- Web3 is the next generation of internet, utilizing blockchain for decentralized apps and smart contracts
- Chingari, an Indian startup, leveraged Web3 to revolutionize the creators economy.
- Web3 industry has potential to change online interactions and business with decentralized solutions.
Web3, also known as the next generation of the internet, utilizes blockchain technology to support decentralized applications and smart contracts. This technology provides startups with the ability to establish new business models and earn revenue through decentralized finance and non-fungible tokens.
Startups can also build and launch their decentralized applications on blockchain platforms like Ethereum and Solana. One example of a successful startup utilizing Web3 is Chingari, an Indian company that has become a global brand in just two years by leveraging Web3 technology and transforming the creators economy. Chingari adopted Web3 before larger social media companies had begun to transition their platforms to a decentralized business model.
The company has been using Web3 to its advantage for a significant amount of time, implementing a native Social Token called GARI, which allows for monetization for creators and gives the app an edge over competitors. Chingari has also launched a video NFT marketplace called Creators Cut, providing a new revenue stream and establishing a first-mover advantage in the video NFT space.
Many Web2 companies are now shifting to the Web3 ecosystem and exploring the new opportunities it offers. The Web3 industry has the potential to revolutionize the way we interact and conduct business online and is constantly evolving with new and innovative ways to use blockchain technology for decentralized solutions that benefit both individuals and organizations. With the GARI Web3 Stack, any Web2 application can quickly transition to Web3 and join the Web3 revolution.