How can entrepreneurs make money with Web 3.0?

[Sayd OG]

You guys probably also heard the title Web 3.0 here and there. Anybody knowledgable about this topic, what are ways to make money with Web 3.0 or in what direction is it going in general?

 

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[Consolation]

I think the question should be rephrased such as:

"How Web 3.0 benefits local businesses?"
"How can I use Web 3.0 to help someone?"
"What are the weaknesses of Web 3.0 that should be fixed?"

Fundamentals and basics of any domain or field can be found on Google and Wikipedia. Just type "web 3.0". After few days of reading while having the rephrased questions I mentioned above should give you the ways to make money.

Just remember the metaphor 'cat and Tuna.' Trying to bring the cat to you by chasing it, won't work. Put the Tuna next to you, the cat will surely walk towards you.

 

[RobH]

You guys probably also heard the title Web 3.0 here and there. Anybody knowledgable about this topic, what are ways to make money with Web 3.0 or in what direction is it going in general?

I believe that maybe 5 or 10 years from now, blockchain technology and the tokenization of assets (physical as well as digital) will be commonplace.
Enterprise level blockchains. Brand level blockchains. Being able to buy a piece of an asset through tokens. Etc.

I'm not extremely knowledgeable, and I'm still trying to wrap my head around a lot of it, but this is what it looks like to me.
Not sure how that will translate to making money, unless you're going around selling businesses on blockchains, then getting someone to develop for you.
Brand level blockchains are interesting. Suppose you're a consumer buying a brand through tokens. Maybe there are perks to that, sort of like loyalty points or something. Again, someone needs to set up the blockchain and tokens.

Dunno, I'm just kind of rambling here.

 

[Mac]

I'd recommend checking out the "Crypto Canon" from a16z to learn everything "web 3" from the fundamentals to the technical-side:

Crypto Canon - a16z crypto

Here’s a list of crypto readings and resources (2018-2019). It’s organized from building blocks and basics; foundations (& history); and key concepts — followed by specific topics such as governance; privacy and security; scaling; consensus and governance; cryptoeconomics, cryptoassets, and...

a16z.com

 

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[RobH]

I'd recommend checking out the "Crypto Canon" from a16z to learn everything "web 3" from the fundamentals to the technical-side:

Crypto Canon - a16z crypto

Here’s a list of crypto readings and resources (2018-2019). It’s organized from building blocks and basics; foundations (& history); and key concepts — followed by specific topics such as governance; privacy and security; scaling; consensus and governance; cryptoeconomics, cryptoassets, and...

a16z.com

Good resource.
Here is a link to a 15 hour youtube video on blockchain and coding your own.

 

[Ismail941]

Web1: Companies create content & Companies earn money.
Web2: People create content & Companies earn money.
Web3: People create content & People earn money.

 

[Andreas Thiel]

...
Web3: People create content & People earn money.

That is extremely optimistic.

I was going to answer that the most important thing to look out for is the question what the free internet will develop into. I think there was a great thread about that (and Amazon maybe?) not too long ago. What marketplaces will there be and how can you make sure you are well positioned?

I would make almost any bet against decentralised solution actually disrupting the current markets of the big players with deep pockets. I have followed the open source world and the inability to turn those isolated efforts into something worthwhile for too long to still believe in that.

But we created the platform ... why don't people organize and create something incredible with it?

Meh.

As long as I don't see hype around governance topics, I assume smart contracts and blockchain will be swallowed whole by large corporations.

 

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[SJuan9]

I've actually been looking into applications of Web 3.0 for traditional markets and how to apply it to my business.

Here's a very brief sample of what I've dug up:

Web 3.0

• Altcoin trading- As part of your money system. Presents crazy and asymmetric returns (and losses) and requires a lot of studying into technical analysis. Best option is to routinely invest in base protocol altcoins and reap the gains at the macro scale in a few months/years.
• Yield farming- also part of your money system. Requires a lot of initial research and can become unsustainable in the more traditional protocols such as ETH. Second layer protocols (Polygon) and Binance are good 'lower' risk places to start and make some good gains (and losses).
• Dapps- (Decentralized Apps) This is where it can be directly applied to a business, and it's basically the development of apps on a selected protocol (ETH, Solana, Avalanche, etc.) which provides a service using blockchain tech. This is like developing an app for Android/Apple but using blockchain instead. Every protocol has different code requirements and presents pros and cons, which have to be taken into account when selecting where you wish to deploy. Apart from the mainstream 'liquidity' providing Dapps, there are some very good examples such as supply-line origin tracing, advertising (Brave's BAT Token) and content creation (Odysee.com), among MANY others.
  • What differentiates these Dapps from Web 2.0 apps is that the creator has more control and a stake into whatever service is provided. Blockchain transactions are also transparent and easily accessible
  • You can either create a Dapp, or leverage an existing one within your business.

NFTs
Apart from the mainstream and apparently valueless 'jpeg flipping', NFTs can offer a whole world of untapped opportunities for business. A few examples:

• Music Royalty Income
• Memberships and Subscriptions
• And a WHOLE lot more: 23 different NFT use cases; 10 examples of how NFTs are changing markets.

DAOs
DAOs present a collective asset 'ownership' alternative to conventional means and can be applied to a variety of scenarios, such as partnerships, initiatives, collectives, organizations, etc. where members vote and take part in the decision process. Each DAO has its own purpose, code and structure (bylaws, constitution, etc.), but the real cool thing is that everyone who is part of the DAO and makes a decision has skin in the game (self-accountability) in the form of purchased tokens and vested assets; and external-accountability in the form of recorded blockchain transactions. So every decision should theoretically serve the best interest of its members (kind of like being able to vote only if you're a land owner and pay taxes).
---
This is just scraping the surface on Web 3.0, and there are thousands of possibilities and applications for entrepreneurs, especially for those of us who are interested in bridging the gap between traditional markets and this new tech. Not to mention that you are more in control and take full ownership over your transactions and online decisions.

In my opinion, Web 3.0 right now is like Windows when it was still a DOS prototype and can render some very healthy asymmetric returns if leveraged right. In the macro perspective, it looks like it will have a massive upside and will only continue to grow with even more options and applications.

 

[Ztrem]

Please note I am a complete novice when it comes to Web 3.0.

The idea of trading JPEGs I see no value in but as an Real estate investor the idea of creating a token for a development project interests me. I am definitely going to look into this more Thank you!