Web3 and Online Stores: What Awaits Us in the New Era of the Internet?

Web3 is a new stage in the development of the internet, built on decentralized technologies such as blockchain, cryptocurrencies, and smart contracts. Unlike traditional Web2, where user data is stored and controlled by centralized companies (e.g., social networks or large platforms), Web3 offers a system where users own their data and can interact directly, without intermediaries.

For online stores, this concept opens up new opportunities. Let’s delve into what it means, starting with the basics.

Key Concepts of Web3

1. Blockchain
   Blockchain is a distributed database where information is stored in a chain of blocks. This data is protected from tampering, making it transparent and reliable. Each block contains information verified by a network of participants (nodes).

   Example in online stores:
   Instead of relying on a single company to store transactions and data, blockchain can be used to record all operations with full access to purchase history. For instance, the OpenBazaar platform works as a decentralized marketplace where deals are recorded on the blockchain.

2. NFTs (Non-Fungible Tokens)
   NFTs are unique digital assets that confirm ownership of a specific item, be it a digital image, music, or certificate.

   Example in online stores:
   Imagine you sell designer clothing. Each item can be accompanied by an NFT, verifying its authenticity. This is particularly crucial in the luxury goods market.

3. Decentralized Platforms
   These are platforms that operate on blockchain without a central governing authority. For example, IPFS (InterPlanetary File System) is used for storing files in a distributed network.

   Example in online stores:
   An online store can use a decentralized platform to host its products, making it independent of traditional hosting services.

What Changes for Online Stores?

1. New Payment Model
   Cryptocurrencies like Bitcoin and Ethereum are already accepted in some stores. This makes transactions faster and cheaper, especially for international transfers.

   Why is this important?
   Traditional payment methods often involve intermediaries (banks, payment systems) that charge fees. In Web3, buyers and sellers can interact directly.

2. Enhanced Security
   Using smart contracts allows automating transactions and reducing the risk of fraud. For example, a smart contract can be programmed to release funds to the seller only after the delivery of the product.

3. Data Management
   In Web3, users retain control over their data, increasing trust in the platform. For instance, with a digital wallet, buyers can authenticate themselves in a store without sharing personal information.

Benefits of Web3 for Online Stores

1. Reduced Dependence on Platforms
   In Web2, stores rely on platforms like Amazon or eBay. In Web3, you can sell directly, keeping more profit.

2. Global Access
   Cryptocurrencies and blockchain make transactions possible without geographical restrictions. This opens the market to buyers worldwide.

3. Tokenization of Products and Loyalty Programs
   Stores can create their tokens for loyalty programs. For instance, instead of regular bonus points, customers receive tokens that can be exchanged for products or services.

Real-World Applications

1. Nike and NFTs
   Nike implemented Cryptokicks technology to verify the authenticity of its products through NFTs. Buyers receive a digital certificate along with the physical product.

2. Decentraland Marketplace
   This is a virtual world where you can buy and sell digital real estate and goods. Many brands are creating their stores there.

3. Opensea
   The largest marketplace for NFTs, where people buy and sell digital assets.

This is Just the Beginning

This article provides a general overview of Web3 and its potential for online stores. The technologies described here are still under active development and implementation. It’s important to understand that they are not yet mainstream, and their adoption requires time, adaptation, and learning.

If you’re encountering these terms for the first time, don’t worry — this is only the first step toward understanding the new opportunities that can transform online business.

Web3 opens up enormous prospects for online stores, enabling reduced dependence on centralized platforms, increased security, and innovative interaction models with customers. However, full implementation will take time, infrastructure development, and raising user awareness.

Questions to ask yourself:

• Is your business ready to transition to decentralized technologies?

• What Web3 opportunities can you start leveraging today?

What do you think about Web3? Share your thoughts in the comments: which opportunities or challenges seem most interesting to you?