The decentralised landscape seems to count on how Web3.0 applications can impact non-fungible tokens (NFTs). According to Grand View Research, a market research and consulting company, global Web3.0 blockchain market is expected to clock a 47.1% compound annual growth rate (CAGR) between 2023-30. It’s believed that growth in digital assets’ popularity such as cryptocurrencies and NFTs, along with introduction of 5G and 6G devices, will benefit this context. In a conversation with FE Blockchain’s Ritarshi Banerjee, Ravi Chamria, co-founder and CEO, Zeeve, an enterprise-grade automation platform, talks about how Web3.0 can amplify NFT-based benefits and what it could mean for other sectors. (Edited Excerpts)
- What is the role of Web3.0 in NFT?
I believe the narrative of Web3.0 is that it’s user-owned internet, for which NFTs are considered crucial as they offer non-fungible individuality. In Web3.0, NFTs come into the picture as they help in providing digital identity for humans, virtual assets such as gaming assets, collectibles, virtual real estate, domain name, among others. When the identity of people exists as an NFT, it can ensure that authenticity of the identity is not compromised. So, as the adoption of Web3.0 continues to grow, NFTs are expected to become more essential.
- How can Web3.0’s support for NFTs benefit the decentralised landscape?
NFTs can be a means of decentralisation, allowing individuals to control their data ownership and usage. By tokenising data, products and ideas, NFTs can offer a level of value in digital and physical worlds. This step can eliminate the need for trusted third parties (TTPs) and create an equitable system for all parties involved. As the use of NFTs become intertwined with Web3.0, we should start to see decentralisation in areas such as finance, media, governance, among others.
- Which blockchains are expected to boost Web3.0’s role in the NFT industry?
I think Polygon partnering with businesses such as Nike, Starbucks, Meta, Coca-Cola, and Disney, have opened doors for Web2.0 users to enter the world of Web3.0 and explore NFTs. Other blockchains that could boost Web3.0’s role in the NFT industry include WAX, FLOW, BSC, and Solana. Reportedly, these blockchains have attracted brands such as Topps, Capcom, Atari, Funko, Lionsgate, NBA Top Shots, among others. From what it’s understood, while consumer brands have been instrumental in driving interest in NFTs and Web3.0, there are other sectors such as finance, tokenisation, metaverse, and gaming, where we can see innovation and adoption of Web3.0 technologies. New-generation blockchains such as DComm, which are focused on tokenisation of real-world assets, should play a role in the adoption of NFT at scale.
- What all factors are expected to play a role in this context?
From a technical perspective, I would say transaction speed, low-to-no fees, and interoperability could play a role for users who are trying to get started with it. However, perhaps important is the ecosystem value or network effect. Blockchains with larger communities and user bases should be attractive to brands and businesses looking to tap into the NFT market. This is because they will have access to a pool of potential customers, which can make it easier to partner with top brands and gain exposure for their NFTs.
- What is the future of Web3.0 in the NFT sector (2023 and beyond)?
The future of Web3.0 in the NFT sector looks promising, with brands and businesses exploring the potential of NFTs to create experiences for their consumers. The trend of Web2.0 companies moving towards Web3.0 and issuing NFTs is likely to continue, as it can enable them to stay relevant and lay the foundation for their brand’s digital transformation. The interlinking of technologies such as blockchain, NFTs, metaverse, among others, can have an effect on the overall future of Web3.0.