Though many companies have embraced Web3 marketplaces, platforms, apps, and technology, more awareness is clearly needed, as only 54% of Americans have heard of Web3.
Web3 marketplaces have gradually emerged as decentralized, blockchain-based marketplaces that operate on a distributed network where transactions between the parties are facilitated through smart contracts. Examples include Blur.io, OpenSea, CoinList, and range from virtual reality and game development to health data licensing and customer support.
Such marketplaces, including Web3 gaming marketplaces, Web3 NFT marketplaces, initial coin offerings (ICOs) and tokenized asset exchanges, provide ample growth opportunities for business leaders looking to invest in Web3 companies or join the token economy. Platforms like Coinbase and Binance are well known, and having a bank account for a crypto business is a great way to make participating in these kinds of Web3 marketplaces easier.
Let’s learn about web3 marketplaces and how this innovative blockchain technology will transform the business landscape!
Providing Multiple Collaboration Opportunities
The increased presence of Web3 marketplaces means transactions can occur without relying on intermediaries, utilizing smart contracts instead, which are programs made to facilitate transactions between buyers and sellers. As a result, involved parties won't have to rely on third parties and mediators, decrease fees, and even pursue funding opportunities through tokenization.
Here is a detailed look at three examples of Web3 marketplaces:
Web3 NFT Marketplace
A Web3 NFT marketplace is a recent type of marketplace that provides decentralized asset ownership of non-fungible tokens (NFTs). These marketplaces grant users access through cryptographic keys that offer them exclusive and full control over their NFTs without needing intermediaries.
With the execution of smart contracts set with pre-agreed terms, users can enjoy the fair transfer of NFT ownership and place autonomy into the hands of those directly trading assets. Web3 NFT Marketplaces include OpenSea, the largest NFT marketplace for crypto collectibles and NFTs that allows for the sales of NFTs via a fixed price or auction, and Blur.io, which ensures the fast trade of NFTs for cryptocurrencies.
Web3 Gaming Marketplace
These Web3 marketplaces are for gamers looking to trade and exchange in-game assets. Virtual assets in games are tokenized to transform characters or properties into decentralized tokens. Like with NFT marketplaces, smart contracts facilitate the governance of these assets and automate ownership rules.
For Web3 companies, purchases on these marketplaces still require a bridge to the traditional financial world because you need ways to deposit income earned from the gaming marketplace into a bank account to spend in the real world. One major issue is doing a crypto conversion from fiat to crypto, and vice versa. Solving this issue often requires the opening of a Web3 bank account, which allows for seamless trading on these marketplaces.
Token Sales Marketplace
Web3 marketplaces for token sales facilitate the issuance and trading of tokens, including crypto, digital assets, and assets tied to a particular blockchain. Purchases on a web3 marketplace require an on/off-ramp, necessitating the opening of a crypto-friendly bank account to seamlessly make a crypto conversion from traditional fiat. Once the conversion is done, users can buy on the platform right away.
These marketplaces include initial coin offerings (ICOs), Ethereum-based platforms that allow Web3 startups to launch/sell tokens for fundraising, and tokenized asset exchanges, which ensure the purchases and sales of tokens representing real-world assets like art and real estate.
Job Marketplace
With the use of smart contracts and decentralized protocols, Web3 job marketplaces have been revolutionizing employment exchanges by lowering costs and increasing employer and employee liberty. It is devoted to jobs that create, implement, and maintain blockchain-powered applications, including the metaverse, smart contracts, decentralized finance (DeFi), and NFTs.
Thanks to the evolution of the above-mentioned Web3 marketplaces, nearly 50% of Web3 apps are finance-related. These marketplaces also facilitate crypto conversion and exchanges, allowing for more direct transactions and allowing businesses to provide more options to their clients. But a bridge is still necessary to go from fiat to cryptocurrency, meaning, having an account for a crypto business makes interaction with Web3 marketplaces straightforward while also allowing you to do everyday transactions, like paying bills, easier.
Making Web3’s Impact Work for You
There’s a reason why 81% of people predict Web3 will improve their happiness and well-being; it has allowed them to worry less about moving and storing digital assets.
Over 88% of businesses, including high-level corporations, entrepreneurs, and startups, are considering implementing Web3 technology. These platforms include Ethereum, OpenSea, and Coinbase, plus the above-mentioned marketplaces, indicating a willingness to explore their benefits.
Business leaders see that Web3 can offer future development opportunities for transparency, security and efficiency, decreasing fees for themselves and their customers, further guaranteeing the safeguarding of assets.
Executives can capitalize on scalability and data security advantages, increasing the legitimacy of your business. Additionally, executives must realize a crypto-friendly bank account offers the opportunity to leverage Web3 and all its benefits. Without one, regular U.S. dollars can’t be exchanged in a form that can interact with the crypto/Web3 world.
Also, having these marketplaces allows you to connect with the investors and decision-makers of tomorrow, the Gen Z and Gen Alpha crowd looking to jumpstart their financial futures in an increasingly evolving world.
Unlocking the Potential of Digital Commerce Through Web3
While Web2 remains a dependable source for many, with three billion people benefiting from it daily, the technology’s parameters are gradually becoming outdated.
Web3 marketplaces allow business leaders and consumers to maximize their financial potential, setting the stage for seamless crypto conversion or eradicating the demand for middlemen.
With the token sales marketplace, for example, Web3 businesses specializing in industries related to real-world assets can launch/sell tokens that facilitate the buying and selling of these assets. Meanwhile, platforms like OpenSea are easiest when you have a crypto-friendly bank account facilitating crypto payments from a bank account straight to Web3.
Blockchain-based marketplaces are still developing, leaving room for more innovation and experimentation. However, the use cases are ample, particularly the mobilization of digital assets.
OneSafe is your safe space to manage both your crypto and fiat. It’s a crypto-friendly global account for companies worldwide and your gateway to accessing the Web3 ecosystem.
Make managing your global finances for a crypto business a breeze with OneSafe today!
*OneSafe is a technology provider, and not a bank
