Top 10 Web3 business ideas that could turn into a great startup

As Web3 is the next big leap in the web, there is a lot of discussion and interest around web3 business ideas. A technology called the blockchain powers this decentralized and peer-to-peer internet evolution, enabling more direct and peer-to-peer interactions. A Web3-based solution could enhance the user experience by giving users more control over their data and digital assets. As a result of this paradigm shift, blockchain, cryptocurrencies, and decentralized applications have been leveraged to create innovative business models. Here are some of the most promising Web3 business ideas that could make for a great start-up. First let’s understand what Web3 is, exactly?

What is Web3?

The Web3 Internet makes the decentralized Internet more secure and private by using blockchain technology, the same technology that underpins Bitcoin. A web3 system is a technology protocol controlled by computer code that facilitates direct and secure communication between users, applications, and data. With Web3, you own your digital identity and assets directly without middlemen or third parties. It is the shift from an informational to a value-exchanged internet.

Web3 market size and business opportunities 

Although Web3 is still in its infancy, it seems to have a bright future. Over the last few years, the sector has seen notable expansion, and this trend does not seem to be slowing down. This can be seen from the statistics below.

Web3 investments and companies:

Compared with the initial amount of $214 million, Web3 companies gained 764% more capital in the first six months of 2021.

• With a market capitalization of around $8 billion, Polkadot is the leading Web 3.0 cryptocurrency.
• A market capitalization of $3.3 billion puts Chainlink in second place.
• By 2028, the Global Web 3.0 Blockchain Market will generate USD 23.3 billion in revenue. 

Web3 business ideas to explore in 2024

1. Metaverse

2. Web3 content creation hub

3. NFT marketplace

4. DeFI (Decentralized Finance)

5. Subscription-based hosting

6. Decentralized social networks

7. Web3-based lifestyle applications

8. Cloud as a service system

9. Web3 consultancy

10. Decentralized applications

Now let’s delve deeper to extend information on the above-mentioned Web3 ideas.

1. Metaverse

The next big thing in the list of Web3 business ideas is Metaverse. Metaverse has begun hosting concerts and meetings. Metaverse event hosting is one way to start your Web3 business. It will be profitable to develop a Metaverse event center that can host entertainment and educational events. All you need is a virtual space, an interior and exterior designer, and the necessary equipment. This opens the door to other Web3 business ideas, such as acquiring real estate. Here are some statistics about Metaverse that will give you insight into the market and its future. 

According to Grand View Research, the metaverse market will be worth $678 billion by 2030. Over the next ten years, the report predicts a compounded annual growth rate of 39% for that market value, which will reach just shy of $39 billion in 2021.

By 2026, approximately 2 billion people worldwide will spend at least one hour each day in the Metaverse working, shopping, attending school, socializing, or consuming entertainment, according to McCann Worldgroup. 

Web3-based Metaverse business example:

A number of platforms now offer users the ability to create virtual environments, games, and experiences in the Metaverse, such as Decentraland, The Sandbox, and Roblox.

2. Web3 content creation hub and entertainment platform 

How about a platform where content creators, such as musicians, artists, and writers can share and monetize their work through blockchain technology? This can be one of the top Web3 business ideas to start in 2024-2025. With the help of this platform, creators would keep ownership of their intellectual property and get fair compensation for their creative work. If you are planning to start this web3 startup, you can integrate mechanisms for content licensing, royalties, and digital rights management. These features will help them ensure the protection and monetize their content/work. 

Web3 business example: 

Early examples of Web3 entertainment and content creation hubs include Rarible, OpenSea, and Foundation, which offer creators a way to mint and sell digital creations. Similarly, Audius and BitClout are such platforms that allow musicians and artists to directly connect with their audiences, facilitating the decentralization of the entertainment industry.

3. NFT marketplace 

Before you begin with creating an NFT marketplace as one of the Web 3.0 business models, you should understand the basics of Non-fungible Tokens and how it works. The NFT (Non-Fungible Token) marketplace allows users to create, buy, and sell digital assets that cannot be replicated or exchanged like-for-like.

Brands and businesses are being provided with unparalleled opportunities in the digital landscape by NFTs, which are revolutionizing the concept of digital ownership. They are integral to Web3, reshaping digital communities, businesses, and assets within the sphere of Web3 advancements as the cultural cornerstone of crypto art.

In spite of the increase in valuations for NFTs, the potential of web3 startup ideas incorporating NFTs is undeniably evident. In May 2022, the total transaction volume within NFT marketplaces exceeded $37 billion. The impressive figure illustrates how non-fungible tokens can be effectively utilized by startups to establish thriving web3 businesses.

NFT marketplace business example: 

Nifty Gateway is a popular NFT marketplace where digital artists including Beeple, Pak, Daniel Arsham, and Grimes have sold their artworks. A regulated and secure crypto exchange, Gemini, manages the platform, which collaborates with popular creators and brands and is regarded as a high-end marketplace.

4. DeFI (Decentralized Finance) 

Tokenomics and blockchain are sweeping the world. The trend of investing in cryptocurrency has become increasingly prevalent as individuals are beginning to understand its potential, enabling more prominent consumer credit. Decentralized Finance (DeFi) is one of the most popular Web3 business ideas. What we mean by DeFI startup is to create decentralized mechanisms for lending, borrowing, trading, and investing in cryptocurrencies. The use of smart contracts ensures transparency and security in transactions by automating various financial functions.

It is most appealing to those who want borderless financial systems, free of intermediaries, central government, and sometimes ridiculous processing requirements. Startups such as Celsius and Compound Finance are using the DeFi option to advance reserve funds in stablecoins, offering high-interest loan costs as incentives, as well as 5%-7% annual returns on the resources saved. A major component of blockchain-based DeFi is its expansion of money lending capacity, making it an exceptional Web3 business model.

DeFi business example: 

Platforms such as Aave, Compound, and Uniswap provide decentralized lending, borrowing, and trading services, enabling users to access financial services without the need for traditional banks or financial institutions. 

5. Subscription-based hosting 

A SaaS model involves a third-party provider hosting applications and making them available online for the customers. As a result of Web3.0, the SaaS model has been reformed based on subscription-based revenue generation. There is nothing new about it, but many traditional businesses have already begun to make money. 

Using this model, the internet charges another business, organization, or entity a subscription fee. A web3.0 business idea is to charge another organization a fee for hosting their crypto wallets. With the elimination of private key authorization for blockchain trading, the Web 3.0 business can now host another company’s crypto wallet monthly, quarterly, and yearly, payable in cryptocurrency.

If you are interested in creating a SaaS model for your business, you can contact an expert cryptocurrency exchange development company to get started on your dream project. 

Web3-based SaaS business example: 

Alchemy is one such example of Web3 SaaS. The platform features tools and services for developing, scaling, and deploying decentralized apps.

6. Decentralized social networks 

Social media users have been concerned about their data privacy and centralized control for quite some time now. Often social media faces criticism for the same. You can build a decentralized social media platform that majorly focuses on user’s privacy, how user data is utilized, and content monetization. With the help of blockchain technology, users would have control over the interactions and data. This will create a more transparent, and user-centric social media experience, which will be a great business idea to implement. Additionally, encryption and other privacy-conscious measures are crucial to maintaining the security and privacy of user data. 

Decentralized social networks examples:

Peepeth is a decentralized social network that runs on Ethereum blockchain. It emphasizes authenticity, accountability, and transparency. Peepeth allows active users to post messages, follow others, and earn reputation points for positive contributions. 

7. Web3-based lifestyle applications 

The Web3 ecosystem is evolving into a new trend of lifestyle applications. The play-to-earn model that took over the gaming industry seems to be being replicated in other industries as well. You must have heard of some of them; move-to-earn, sleep-to-earn, etc.  This emerging web3 trend of healthier lifestyles encourages users to adopt healthy habits. Like play-to-earn models, Web3 lifestyle applications create an incentive (money, in most cases) to engage users, leading to shared value for creators and users alike. 

Apps like these were developed to promote a healthier lifestyle. Today, it has evolved into a business model through the revenue streams they provide. A number of Web3 lifestyle applications use this concept. It opens the door to great Web 3.0 business opportunities for entrepreneurs interested in blockchain business ideas. 

Web3 based lifestyle application example:

Solana-based STEPN has launched an application that rewards users for walking, running, or jogging with its native token, GMT (a move-to-earn token). With over 100 million users, Sweatcoin was another move-to-earn application with a $40 million market cap.

8. Cloud as a service system 

The cloud storage sector will undergo major changes due to Web3. We can see a cloud-based system built on the blockchain emerge, or, let’s say, new web3 business ideas will emerge.  

Cloud-based infrastructure will replace centralized data storage systems in modern businesses. There are three major cloud hosting platforms: Amazon Web Services, Microsoft Azure, and Google Cloud. This is due to the fact that these companies have their own data servers. As a result, they monopolize over 70% of the cloud infrastructure market. 

The emergence of Web 3.0 will remove the monopoly of web services and will make a room for other competitive startups due to its decentralization . Furthermore, cloud infrastructure costs will plummet, enabling new businesses to thrive and survive. As a result of blockchain projects like Filecoin and Storj, the Web3 industry will change forever.

9. Web3 consultancy 

Just as you are looking for Web3 business ideas, many aspiring entrepreneurs and startups are seeking the same. Starting a Web3 consultancy business can be a great idea where you will be guiding others on their journey toward embracing web3 technologies. It goes without saying; you need to master what you are teaching. So, it is imperative to have a deep understanding about blockchain technology, decentralized applications, smart contracts, and other aspects of the Web3 ecosystem before offering Web3 consultancy services. Consulting services could provide new startups with valuable recommendations on Web3 and Blockchain Integration into their business processes.

Web3 consultancy businesses can also provide insight and guidance on the development and modeling of new Web3-based enterprises. To help clients better understand Web3 technologies, consultants may also offer training and educational workshops.

Web3 consultancy service providers:
There are a number of consulting firms and independent consultants that specialize in providing Web3 consultancy services. OpenXcell technolabs is one such company. Although the company provides end-to-end technology services, they also have Web3 tech experts who will help you navigate complexities of Web3. Firms like this enable clients to optimize their operations, enhance security, and explore new business opportunities using decentralized technologies.

10. Decentralized applications 

As a rewarding Web3 business idea, decentralized blockchain applications are gaining traction. To eliminate the need for regulatory oversight, “Decentralized Applications” use a decentralized infrastructure. Businesses benefit greatly from these applications, especially when it comes to cloud storage. It would be possible to maintain sensitive information securely with dApps for Web3 enterprises. Web3 business ideas should include decentralized cloud storage applications. A key component of the web3 ecosystem is the development of decentralization through DApps. As opposed to traditional business models, Web3 applications offer numerous advantages, including ownership of personal data, resistance to censorship, privacy, and a broader distribution of profits. This makes Web3 an excellent starting point for enterprises.

Decentralized applications example: 

Audius is one of the unique DApps exploring blockchain technology’s potential in the entertainment sector. It works almost like traditional music streaming apps, such as Spotify and Deezer.

Final take away 

As time goes on, Web3 business ideas and opportunities will evolve. As a result, it is advisable to utilize this time while the pillar for the technology has been raised. Those entrepreneurs interested in getting a piece of the pie should now start experimenting with the technologies – or at least develop a basic understanding of them. Businesses will inevitably be affected by Web3 in the future, and entrepreneurs can create unique value propositions by identifying unexplored business models and exploring new monetization streams. OpenXcell is an outstanding Web 3.0 Development Company with expert blockchain developers that can help you launch your business on the Web 3.0 platform.