The internet has caught fire from all the hype about Web3 and the sheer utility and immersive user experiences it will deliver. Yet for all the hype around Web3-enabling technologies like blockchain, NFTs, and the metaverse, very few companies have made the leap so far.

Web3 is a term used to describe a vision of a new version of the Internet based on blockchain technology. The basic premise is that of a more democratic internet, with a decentralized ecosystem of applications, tools and information. Web3 is also the foundational layer of the emerging metaverse, which is a new dimension of the Internet made up of immersive virtual worlds that anyone can explore using a VR headset and digital avatar.

Web3 promises new immersive experiences and a way for brands to enhance their reputation and engage more closely with their communities. But while the space has attracted a lot of attention, very few people have experienced Web3 or the metaverse for themselves.

High costs Slow adoption of Web3

Many reasons have been cited for the lack of adoption of Web3, but the real problem is that it is such a nascent new technology that few understand how it works, what the benefits are, or how to adopt it. The complexity of Web3 comes from a lack of understanding of its core technologies, primarily blockchain, the decentralized ledger on which this new type of immersive internet is based. This knowledge deficit is a huge obstacle to Web3 adoption because unless leading brands start to jump in, few people will want to venture into it.

The fact is that most software developers don’t have any experience with blockchain, which means they don’t know how to build it, and this causes problems for companies looking to create Web3 experiences.

One of the problems is that there are multiple blockchain ecosystems. Platforms like Ethereum, Solana, Tezos, and Fantom are independent networks that coexist in the decentralized world. They are designed to solve some of the common challenges with blockchain, in particular its lack of scalability and security issues. While some focus on being more secure, others tout their increased decentralization, and others still care about speed. So we have a multitude of different blockchain networks to deal with, and building each requires a different set of skills. Ethereum developers, for example, need to be familiar with the Solidity programming language, while Solana developers need to be well-versed in Rust. Meanwhile, Tezos-based apps are written in Michelson. This fragmentation means that most blockchain developers have very specialized skill sets that may or may not meet the needs of businesses.

There are other issues with blockchain development as well, including issues related to interoperability. NFTs are based on a specific blockchain, like Ethereum, which means they are not compatible with a metaverse built on a network like Binance Smart Chain.

In other words, one of the main obstacles in Web3 development is a lack of skills. Because of this, the few existing blockchain developers are in high demand, which means that creating Web3 experiences usually requires a large investment. According to Glassdoor, the average blockchain developer earned a salary of more than $102,000 per year in 2022. For small and medium-sized businesses, the cost of hiring a team of specialists can be incredibly high.

Partnership to accelerate the implementation of Web3

The death of blockchain skills has led to the rise of a new generation of Web3 ecosystem builders who promise to help brands usher in the exciting era of the metaverse, NFTs, and cryptocurrencies.

Leading the way is Xternity, which is the creator of a unique Web3 development platform that makes it possible for brands to integrate gamification and create sustainable community economies that can enhance their relationships with consumers. Brands can use Xternity’s extensive ecosystem of no-code tools to develop NFTs, cryptocurrency tokens, and metaverse experiences without the need to hire specialized Web3 developers.

Xternity’s goal is to provide a comprehensive Web3 architecture that any brand can leverage, placing community engagement at the center of new immersive metaverse experiences. This is vital because while Web2 was built with consumerism and sales in mind, Web3 will be all about user experience. To succeed on Web3, brands will need to build loyal communities, create fun experiences, and reward users for their engagement, and Xternity makes building this much simpler.

In a nutshell, Xternity is all about helping brands adapt to Web3 and embrace decentralization. It provides a comprehensive set of easy-to-use development tools to create unique metaverse environments and a variety of fun experiences. Brands can use numerous turnkey Web3 solutions out of the box with retention and engagement features. Its tools include custom wallets, a members club, an NFT minting platform, NFT markets, community challenges and reward mechanisms, a comprehensive CRM platform, and more.

However, what really sets Xternity apart is that, unlike alternative platforms, it focuses on the user experience, with analytics tools that help companies better understand their Web3 communities. In this way, brands can identify what their users want and create Web3 experiences to satisfy their desires.

Rivaling Xternity is a platform called Stardust, which aims to help developers get started on Web3, even if they lack blockchain knowledge.

Stardust is the creator of an ecosystem of NFT tools and metaverse creation. It is a chain-agnostic platform that allows for one-click integration with multiple blockchains without the need for specialized skills. Additionally, Stardust has a variety of partners, including mobile game publisher Tilting Point. This allows brands to quickly iterate on gamification strategies by creating engaging mobile gaming experiences that reward players for engaging.

The ultimate goal of Stardust is to empower developers to not only become familiar with the blockchain, but also to create captivating metaverse experiences for users. Its no-code, no-blockchain API makes integrating NFTs into almost any type of game simple. Through this, developers have an easy and frictionless way to monetize immersive games and metaverse experiences and acquire and engage with their communities.

Stardust’s stated goal is to pioneer the emerging “play to win” ecosystem and incentivize engagement with the prospect of real world rewards for end users.

Another platform hoping to bring businesses into Web3 is Venly, which bills itself as a blockchain service provider with an ecosystem of tools to simplify the development of Web3 experiences. Chief among Venly’s offerings are its customizable digital wallets that allow businesses to create their own crypto tokens and distribute them to their customers. Venly also offers the Venly marketplace, an easy-to-use solution for scaling blockchain-based ecosystems.

Like Xternity and Stardust, Venly’s overall vision is to create an ecosystem of developer-friendly tools that can be used to help businesses rapidly adopt Web3 by creating a range of immersive consumer experiences.

This new model for building Web3 ecosystems provides compelling advantages for companies looking for a way to quickly enter the metaverse, but it doesn’t come for free. Xternity, Stardust, and Venly operate on a revenue-sharing or royalty-based model where they cut the fees users pay for metaverse experiences and assets.

For example, if a company uses Xternity to build an NFT marketplace and start selling digital assets, Xternity will receive a small fee for each sale on that company’s platform.

That being said, it is a compelling alternative for many companies that lack or do not want to invest the necessary capital to build a Web3 platform from scratch. The cost of creating a metaverse experience can add up quickly due to the high salaries of blockchain developers and the necessary maintenance of the Web3 infrastructure. By some estimates, the average cost of building a decentralized application of medium complexity can be anywhere from $30,000 to $90,000, and that’s without factoring ongoing maintenance into the equation.

Through a revenue-sharing model of Web3 development, companies can bypass these significant upfront costs and start building with minimal initial outlay. Also, they can focus on their real business instead of being distracted by an important project that is not their main area of ​​expertise.

Most encouragingly, businesses will benefit from having access to tools that enable them to rapidly develop a sustainable, revenue-generating Web3 economy that provides new sources of revenue. It’s a small price to pay for being able to quickly iterate on a proven infrastructure that encompasses the technology, operations, and skills needed to build the next generation of community engagement.