The decentralized landscape seems to depend on how Web3.0 applications affect non-fungible tokens (NFTs). According to Grand View Research, a market research and advisory firm, the global Web3.0 blockchain market is expected to register a compound annual growth rate (CAGR) of 47.1% between 2023-30. It is believed that the growth in the popularity of digital assets such as cryptocurrencies and NFTs, along with the introduction of 5G and 6G devices, will benefit this context. In a conversation with Ritarshi Banerjee of FE Blockchain, Ravi Shamria, Co-Founder and CEO, Zeeve, an enterprise-grade automation platform, talks about how Web3.0 can amplify NFT-based benefits and what it could mean for other sectors. (edited excerpt)
- What is the role of Web3.0 in NFT?
I think the story of Web3.0 is that it’s a user-owned Internet, and NFTs are essential because they offer a non-fungible personality. In Web3.0, NFTs come into the picture as they help provide digital identity to humans, virtual assets such as gaming assets, collectibles, virtual real estate, domain name, among others. When people’s identity exists as an NFT, it can ensure that the authenticity of the identity is not compromised. Therefore, as Web3.0 adoption continues to grow, NFTs are expected to become more important.
- How can Web3.0 support for NFT benefit the decentralized landscape?
NFTs can be a means of decentralization, allowing individuals to control the ownership and use of their data. By tokenizing data, products, and ideas, NFTs can deliver a level of value in the digital and physical worlds. This step could eliminate the need for trusted third parties (TTPs) and create a fair system for all parties involved. As the use of NFTs becomes intertwined with Web3.0, we should start to see decentralization in areas like finance, media, governance, and more.
- Which blockchains are expected to enhance the role of Web3.0 in the NFT industry?
I believe Polygon’s partnership with companies like Nike, Starbucks, Meta, Coca-Cola, and Disney has opened the doors for Web2.0 users to enter the Web3.0 world and explore NFTs. Other blockchains that could leverage the role of Web3.0 in the NFT industry include WAX, FLOW, BSC, and Solana. Reportedly, these blockchains have attracted brands like Topps, Capcom, Atari, Funko, Lionsgate, NBA Top Shots, and more. Understandably, while consumer brands have been instrumental in driving interest in NFTs and Web3.0, there are other sectors such as finance, coding, the metaverse, and gaming where we could see innovation and adoption of Web3.0 technologies. New-generation blockchains like DComm, which focus on tokenizing real-world assets, should play a role in widespread NFT adoption.
- What are all the factors expected to play a role in this context?
From a technical perspective, I would say transaction speed, low or no fees, and interoperability can all play a role for users trying to get started with it. However, perhaps the ecosystem value or network effect is important. Blockchains with larger communities and user bases should be attractive to brands and companies looking to tap into the NFT market. This is because they will have access to a pool of potential customers, making it easier for them to partner with top brands and gain exposure for their NFTs.
- What is the future of Web3.0 in the NFT sector (2023 and beyond)?
The future of Web3.0 in the NFT sector looks promising, as brands and companies explore the potential of NFTs to create experiences for consumers. The trend of Web2.0 companies moving towards Web3.0 and issuing NFTs is likely to continue, as they can stay relevant and lay the foundation for their brand’s digital transformation. The interconnection of technologies such as blockchain, NFTs, and the metaverse, among others, could have an impact on the overall future of Web3.0.
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