OQTACORE - Web & Mobile development

Why the term 'web3' is dying

First, let's understand the following terms:
Web1: The term is used to refer to the first stage of development of the Internet. The main products, sites and content were 'static', meaning you could not interact with them; at that point, they were largely informational. Examples of Web1 products then are: Yahoo, Internet Explorer, NBC

Web2: This is the stage we're in now; Web2 content is interactive, users can buy, create and distribute it themselves; another name for this phase is the centralized Internet as it is dominated and almost controlled by four giants: Apple, Amazon, Facebook, and Google.

Web3: Web3 is the idea of a new version of the Internet based on blockchain,
decentralisation and tokenomics; Web3 app developers store data using blockchain and deploy applications directly in it, instead of using single servers or databases.

But before 2021, have you ever thought about the terms Web1 or Web2?

Why is everyone suddenly talking about Web3 when no one even knew we were in the Web2 stage?

It's simple, the hype around the term was because all the companies were "trying" to add decentralization, NFT, Metaverse or blockchain to their projects; this seemed fashionable.

But lately, the term "Web3" has discredited itself for three reasons:
Crypto crisis. Just last Monday, Bitcoin dropped to a week-and-a-half low as the crypto market continues to take a bruising following the spectacular collapse of FTX. The crypto market cap has plummeted from $3 trillion to below $900 billion in just six months, and the decline continues.

Metaverse misconceptions. The market continues to evolve, but the average user still doesn't understand the difference between metaverse and the usual MMORPG (and Zuckerberg's new cringe metaverse selfie doesn't help matters).
Declining popularity of NFT. According to a report from DappRadar, Q3 2022 saw $3.4 billion in NFT sales, down from $8.4 billion in Q2 2022 and $12.5 billion at the market's peak in the first quarter of the year.

Web3 continues to be adopted by projects that can't sell their product in a bear market, while companies with brilliant ideas just keep developing them without shoving web3 in every name. We think the trend will continue in 2021-2022, and will lead to a boom in crypto projects - we won't notice how quickly that time will come.

Let's spend more time on implementation and development of business ideas, especially among crypto projects. If you create a bad project, putting a beautiful wrapper like "Web3" in the name won’t save it. Peace, everyone!

Top 3 Web3 trends worth breaking into

Web3 as a business industry was born just last fall, after Mark Zuckerberg's speech, but more and more tech entrepreneurs are now seeking to be a part of this trend. Dove Metrics reports that 438 Web3 companies have raised over $4.5 billion in funding so far. But the more new projects appear, the more frequent newcomer companies are asking, "What other areas of Web3 can we break into?"

OQTACORE will help you answer this question! Our team has identified 3 Web3 areas from where your business idea can take off.

Decentralized social networks.
In fact, the emergence of blockchain-based social media was expected. Decentralization creates strong competitors to Web2 social networks, which regularly experience data breaches, increased censorship, government pressure, and so on.

Decentralized social networks are blockchain-based dApps where users communicate, create and share content, just as is done in traditional social networking services. The difference is that blockchain stores user data in thousands of nodes around the world, and because of the properties of blockchain, even if a few nodes go down, the network itself won't suffer. And since information is duplicated by all nodes, verified and correlated, Web3 social networks become transparent and uncontrollable by total censorship. This sounds utopian, but we're already seeing the first decentralized platforms emerge.

Examples of decentralized social networks:

Peepeth is a microblogging social media platform like Twitter; it runs on Ethereum and allows users to donate ETH.
Mirror is a web3-enabled writing platform for writers. Each entry is stored in Arweave, a decentralized data storage network, and can be released by users as an NFT for sale;
MINDS is similar to Facebook and uses its own ERC20 token called MINDS. It can be used within the platform to buy goods.

Crypto Sports Betting.
Web2 betting platforms are a typical example of how centralization works and why it drives regular users nuts. Traditional bookmakers always dictate their rules to the player: even if a person wins a bet, the platform can severely limit his winnings with a commission or reject the win altogether "based on platform rules".

Therefore, Web3 betting platforms are trying to solve the "casino always wins" problem and overcome players' mistrust with the help of blockchain. Blockchain transparency allows users to control unexpected intervention in a transaction and the rejection of winnings. Most importantly, the betting data on the blockchain cannot be changed, and this gives the user confidence. In this way, bookmakers and players can agree and fairly share the winnings. And the market shows that this idea is popular. For example, Aver, a sports betting exchange, which runs on the Solana blockchain, raised a $7.5 million seed funding round in January this year.
However, bookmakers in Web3 also have limitations: bets are thousands of transactions, so decentralized platforms have to pay more for gas. New bookmakers have to experiment with using the network and electricity; they are forced to negotiate with governments - let's not forget that in several countries sports betting is strictly regulated by law.

Examples of blockchain-based betting platforms:
SX Bet - a peer-to-peer betting exchange based on an exclusive blockchain built with Polygon
Divvy - a betting protocol powered by Solana

Gaming.
Web3 cannot do without games because gaming promotes the decentralized web. According to Global Market Estimates, the global NFT market will grow at a rate of 185% from 2021 to 2026, and gamers are expected to be a big part of this growth. In addition, Roblox is considered the largest metaverse with about 230 million monthly active users.

Existing Web3 games amaze with their diversity - from the most expensive play-to-earn game Axie Infinity with a record-breaking $2.3 billion in NFT trading volume, to projects like The Sandbox, where users can buy and sell virtual real estate using cryptocurrency.

However, "decentralized" games, where the rules and development of the game ecosystem are regulated by the players themselves, not by developers, are almost non-existent in the market. Play-to-earn and play-and-earn remain major trends, so now is the time to bring new player-driven solutions to the Web3 market, where they are much needed.

Web3 is a diverse market, and each new company offers it something different. Good luck to all newcomers as they actualize their business ideas. We would also like to remind those entrepreneurs who already have a business idea that we're ready to realize it.