First, we should clarify what was Web 1.0, this was a phase in the development of the internet characterized by individual static websites. This was followed by Web 2.0 which is best characterized as social media, the Facebook and Twitter of this world run by big tech central authorities. So, Web 3.0 can be summarized in one word 'decentralization'. That is instead of having an enormous corporation and its servers at the center of the application. The processing and storage for all transactions are distributed across a very large number of nodes and in many cases the users themselves. This has profound effects in terms of increased privacy and reduced corporate and government control and it also makes censorship impossible because there is no one company in one country to the sensor, once something is out there on Web 3.0 it can't be removed because no one can identify where it is, and in most cases, it is stored across multiple locations and many pieces or shards. But when looking at NFT development solutions one must evaluate whether the Web 2.0 or Web 3.0 technology is better for the business that is implementing it. Certainly, Web 3.0 carries with it a fraction of the operating costs because the large number of servers that would normally be needed for a centrally processed operation is no longer required, that processing and storage are pushed out to the network users. However, Web 3.0 operations do not have the same level of control for the owner that a Web 2.0 centralized system has.
Case study for NFTs in the music industry
The current, web 2.0, the outlook for small artists in the music industry is rather bleak. With 68% of the entire music industry is controlled by just 3 record labels, Universal Music Group, Warner Music Group, and Sony Music Entertainment. The record labels take more than 85% of the profit from the sale of music which is already predominately digital downloads. Then there are the streaming platforms, dominated by Spotify, Amazon Music, and Apple Music, the artist can expect to only get paid $0.004 per stream of their songs with companies like Spotify taking 80% of the revenue. But what is the solution? Now with the introduction of NFTs, it is possible for an artist to publish their own music and release it for sale and take 100% of the profit, cutting out the record labels altogether. This is also good for the consumer because the artist can sell their music for much less than a record label would and still be better off. It is now becoming clear that record labels are a throwback to a time when a record needed to be recorded in a studio and then physical vinyl or CDs needed to be pressed and packaged and distributed to record shops and marketed at great expense. In those days a record label was needed to finance all that upfront cost for the artist, but that is no longer the case. With Web3 and NFT development solutions, the artist can go it alone with virtually no capital expenses at all and more importantly not record deals or contact.
Is it too late to develop your own NFT development solutions?
The short answer to this question is no, the longer answer is, that the NFT market is still in its infancy and although there are implementations that are appearing in nearly every industry, there is no doubt that this is only the start and most of the market we will see in the future for NFT development solutions have probably not even been thought of yet. The best way to find these opportunities is for individuals and businesses in every traditional industry to investigate how NFT and Web 3 can be used to disrupt their own industry, because they know their industry best and their customers, they are best placed to see the ways that this new technology can be inserted into their processes in order to create new markets and the reduce the cost and speed of operation of processes that are currently used. However, most business owners should hire a professional company to navigate the technical parts of the implementation. A trusted partner like NextHash can help guide you to avoid the pitfalls and provide highly technical implementation processes of NFT development solutions. After the processes have been coded into automated algorithms, then the operation of the business will be easier than it ever has been before.
Making a business more salable with Web3
Say for instance you have a business that requires a set of highly technical staff including you, to understand and operate the process in it, but over time the cost of those operations has held the business back as large competitors have got cheaper and cheaper. You want to retire or pass the business down to an uninitiated family member; how can you do that when the business relies on you to operate it. The answer may be to codify those complex processes into a Web 3 or NFT Development Solutions, one that is automated, and that the new owner can’t get wrong. It may well be that you make your business into I highly valuable new technology company that can be run by anyone that you decide to hand it down to or sell it to. Leaving you to retire and take it easy without expecting those calls from the new owner asking, ‘how is this done?’
Who can help you develop your project?
So, you have a business that you want to convert to web3, but how? You need a trusted partner with the technical knowledge and expertise to understand how processes can be converted to web 3 and NFT Development Solutions, one that can evaluate the task, plan and implement the solutions, end-to-end while your business continues to operate without any interruption. NextHash is that partner, we have the experience and the highly skilled development teams that are required to implement an NFT development solutions project without a hitch.
Partner up with NextHash for your Web3 success
When you are ready to start the process or even just want to understand what is possible and if Web 3 can work in your business. Book a free consultation with NextHash and we will be able to start the process of looking at your business operations and processes in order to identify where Web 3 and NFT development solutions can be implemented.
We look forward to the opportunity of discussing your project and work with you.