Web3, the next evolution of the internet that incorporates decentralized blockchain technology, has the potential to transform our digital experiences and change the way we control and manage our data and assets. The potential benefits of Web3 are attracting significant investments from venture capital firms, and the increasing importance of our digital lives has led to a substantial increase in the amount of time people spend online.

One of the critical advantages of Web3 is the ability to take out a loan against your future earnings potential. So, if you are a freelance worker or have a fluctuating income, you could use your future earning potential as collateral to secure a loan. This opens up new opportunities for those who have traditionally been excluded from traditional banking systems.

Another example of the potential impact of Web3 is in the art world. For example, an art museum could sell you a digital version of a physical artwork that updates as restorers learn new things about it. This adds a new level of interactivity for art lovers and creates a new marketplace for digital art.
Web3 also has the potential to change the way we handle our financial assets. For instance, you could take out equity on your home without a bank’s approval. This opens up new opportunities for people to access capital without going through traditional banking systems.

Despite the potential benefits of Web3, some detractors argue that the systems being created are still centralized and that the need for interoperability among Web3 assets raises questions about the true nature of decentralization. Despite these debates, businesses and brands must consider what aspects of their operations could or should be decentralized and how they can prepare for the impact of Web3.
Businesses and brands need to start exploring the possibilities of Web3 and think about how they can incorporate decentralized technologies into their operations. This could be as simple as researching the benefits and limitations of Web3 or as complex as investing in blockchain-based solutions. Regardless of the approach, businesses and brands must stay ahead of the curve and prepare for the inevitable shift towards a user-owned internet.