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Web3: Executive Level Set
Authors
Gary Zimmerman – CMO, Principal Consulting Analyst
Abstract
Today, the World Wide Web is dominated by the 2nd generation called Web2. Existing business models are largely based on using network effects to achieve market dominance and monetizing user data via advertising/influence. Web2 companies such as Google, Facebook, Apple, and Amazon dominate their respective segments, but there are trends that indicate a shift away from these structures.
The major themes of this shift are the Metaverse and Web3 movements. They are two sides of the same coin, creating a new front- and backend for the Web. Where Metaverse uses new tech like digital reality and AI to create new ways of digital interaction, Web3 is using blockchain and tokenization to build a peer-to-peer data layer within the Internet that allows for ownership of digital goods. Web 3 is the focus of this executive level set.
There is tremendous buzz around Web3 and IT executives must, at a minimum, understand what Web3 is and when to engage. This report is an executive primer that will provide a pragmatic level set as to what Web3 really is (and isn’t) and provide context to help your enterprise better understand and approach this new Web model.
Fundamentally Web3 moves from a model where large infrastructure providers control data, governance, and transactions to a model where customers (and businesses) will be able to take their identities, currencies, experiences, and assets where they want and better control the experience.
There are many barriers for widespread adoption, but there is also an opportunity to reshape the Web as we know it. Future reports will build off of this executive level set with deeper technical dives and architectural considerations in supporting Web3.
