How to Make Money from Web3 in 2024

Web 3.0 Market Review: Balloon or Bubble

What is web 3.0? Web 3.0 is the next generation of the internet, and it’s expected to transform how we interact with technology and each other. Many businesses are in fact looking towards how to profit from web 3.0. But is web 3.0 a bubble or a balloon? We have seen some bubbles in the past such as the dotcom bubble in the 2000s and so, it is understandable why so many people remain skeptical of the web 3.0 ecosystem despite successes being recorded by web 3.0 startups.

Evolving from web 1.0 and web 2.0, Web 3 is an exciting space for businesses with various opportunities to make money via decentralized advertising, NFTs, crypto tokens, and more. These incredible opportunities are why investors continue to raise their bets on the success of web3 startups. In the future, we expect that factors such as remote work, digitalization, and globalization will guide the world towards a world where internet 3.0 is the norm.

The Best Ways to Make Money with Web 3.0

How to make money on web3 is by businesses monetizing content even faster than before by having more real-time leads on their page and engaging customers through the evolution of artificial intelligence. Here, we’re going to take a look at the top three ways businesses can make money with Web 3.0.

Decentralized Advertising Networks

Decentralized advertising networks are one of the most promising ways for companies to make money online. This is because they allow advertisers to bypass middlemen and connect directly with their target audience. In addition, there are no fees involved as all transactions take place on the blockchain, which will reflect positively on the cost to build online marketplace, or any other project you have in mind.

This means that advertisers can save a lot of money on transaction fees and other expenses associated with running an ad campaign. The global contextual advertising market is estimated to be $267.4 billion in 2022 and is projected to reach $631.44 billion by 2027, growing at a CAGR of 18.75%

Using Crypto Tokens as Currency

Another way on how to make money with web3 for businesses would be by using crypto tokens as their own currency. Crypto tokens are similar to cryptocurrencies, but they have been designed specifically for use in gaming environments. It is notable that experts project gaming revenue to surpass $185 billion by 2022, with 3.9 billion players by 2026.

They are also used in virtual worlds such as Ethereum, which allows users to buy assets such as houses or cars from other users through smart contracts instead of fiat currency such as dollars or euros.

Virtual Products such as NFTs

Virtual products such as NFTs (non-fungible tokens) can also be used for business purposes in Web 3.0 browser-based environments such as Ethereum because they represent unique items that cannot be copied or replicated easily due to their inherent nature. For example, you could use NFTs to buy exclusive access to content from your favorite artist or athlete, or even purchase tickets for an event directly from the performer themselves.

This makes them an ideal way for artists and athletes to monetize their work online without having to rely on third parties.

Distributed Ownership

Another way for businesses to make money in web3 is by creating distributed ownership models that give people ownership in their favorite brands through digital tokens (e.g., crypto coins). By giving people ownership over a brand or company, it makes them more invested in its success, and they will be more likely to finance you because they feel like they have some stake in it all along the way.

Creator Economy

An interesting development in recent years has been the creator economy, where content creators are paid directly by their fans rather than third parties who take most of the profits away from them. The creator economy has been around for years now, but it’s only recently started getting more attention from businesses looking to capitalize on its growth potential.

The creator economy refers to an ecosystem where creators can monetize their work without having to rely on big brands and publishers for distribution. As the internet becomes more decentralized, there’s no need for centralized platforms that take a large cut of your profits or content creation efforts.

E-commerce in the Metaverse

E-commerce in the metaverse is a new frontier for online commerce that combines traditional e-commerce with virtual worlds and decentralized marketplaces. Users can buy digital assets such as virtual clothing, accessories, and even virtual real estate on secure and transparent blockchain-powered platforms. Entrepreneurs can create and sell their unique digital assets in the metaverse, positioning themselves at the forefront of the Web3 revolution.

How Businesses Could Capitalize on Web 3.0

Businesses are expanding their online horizons in an effort towards how to make money from web 3.0 as well as to remain relevant and easy to reach through the next technology advancement. This amounts to businesses capitalizing on Web 3.0, which will help them increase their earnings as well as strengthen their online presence. In this post, we describe what is web 3.0 and how your business could make the most of it.

Blockchain-based transactions

Blockchain technology has many applications beyond cryptocurrency. The blockchain is a decentralized, public ledger that records transactions between two parties in a verifiable and permanent way. Businesses can use this technology to create smart contracts that automate business processes, verify the authenticity of products, and store sensitive data like medical records in an unalterable form.

Decentralized storage systems

With centralized cloud storage systems like Dropbox or Google Drive, your files are stored on a single server that can be hacked or destroyed by natural disasters. In contrast, with decentralized storage systems like Filecoin and Storj, you can store your files on multiple computers across the world at once for less money than traditional providers. This is another example of how to make money in web 3.0.

Personal data ownership

Right now, all of your personal data is collected by third parties like Facebook and Google and sold to advertisers for profit. But what if you owned all of your own data and could sell it directly to marketers instead? That’s exactly what platforms like Datum does — they let users sell their personal information directly to advertisers without having to give up control over their data in the process.

Artificial intelligence algorithms

Artificial intelligence (AI) is one of the most important technologies in Web 3.0 because it enables businesses to collect data from multiple sources to make better decisions and provide better services to customers. AI algorithms can help web3 SaaS companies predict future customer behavior based on their past actions and preferences, which will help them offer better recommendations and more personalized experiences.

Virtual Reality and the Metaverse

Concerning how to make money on web 3.0, Virtual Reality (VR) is already having a major impact on entertainment industries such as film and video games, but it could also have a significant impact on how people work in offices if VR headsets become more widely available and affordable. For example, instead of having everyone in an office staring at their computer screens all day long, they could wear VR headsets and collaborate in virtual reality environments. If you considering making your own metaverse, ProCoders can help you hire a metaverse developer.

Web3 Best Practice Spotlight: Examples of Successful Startups

Web3 startups are those focused on building applications that run on the blockchain. They have no precedent and are in uncharted territory, so they have to blaze their own trail and figure out how to make money along the way. These companies provide solutions to problems that were previously solved by centralized platforms like Facebook or Google. Here are some examples:

Internxt

Internxt is a blockchain-based cloud storage platform that allows users to upload their files onto its decentralized network and access them from anywhere in the world through its desktop application or mobile app. As a decentralized cloud storage platform, it allows users to rent out their unused hard drive space in exchange for INXT tokens.

The company raised more than $200,000 during its ICO and aims to compete with big players like Amazon and Google Cloud Storage by offering better security, privacy and speed at lower costs. To make money with web 3.0, the Spanish company has raised $2 million over its 7 funding rounds, having gained the attention of leading accelerators and venture capital firms.

QuickNode

QuickNode provides hosting services for DApp developers who want to run their applications on multiple chains at once without having to worry about setting up their own infrastructure or managing their own nodes/miners. As a cloud computing provider, it allows users to rent out their unused computing power. It also provides an API for developers to build applications on top of its decentralized network.

QuickNode has so far raised over $40 million in its five funding rounds, with the latest coming in October 2021. One of its investors for making money in web3 is the leading investment firm, Tiger Global Management.

AlphaWallet

AlphaWallet is a cryptocurrency wallet that allows users to store, send, receive and track their cryptocurrencies easily. This startup offers a decentralized wallet with an exchange feature that allows users to trade cryptocurrencies without having to register an account or share personal information with anyone else.

It also offers cold storage for storing all your private keys offline so that they can’t be stolen by hackers or other malicious parties. According to Crunchbase, AlphaWallet has raised $2.3 million over two funding rounds.

The challenges facing Web 3.0

While some people believe that Web 3.0 is nothing more than a marketing term, the truth is, this next generation of Web technology provides opportunities like none we’ve seen before. In this section, we shall explain what challenges companies may face on the journey towards the ultimate vision of Web 3.0

The lack of universal standards

One of the biggest challenges facing Web 3.0 is the lack of universal standards. There are many protocols in place today, and each one has its own pros and cons. This leads to confusion among those who are trying to implement blockchain technology in their businesses, especially since they are often expected to implement it in combination with other technologies like AI or IoT (Internet of Things). This means that even if you have an idea for a new application or service, it may not work on every platform or device because they are not all created equal.

At ProCoders, we mitigate this by focusing on building an efficient discovery phase, where our expert developers conduct extensive and comprehensive research with affordable web 3.0 developer salary. During said phase, concerns about devices, software, and platforms where you want your app to work are addressed.

Scalability

Scalability is another challenge facing web 3.0 as it has not yet been able to scale up with demand from users or companies alike who require high performance computing capabilities in order to run their applications smoothly without any hindrance whatsoever from the network itself or any other external factors like government regulations on cryptocurrencies which may affect their operations adversely at any point in time.

Lack of interoperability

This is one of the biggest challenges facing Web 3.0 today. There are currently hundreds of different blockchains available, each with their own unique set of rules and protocols. This can make moving data between different platforms difficult and costly for companies who want to use multiple platforms at once or build their own applications on top of existing ones.

In addition to this, there are hundreds of thousands of smart contracts being written every day by developers across the world, which means there are now millions upon millions of unique applications that need to work together seamlessly if we want Web 3.0 to be successful.

Uncertainty surrounding regulation

There is still no clear understanding about how regulations will be enforced and how they will affect the industry. The lack of clear legislation in many countries leaves many companies wary of investing in blockchain technology, which could slow adoption and prevent innovation from flourishing. Nevertheless, there are a lot of regulatory bodies that are still trying to understand how the internet works and what it means to them. They are trying to figure out how they can regulate it and what they need to do to keep up with the ever-changing technology.

How Can You Start Today with Web3

There are two main directions that you can go when you want to start a business today with web3 technologies. The first is to launch a startup and build a new web3 product from scratch. This is the most difficult way to do it, because it requires you to raise funding, hire web3 developers or hire smart contract developers and other staff, and spend lots of time on marketing to get traction in the market.

The alternative approach is to implement web3 technologies on an existing product or service. This is much easier than launching a new product, but it also has some challenges. The first big challenge is finding a product category where there’s already demand for your solution.

In the first case, you need to start with some kind of idea before thinking about how to profit from web3. It could be just a few words or phrases that describe the problem you want to solve. Or it could be a full-fledged project description with requirements, technical specification and other details. The only thing that matters is that you have something to show in front of investors and partners.

In the second case, it is important for your company to understand what problems web3 technology can solve. For example, this could be data sharing between different systems (like between CRM system and accounting system) or cross-platform integration.

Specific ways you can start using this technology today as a business include:

• Use an existing decentralized app (dApp) such as CoinDesk or CryptoKitties
• Create your own dApp by using one of the many blockchain development frameworks available, such as Solidity or Lisk.
• Create an ICO (Initial Coin Offering) by issuing tokens on the Ethereum blockchain
• Launch your own cryptocurrency by creating your own blockchain like Bitcoin or Litecoin

How ProCoders Can Help You to Profit from Web 3.0?

At ProCoders, we have a highly skilled team of top-notch developers and designers who are well versed with the latest technologies and trends in the web development world and can help you in how to profit from web 3.0. ProCoders can deliver the right and skilled web3 developers. We also provide on-demand staff augmentation services to scale your web3 team quickly. Moreover, we provide services specifically to companies building a research and development base in web3 via offshoring or nearshoring.

ProCoders offers outstaff developer hiring, staff augmentation, and offshore development team management at cost-effective prices to our clients around the globe to help businesses make money in web 3.0. Since we are based in Estonia, we are able to access an affordable web 3.0 developer salary structure for our clients due to the low cost of living in the country.

Moreover, Estonia has highly recognized technical universities that support the continuous generation of IT talents that are well-suited to create solutions for the global marketplace.

Conclusion: Takeaways

• Web 3.0 is the next generation of the internet, and it’s expected to transform technological interactivity. 
• With Web 3.0, businesses will be able to monetize content even faster than before by having more real-time leads on their page and engaging customers through artificial intelligence.
• There are two main directions that you can go when you want to start a business today with web3 technologies and understand how to make money from web3. The first is to launch a startup and build a new web3 product from scratch. The alternative approach is to implement web3 technologies (such as NFT and metaverse) on an existing product or service.
• At ProCoders, we have a highly skilled team of top-notch developers and designers who are well versed with the latest technologies and trends in the web development world. We have expertise in custom application development using the latest technologies to meet your requirements.