With strong Web3 integration to pioneer status

The number of metaverse companies as well as companies and projects dealing exclusively with Web3 integration is continuously increasing.
More and more companies want to get involved in the rapidly growing Web3 future market and are faced with completely new opportunities, questions and challenges.

The market is now spreading out and the positioning as a first mover and innovator is currently being decided. In this article, we explain to you what potentials are hidden behind Web3 integration and what you should pay attention to in order to skilfully steer your company towards pioneer status.

The responsibilities for a Web3 integration

What does Web3 integration mean?

Web3 holds out the prospect of an immutable, decentralized version of the Internet - entirely free of intermediaries. Web3 is an idea for a new generation of the World Wide Web. It is based on blockchain and concepts that include decentralization and token-based economy.

Sounds complicated? It still is. At the moment, Web3 is still a rather fuzzy concept. There is not yet a uniform, clearly defined definition. At present, Web3 is still understood to be an ideal image of a future Internet on which the developers of the future can build directly.

Web3 in the context of blockchain technology.

A buzzword that is repeatedly associated with Web3 is the so-called blockchain. In simple terms, this is a public and distributed database that can be used to record different transactions in chronological order. As the name blockchain suggests, the various data blocks within the blockchain are chained together. In addition, various cryptographic processes such as asymmetric encryption ensure that the data in the blockchain is secure and cannot be read by third parties.

We associate blockchain in particular with cryptocurrencies, such as Bitcoin. However, pioneers are already thinking the concept further: With Web3, the Internet as we know it is to be restructured and based exclusively on the blockchain.

Web3 integration: responsible players in the company

In the context of Web3 integration, it may be worthwhile to focus on the following 4 actors in the enterprise in particular.

1. BUSINESS DEVELOPMENT

In-house business development is responsible for developing and implementing a company's business model.
The business development team could design a tokenization model to tokenize certain company assets to create new revenue streams.

2. LEGAL DEPARTMENT

The legal department is responsible for keeping track of compliance with all applicable laws and regulations. The legal team could ensure that the company complies with all applicable laws and regulations related to tokenization and NFTs.

3. MARKETING

The marketing department takes care of the company's positioning and marketing. The marketing team could develop its own campaign to position the company as a pioneer in Web3 integration and market the benefits of NFTs and Crypto Payments to the target audience.

4. IT

The IT department is responsible for the technical implementation and integration of Web3 technologies. The IT team could build and integrate the necessary technical infrastructures to implement Web3 integration solutions into the existing enterprise system.

The main Web3 integration technologies

• Tokenization: tokenization could be used to tokenize certain assets of the company to create new revenue streams.
• NFTs: NFTs could be used to offer digital collectibles and exclusive product features to build customer loyalty.
• Supply Chain Management: supply chain management could be used to enable real-time, decentralized data verification and tracking across multiple touchpoints, improving supply chain visibility and security.
• Tracking: Web tracking is worthwhile to observe and evaluate the behavior of a user on the website.
• Data Verification: Automatic data verification can provide secure and seamless verification for a smooth user experience and fast user access on the platform.
• Crypto Payments: Crypto Payments could be used to promote financial inclusion for millions of people by facilitating access to financial services.

Web3 integration: tokenization

What does tokenization mean?

Originally, the term tokenization comes from computational linguistics, where it refers to the fragmentation or segmentation of a text into smaller units, such as individual words.

Basically, the meaning of tokenization involves breaking a large whole into many small and micro parts.

In real estate, for example, tokenization describes the separation of a property into small shares in order to make it available to a large number of interested parties. Together with segmentation, tokenization also involves digitization, because digital images of a property or part thereof are created: Digital images of a property or part of it are generated in the form of a token, so to speak.

Tokenization has also found its way into the financial sector: There, among other things, the transition from physical securities certificates to digital forms is already in full swing.

Cryptocurrencies play a special role in tokenization. Blockchain technology, for example, allows financial products to be digitized as crypto-values and stored on a blockchain in a decentralized manner. They represent the asset value behind them.

Tokenization in connection with Web3

The concept of tokenization plays a key role in connection with Web3. Web3 is seen as the further development of the Internet, in which values can be transferred in addition to information.

How companies can make tokenization technology work for them

Basically, all real and digital assets can be tokenized, such as, among others:

• Art objects
• Vintage car
• Real Estate
• digital possessions (e.g. gaming licenses)
• Forests
• Ownership structures with voting rights

The relevant jurisdiction of a country is decisive for this.

THE BIGGEST ADVANTAGES OF TOKENIZED ASSETS

• Tokens replace paper documents
• Cost-effective custody of tokenized assets
• Secure and transparent storage of transactions
• Fragmentation of assets
• easy transfer on secondary markets
• unique ownership documents as a digital unit
• easy purchase and sale of the tokens representing the security

BEST PRACTICE: TOKENIZE PRODUCT COMPONENTS

For example, a company could tokenize its product components to offer them as digital collectibles to build customer loyalty.

BEST PRACTICE: TOKENIZE SCORES AND HEALTH DATA

Health Data Tokenization could be used to improve the security and privacy of patient data and open up new business opportunities in the healthcare sector.

Items, assets and footprints, among others, can also be successfully tokenized by companies.

Web3 integration: NFT technology for enterprises

What are NFTs?

NFT (Non-Fungible Token) refers to digital proof of ownership of intangible assets, such as digital artwork or tickets, computer game objects or domain names.

As a rule, these goods are non-substitutable, digital assets (tokens). Ownership of these goods can be clearly proven and transferred using blockchain technology.

Fungible tokens (exchangeable assets) represent the opposite of NFTs. In this sense, this exchangeability means that a token can be replaced by an identical token at any time.

The advantages of NFTs in the context of Web3 integration

Just as quickly as the Web3 grows, more and more companies are likely to start using NFTs to buy digital property and other assets. This has the potential to have a major impact on the economy.
Trading NFTs opens up a whole new world of opportunities for both buyers and sellers. The market for NFT transactions is currently experiencing a boom, and this is creating unique opportunities for very different industries to enter the market and lead the way.

The benefits of NFT technology for companies

There are several conceivable ways that companies can use NFT technology, for example, to create gated communities, offer NFTs as product features, and operate NFT marketplaces.

3 conceivable scenarios for the profitable use of NFT for companies.

1. Companies could create a gated community on the blockchain that is exclusively accessible to customers with certain NFTs. In this way, customer loyalty could be strengthened and additional revenue streams could be created.
2. NFTs could be offered as product features to market digital collectibles and exclusive content to build customer loyalty as well.
3. Companies could operate an NFT marketplace to offer NFTs from other companies and artists to benefit from a new revenue stream.

Benefits of crypto payments: financial inclusion of millions of people

What are Crypto Payments?

A crypto payment is a digital payment method based on a blockchain system. In this process, the credit is transferred from one participant to another in the form of computer code. The transfer itself is documented by a cryptographically signed transaction in the blockchain.

Advantages of Crypto Payments in connection with Web3 integration

One major advantage is that blockchains are secured by cryptographic processes such as hash functions or digital signatures. As things stand today, these concepts are very secure and protect against manipulation and forgery.

How Crypto Payments Can Promote Financial Inclusion

Companies can use crypto-payment technology to promote financial inclusion for millions of people.

2 approaches to how Crypto Payments can promote financial inclusion:

1. Companies could offer Crypto Payments as a payment method to facilitate access to financial services for people without bank accounts.
2. Crypto Payments could be used to reduce transaction costs and settlement times compared to traditional payment methods.

Supply chain management: decentralized data verification and tracking in real time

What does supply chain management mean?

Supply chain management coordinates and optimizes value creation and supply chains. It is responsible for ensuring that all processes run smoothly, from the procurement of raw materials through production and logistics to delivery to the customer.

The advantages of supply chain management in connection with Web3 integration

In ways that include the following, companies could leverage supply chain management technology to enable decentralized data verification and tracking in real time and without the ability to change after data is processed:

1. Supply chain management technology could be used to improve supply chain visibility and security by decentralizing and verifying every step of the process.
2. By using blockchain technology, the company could ensure that the data cannot be altered after the fact, thus preserving the integrity of the data.

Launch of a pilot project (MVP) and close monitoring

What is a Minimum Viable Product?

A Minimum Viable Product (MVP) is the simplest configuration of a product that a user can test and evaluate.

There are a few conceivable ways an organization can launch and closely monitor a pilot project to test the functionality and utility of Web3 integration technologies. Example:

1. Companies could develop an MVP that demonstrates a simple application of Web3 integration technologies, such as a simple tokenization function or a limited-supply NFT marketplace.
2. The MVP could be tried out on a small group of testers and their feedback collected to evaluate the functionality and utility of the technologies.
3. Based on the testers' feedback, the MVP could be improved and further developed before it is put into official production operation.

The recruitment of Web3 specialists and capacity building

In order to take on a pioneering role, it is essential to put one's company on the right track. For this, the recruitment of Web3 specialists and the development of corresponding capacities are essential.

1. search early

It is best to start your search for Web3 specialists early on, for example by looking for suitable candidates on job portals, at trade events and in professional circles.

2. train yourself

If applicable, take advantage of the opportunity to develop training and professional development programs for your existing team to provide the necessary Web3 integration skills and knowledge.

3. strong partnerships with other companies

There is, of course, also the option of entering into partnerships and collaborations with other companies and institutions to support and accelerate capacity building in the area of Web3 integration.

Web3 integration: Take the lead

Even though Metaverse and Web3 are still in their infancy, the market is already spreading and the positioning as a Web3 pioneer and innovator is currently being decided.

Companies can already position themselves as experts in the field of Web3 integration, for example, by appearing as such at trade events, in professional circles and in public. To underscore expert status, it can also make sense to market one's own solutions in the form of white papers, blog articles, social media posts, and other marketing measures to demonstrate the advantages of Web3 integration technologies for the respective target group.

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