Benzinga - In recent times, Web3 has been on everyone's lips, and with good reason: it is clearly the future towards which we are heading.
But, what’s Web3?
Web3 is a term used to describe the next generation of the internet, a vision for a more intelligent, connected, and decentralized web.
The current internet, known as Web2, is dominated by centralized systems such as servers and databases controlled by corporations and governments. However, Web3 aims to replace these centralized systems with decentralized ones based on blockchain technology, enabling users to directly and securely interact with each other and with applications without intermediaries.
Meanwhile, companies such as droppGroup - a holding company that manages a portfolio of integrated Web3 solutions and platforms- are leading the way in this new ecosystem.
Thus, through its wholly-owned divisions (droppLabs, droppMENA, and droppTV), the company develops and implements proprietary innovations in artificial intelligence/machine learning (Ai/ML), object recognition, streaming, extended reality (XR), and cryptography.
In an exclusive interview with Benzinga, Gurps Rai CEO and co-founder of droppGroup, shared his insight on the future of decentralized technology, Web3 in Wall Street, monetization, and much, much, more.
“We are confident that the market is turning towards concrete applications of Web3 that generate real value. We have promoted these principles since the beginning and this is a market evolution that we are leading,” assured Rai.
Web3 Takes The World By Storm: What To Expect In 2023 “It is difficult to predict specific trends in the rapidly-evolving industry of Web3, however, it is likely that there will be growth and development of new business models, social interactions, and overall user experiences that it enables,” the CEO anticipated.
Moreover, he forecasted that in 2023 Web3 will become more democratic and approachable to the public: “It is difficult to predict specific trends in the rapidly-evolving industry of Web3, however, it is likely that there will be growth and development of new business models, social interactions, and overall user experience that it enables. There are many ongoing efforts to improve scalability, interoperability, and user experience, and as these efforts bear fruit, Web3 will become more usable and accessible to the general public.”
The droppGroup is also focusing on creating intuitive onramps that are designed to be user-friendly for the “Joe public”. Additionally, Rai said we will see the evolution of tokenization in the form of interconnected networks that work to enhance the value of specific projects, which represents a significant change from previous attitudes towards tokens (that are often seen as quick-wealth schemes).
—What can we expect from droppGroup and its expansion in the Web3 space this year?
—We are proud to be in a leadership position in the industry as a result of our first-mover advantage, proprietary tech stack, commitment to consumer listening and speed-to-market. We are at the cusp of making exciting announcements with additional industry-leading companies who trust our technology and support. Later in the year, we will also be rolling out unique solutions where individual creators can utilize our product suite on a self-serve, SaaS basis. Lastly, we continue to be advocates for Web3, and in particular, help enable the leaders of tomorrow to understand and utilize Web3 technology to benefit their careers and communities. Our Web3 Fellowship, powered by our proprietary contextual learning platform, has been tremendously successful so you will definitely see more Web3 future stars making great noise this year.
Fortune 500 Embraces Web3: The Future of Corporate Innovation
Even though for a long time the term Web3 has been clouded by media-focused events related to NFTs, global metaverse sales, and cryptocurrency, causing large corporations to be cautious and skeptical of participating in the space, Rai claims that by explaining the true value of Web3, companies and brands can significantly enhance returns and increase consumer engagement.
That’s why droppGroup has worked with several Fortune 500 companies, including LG, Paramount Group, Universal, Warner and more, since its foundation in 2018.
With that know-how, the CEO of droppGroup listed the many advantages Web3 offers to corporations.
“The decentralized nature of Web3 allows for greater transparency and trust in the interactions between companies and consumers,” Rai said. “Blockchain technology, which is the backbone of Web3, allows for tamper-proof record keeping, enabling companies to prove the authenticity of products and services, and consumers to trust the information they are given. These large organizations are finally realizing they don't own most of their interaction funnels with their consumers. This is especially apparent with B2C brands that heavily rely on digital and social media marketing where they build communities on platforms they don't own and then rent the value from the likes of Meta, Google, TikTok, etc.”
And continued: “Web3 technologies such as smart contracts and decentralized finance (DeFi) offer new business models and financial opportunities for companies. For example, smart contracts can be used to automate supply chain management, while DeFi can provide new ways for companies to raise capital and access financial services. Web3 can provide new ways for companies to connect with and engage their consumers. For example, NFTs can be used to create unique digital assets that can be collected and traded by consumers, while decentralized apps (dApps) can provide new ways for consumers to interact with companies and access their products and services. Social tokens are changing the way brands, creators and other ecosystems reward their communities. These tokenized networks allow for organizations to no longer rent their valuable communities but to actually own them.”
Lastly, the expert addressed the benefits of Web3 in terms of privacy and security: “Blockchain technology can provide a secure and transparent way to store and share data, which makes it an attractive option for companies to explore.”
When asked about the possibility of all companies adopting web3 in the future, he answered that Web3 is in its early stages of adoption and the process of widespread acceptance will take time, and that companies need to fully comprehend the benefits and overcome the hurdles of implementation before fully embracing the technology.
“Web3 is just the evolution of the Internet and of course, every company will continue to use the Internet and will naturally move with the evolution over time,” he analyzed.
—How does Web3 allow you to monetize?
—Web3 offers you more control over your data and the cool thing about it is that it allows you to monetize in a number of ways. For example, you can earn cryptocurrency or reward tokens by providing valuable contributions to a network, community or project. For instance, you can earn by providing computational resources or by participating in decentralized autonomous organizations (DAOs). It's really interesting, it's like a whole new world of opportunities to make money online. We are actually helping musicians and content creators work with their communities to create records or even movies. Web3 technology allows for this bilateral exchange of value like a musician gives a percentage of a record to the community in return the community funds the project. The key is the ownership is in the form of NFTs that prove provenance on the blockchain.
—Why do you think Web3 and NFTs will continue to grow in the future?
—With Web3, we have the potential to create a more decentralized and trustless internet, which gives consumers more control over their data and empowers them to interact with businesses in new and exciting ways. NFTs, in particular, represent a true game changer. They allow creators to monetize their work in new ways and provide a new way for users to invest in unique digital assets. NFTs will also allow for unique ways for brands and creators to build and scale communities giving ownership to both the consumer and creator. A bilateral monetization model will change the entertainment industry and in particular how music is made, marketed, distributed and monetized - this is the kind of innovation that can truly change the world. I see Web3 and NFTs as the building blocks of the next-generation economy. As more and more companies adopt this technology, we will see a shift in power from centralized entities to the people. The possibilities are endless, and I can't wait to see what the future holds.
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