Web3 is the future. And companies that want to be a part of the future must embrace it. The Internet is entering its next phase, and the system that connects the whole world is continuously evolving. Concepts like cryptocurrency, blockchain technology, NFTs, and DeFi have created a massive buzz among business and internet enthusiasts alike. They signify a rapid change in the world, especially in the way that we interact and engage with technology.
Many are boarding the bandwagon they are expecting to arrive in the future. Others dismiss the notion altogether, dismissing it as wishful thinking, a marketing ploy or sheer idealism. However, it’s easy to overlook something, but it’s difficult to live with the regret each passing year that comes with inaction. Hindsight serves as a reminder of the opportunities you wouldn’t have missed had you made a different decision all those years ago.
Learn from history
Georg Hegel famously said, “The only thing that we learn from history is that we learn nothing from history.” Remember when Yahoo was the go-to site for search? Or when Nokia dominated the phone market with no clear competition in sight?
Imagine the possibilities had Yahoo bought Google when it had the chance or if it had bought Facebook when it had the opportunity. The fact remains that it didn’t, and its decisions have become case studies for how missed opportunities can continue to haunt you for life.
Imagine Nokia had not dismissed the idea of a phone with a touchscreen as a gimmick before Apple launched the first iPhone. Or if they had accepted Android a lot earlier than when they finally did. Whatever the reasons might have been, Nokia’s reluctance to evaluate those opportunities at the right time eventually led to its CEO concluding in an emotional speech that they had somehow lost despite doing everything right.
Prepare for the inevitable
Web3 is bound to be the next significant transition in Internet history. It will perhaps be the most dramatic change we’ll adapt to since the advent of the internet itself. Sure, it’s easy to dismiss it as gimmicky. It’s easy to believe people wouldn’t welcome web3 because they can’t yet understand it and the possibilities it offers. But it would be nothing short of naivete to think that the internet won’t continue to evolve.
Cryptocurrencies and decentralized financing have already threatened the traditional banking system. The proponents claimed to offer a preferable solution to the monetary problems of a world where large portions of wealth belong to a small percentage of the human population. Web3 will solidify the grounds for such a revolution by offering to empower the people who use and build the internet rather than a few tech giants like Google, Facebook, and Twitter, to name a few.
The recent drop in Facebook’s estimated value and Meta’s losses serve as reminders that there is a limit to how far you can go on a particular path. It will help if you are prepared to embark on the next path towards the future of technology. And Zuckerberg, along with other notable companies such as Microsoft, intends to prepare for a world eager for change. They have come to the realization that the possibilities offered by web3 are mind-boggling and have the potential to influence every aspect of our lives.
Embrace the future
It is time for the anticipated revolution in the digital world that has been hyped for years now. Many notable companies are preparing for the future, hoping to get a headstart. Consider significant investments from venture capitalists and internet moguls who want to be as involved as possible in the development of web3. While 2021 was the year of hype with new digital concepts that the world is yet to become familiar with, 2022 is already proving to be the year big investors have started to take the ongoing shift towards web3 seriously.
As people become more educated, they’ll become less skeptical as they understand the potential of how decentralized financing, redefined data ownership, and limitless opportunity in the new era of the internet can lead us to the future. Educate yourself now so that you can position your company to act. In no time, people will inevitably have embraced the future as they did with the introduction of smartphones and how applications worked on them.
Going all-in on web3 is the best bet for companies today. Tomorrow it would become nearly impossible to compete with companies who know when to make the right decisions for their future based on the innovations happening on the world’s stage.