Web 3 is experiencing rapid development and anticipation worldwide, and it is expected to impact many industries profoundly, similar to how the internet changed our world. According to Vantage Market research, the global Web 3 market revenue will reach USD 23.3 billion by 2028, up from USD 2.9 billion in 2021. Subsequently, many entrepreneurs are considering starting a Web 3 business but are unsure how to go about it.
According to Bain & Company and Meta’s SYNC Southeast Asia report, Web 3 in Southeast Asia will take off because the digital consumers in the region are evolving and willing to experiment with and adopt future technologies. The technology will be decentralised, replacing the traditional ways of doing things. For example, the web browsing experience will be more interactive, using more artificial intelligence integration and superior graphic interfaces such as 3D.
However, before starting a business, you must be aware of the Web 3 2023 trends that will impact your budding company. For one, as more consumers adopt new technology, government regulation will become more stringent. That means you would need to be aware of the policies issued by the regulatory authorities and the standard practices of those in a similar ecosystem to stay out of trouble.
Everything you should know about Web3 in Southeast Asia
Here are other essential tips you must know so that you can start your Web 3 business in 2023:
1. Come up with a viable business idea
No matter your industry, every successful business begins with a viable idea, a solution for everyday problems. Stick to a customer-oriented and problem-solving approach to avoid getting caught up in or bogged down by Web 3’s potential achievements by chasing after unachievable goals.
Have a long-term vision but remain flexible because the Web 3 segment will constantly evolve to accommodate new ideas and technologies. Furthermore, the flexibility will enable you to navigate any regulations imposed by the government.
2. Seek help from industry stakeholders
While it may be tempting to go it alone and chart the path for other entrepreneurs, establishing a business in a novel sector and with innovative technologies can be challenging. You will have to deal with much criticism, scepticism, and even some abuse from those who do not know much about Web 3.
Consider reaching out to other professionals in the burgeoning Web 3 communities and asking for guidance in setting up your business. You can also look to government programs, successful tech founders, or accelerator platforms to figure out how to set up your own company. Hire Web 3 savvy talent to guide you in positioning and marketing your startup to generate excitement and attention for your products and services.
3. Keep up with industry trends
For your business to succeed, you will need the ideas above and to keep an eye on industry trends. The core of Web 3 is decentralisation. Thus, you must check which sectors are likely to thrive in 2023. For example, the real estate and fashion sectors hold much growth promise by using Web 3 to give customers an immersive experience with the products on offer.
4. Beware of Web 3 scams
Avoid falling prey to Web 3 scam artists who will take advantage of your desire to start a business by conning you into giving them your capital. Also, avoid sharing information about your crypto or bank accounts with strangers.
5. Consider your environmental impact
Many investors nowadays focus on environmentally conscious startups or those working towards the United Nations Sustainable Development Goals (SDGs). Therefore, to tap into this trend and protect the planet, choose blockchain platforms for your Web 3 business that are not causing too much damage to the environment.
Ethereum recently shifted from proof-of-work algorithms to proof-of-stake algorithms, which use less energy than the former, thereby having a lower impact on the environment than Bitcoin.
If you follow the steps above, it will be more straightforward to start your Web 3 business. This new internet iteration is exciting and holds many possibilities for life and work, as some of the Web 3 2023 trends suggest. Find a societal problem that needs to be fixed, and design your startup to provide those solutions. You will need to learn on the go and be adaptable as the industry snowballs.
Web 3 in Southeast Asia will be more marketable than in other areas since the region is tech-savvy, has a young population, and has been leading the adoption of new technologies like cryptocurrency and NFTs. Countries like Vietnam and Singapore may be the ideal places to set up your business.
As with all new companies, you must learn to persevere if you wish to establish solid foundations and attract investors. The journey will be challenging, but your startup will thrive if you have a good product and deliver it well to the public.