at the forefront of this new technology cycle will be successful in the long term.