The year before, there was an unexpected trend on Twitter where people changed their profile pictures to funny-looking ape caricatures. Monkeys with cool sunglasses on, monkeys smoking, or monkeys with red eyes from being high.
The firm that made such NFTs (non-fungible tokens) was named “Bored Ape Yacht Club.” The first batch of ape NFTs sold for about $2 million. Ever since, the collection has been worth more than $100 million, and the least expensive apes often sell for almost $14,000 each.
Numerous people thought it was so silly that Web3 fans bought some these digital monkeys and spent millions on NFTs in general.
However the common opinion has now spread to Indian Web2 platforms, where it is used in other ways.
Flipkart recently partnered with the “Nothing” phone to bring its clients to the Web3 playground through the first NFT delivery on Flipkart FireDrops, which was hosted on the Polygon blockchain. This can totally change the eCommerce experience by making digital ownership verifiable and getting more people involved in the community.
“With this utility-based adoption, people are finally understanding that there are some real-world use cases for Web 3 solutions like NFT and Metaverse,” said Manasa Rajan, CEO of Jupiter Meta. Jupiter Meta is a homegrown, Web 3.0 integrated entity that is changing the metaverse and giving businesses NFT solutions.
He as well stated that these are obvious indicators of adoption, which means that Web3 will be around for a long time. Now it’s showing what it can really do, which will enhance how we use products, services, and content and how we connect with them.
Polygon is a key part of the Web3 space
Polygon Technology is a decentralized scaling platform for Ethereum that has grown common in the Web2 ecosystem in previous months. Reddit, Starbucks, Robinhood, and Flipkart all have the polygon technology that they need to join Web3. For instance, “Collectible Avatars,” a show on the social network Reddit, is now based on Polygon.
the past month, Starbucks announced “Starbucks Odyssey,” an NFT-based reward for users that will permit them to obtain and buy collectible digital assets. Polygon is working with Starbucks on its NFT loyalty program.
The most significant development among all the platforms was the addition of Flipkart’s PolygonScan blockchain scanner.
“The fact that companies like Reddit, Starbucks and even Meta have implemented our Web3 and NFT features is a great example of the uptick in the adoption curve and how these technologies are poised to rule the tech industry,” said Arjun Kalsy, vice president of growth, polygon.
Starbucks has been putting in place Web3 technology that will make it possible for members of its Starbucks Rewards loyalty program to interact with the company in new and creative ways. This will give members access to immersive coffee experiences, unique products created in partnership with artists, and invitations to special events.
Pervasive Web3
When people who liked Web3 were enthused about NFT, the metaverse, and other Web3 features, skeptics, particularly those who used Web2 platforms, called these concepts a “fad.” After two years, these features are now a part of Web2.
Rajan from Jupiter Meta claimed he made the world’s first Web3 content platform to protect the publishing industry from the future and give publishers and journalists new ways to make money.
Additionally, by utilizing Web3 technologies like metaverse and NFT, his organization is working on projects with Indian supermarkets, dairy companies, and music festival organizers to provide a seamless client experience.
Adoption after rejection
“The main reason that Web2 companies are gradually leaning towards Web3 features is the seamless experience and ownership opportunities it brings to their customers,” said Polygon’s Kalsy.
The company thinks that combining with some of the biggest technology and business-to-consumer companies in the world has helped them show how powerful Web3 is and gain the trust of their clients. Polygon is being contacted by more and more Web2 companies that want to work together to add Web3 features to their own platforms.
Experts say that these companies’ recent use of NFT and blockchain explorer will help bring Web3 to more people’s attention. However, Web3 may still be a while away from being widely used.
“The responsibility to make Web3 popular with consumers would fall on businesses,” said Piyush Gupta, co-founder of VOSMOS, a Web3-based digital marketing platform.
He thinks the Starbucks loyalty program is one of the best ways to run a business. But if Starbucks wants people to use a new program based on Web3 and NFT, it needs to keep things simple. The greatest issues for the brand would be making it easy to get to and use. But if well-known brands join the Web3 crowd, there will definitely be more people who know about, accept, and use Web3.
Piyush Gupta also said that the company is always trying to alter so much brands because it thinks that Web3 communities are close-knit groups of people who can make changes by helping each other without a central authority.
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