web3: From ecommerce to movies, the potential of Web3 in the digital ecosystem

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The year 2021 has been a watershed moment for Web3 and NFT gaming in India. We can very well compare this period to 2008 when Apple launched the App Store and changed the mobile app landscape, bringing about the mass adoption of Web2.

Facebook changing its name to Meta, refocusing its vision and mission to Web3, has had the same impact. It has made Web3, Metaverse, NFT, blockchain gaming part of the common vocabulary, exponentially increasing the curiosity about the space. The blockchain use cases have been growing for the last decade, but adoption in 2021 is exponentially higher than the cumulative numbers for the last 10 years. NFT sales in 2021 are estimated to have touched $12 billion and set to grow exponentially in 2022.

NFTs, which have been largely seen as art and collectibles so far, will move to showcasing the power of this technology layer. From showing the utility in terms of access to events, movie premiers, special sessions, meeting your favorite actors and influencers, to providing economic returns by staking rewards, gaming rewards, NFTs will now start becoming the gateways to the Metaverse.

So far NFTs have been a product to be bought using crypto currency, and in 2022 we will start seeing how they will start becoming the digital identity for each of us in Metaverses. Money in real life is part of each of us and in the same manner crypto currency will be a part of our digital identities, which are represented by NFTs. 2022 will be the year when NFTs start becoming more important than crypto currencies.

NFT gaming adoption will start setting the expectations for the possibilities of how we interact in the Web3 worlds. So far blockchain gaming is limited to making money and we will slowly now move towards the real aim of the Metaverses, a place of commerce, a place to meet people digitally, a place to be entertained, a place to live digitally. The view regarding Metaverses and NFT gaming has been very myopic so far and ecosystems being created now, will showcase the true vision and power of these digital ecosystems.

Users will start to see and interact with businesses where you do all your ecommerce in Web3, see movies / OTT in Web3, interact with each other in Web3, play games in Web3. The use case of NFT based Metaverses is a lot more than what people have understood and this widening of perspective will really propel curiosity, adoption, investment and usage for these digital ecosystems.

We are at most 5 years away from Web3 impacting the daily lives of everyone, in the same way as Web2 apps like WhatsApp impact our lives already. The adoption will be faster and reach more areas of what we do. 2022 will see this change becoming real for all the users.

Next year will be the year when we will have a number of companies building with the conviction that Web3 and NFT gaming is being built for the masses and we will start to see the creation of the next Google, Facebook and Amazon of Web3. While 2020 has largely been about explaining what Web3 is, using Web3 as a marketing tool, 2022 is the start of the real foundations being built and major differentiations being seen between companies building for the long-term vs players jumping on the bandwagon of the next big thing.

A lot of the growth of the ecosystem does hinge on the legal and regulatory landscape, it seems that the Government will not ban crypto currency. The adoption of the same is dependent on how easy or difficult the Government and RBI makes it for businesses to promote themselves, onboard users, enable transactions between ecosystems etc. The adoption throughout the globe hopefully continues to convince the authorities to take positive regulatory stands to promote Web3 adoption rather than stifle growth with licenses.

There is no stopping Web3 adoption and what was a cult following is now going to be used by the masses. Governments all around the world will realise that it is better to regulate, promote and welcome the Web3 adoption rather than fight it and let it become a parallel economy. India has all the raw ingredients to become the Web3 champion of the world and we need the authorities to help us take India to the pinnacle.

Anshul Rustaggi, Founder, Totality Corp

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