How these entrepreneurs made the change
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We are currently witnessing a migration of Web 2.0 to Web 3.0. While most people have no idea what that means, a number of entrepreneurs are already busy capitalizing on the transition.
The hallmark of Web 2.0 was technology service providers, such as Microsoft, Google, Facebook and other companies. A company provided a service to customers and stored their information in a database.
Decisions were voted on by company managers who had to inform shareholders and comply with regulations. Customer service representatives were employed to ensure customers had a good experience, so they continued to subscribe.
With Web 3.0, none of the above applies. There are no shareholders, no customers, no personally identifying information, and no centralized profits. Decision-making is done through community governance and voting, through CAD (Decentralized Autonomous Organizations) and staking. It’s a whole new paradigm.
Some entrepreneurs understood what was happening a long time ago and positioned themselves for the inevitable future, built on distributed ledgers. They are currently converting their Web 2.0 wisdom into Web 3.0 gold.
Related: Web 3.0 is coming, and here’s what it really means for you
From Deloitte to crypto online shopping
Luxury goods aren’t for everyone, but Web 3.0 shopping is definitely made for it. Cyrus Taghehchian is a Deloitte alum who focuses on using distributed ledgers to create a better planet rather than better profits. His CV is extensive, having worked with Intel, Deloitte, Bank of America, PayPal, Charles Schwab and Cisco.
Other than that, he founded Flyt Technology, Cartrev, Krypton Ventures, and SHOPX. These experiences gave him insight into many levels of the e-commerce industry, particularly PayPal and Cartrev.
SHOPX is his latest brainchild, where he translates his previous expertise with Web 2.0 businesses into a platform that will democratize and decentralize the e-commerce experience. (Disclaimer: As stated in my bio, I work at SHOPX on the core team.)
SHOPX acts as a bridge between blockchain and e-commerce. Everything that can be done through existing e-commerce platforms can be streamlined when commodities are converted into NFT assets. It allows for increased ownership, tracking and control for merchants, instead of paying third parties for this feature.
The decentralization of e-commerce is vital for the development of our society. The ability to buy and sell online has become a necessary utility. Just as the Internet has become a kind of communication and connectivity utility. For a small handful of companies, keeping what humanity needs to survive is a key factor in our struggling economy.
From private equity to symbolic launching pads
Entrepreneurs and investors are often more interested in getting involved in projects early than setting them up. Web 3.0 offers incredible potential for those who spot trends when the project is just beginning. It is in many ways a dream come true for ambitious entrepreneurs.
Scott H. Weissman is a serial entrepreneur with experience in a wide range of industries. It started building its first NFT platform, CoinCopyright, in late 2016 as a free dapp (decentralized application). It was intended to protect creative work on the CoinFilms platform, which was also developed for the purpose of financing films in foreign markets using blockchain and cryptocurrency.
In 2021, he founded TokenSociety.io, an NFT project launch pad for entertainment and metaverse projects. It is a transformation of its original CoinCopyright concept, which aimed to protect the property rights of creators. The new platform goes even further to help fund entertainment projects through NFT sales. The concept has already proven itself through “Men of the House”, an NFT-funded TV show they call Snippetz. “Gay Aliens in the Metaverse”, a second TV show, is coming soon.
This is a clear and organic evolution of content ownership and distribution away from studios and investors, and towards individuals and creatives. By controlling the flow and facilitation of funds, centralized entities can maintain power over a large group of people. Gig-like platforms owned by a small handful of individuals like Spotify and YouTube set the rules and force millions to obey. Simply because they are on this side of the computer. But it’s now a creator economy; the power must be in the hands of the creators.
Related: Web 3.0: The Gateway to Financial Inclusion and Freedom
From Microsoft to luxury NFTs
People from leading Web 2.0 companies like Microsoft are bringing their experience with them to modern markets. Damon Nam has over 23 years as a technology executive and entrepreneur, including 17 years at Microsoft (he is also a Microsoft alumnus). After that, he spent six years engaged in the emerging blockchain industry focusing on DeFi.
He then became the founder of Privé, a community DAO for luxury lifestyle goods and services. It uses its previous network connections, combined with blockchain technology, to build an ecosystem that combines the best of both worlds.
Privé NFT owners will receive a bottle of specialty champagne each year as well as invitations to VIP events, among other benefits. Special edition bottles of Privé Réserve from Avize, France will feature artwork sourced directly from the community. It will be the world’s first spirits powered by a global community of members.
DAOs are of particular interest to me because of their power to break established powers. When centralized agencies run services, including luxury services like this, they create a narrative and charge extremely high prices to maintain the facade. Often the products and services they sell are the same or worse than what you could find for a fraction of the price. Creating a DAO for luxury services will reduce the focus on profit-seeking and focus on quality of experience. I hope this will lead to a less wasteful consumer mentality.
There can no longer be any doubt about Web 3.0
The clear trend is that the most experienced and skilled professionals are rapidly turning to Web 3.0 in droves. Unlike the early days of blockchain, it is now relatively easy to participate in the growing ecosystem of projects built on distributed ledgers.
Key executives from Microsoft, Amazon, Google and Facebook leave to create Web 3.0 projects. These are more lucrative and allow more creative freedom, compared to the Web 2.0 environment, which can be somewhat outdated and stuffy.
It’s evident from the number of talented entrepreneurs moving to Web 3.0 that the industry delivers superior results in virtually every category imaginable.
And the ecosystem needs these individuals to move forward.
Related: 3 Tips to Leverage Future Decentralized Web 3.0…