Web3 Shopping: A Revolution for Buyers and Resellers

The shift from card payments to cryptocurrencies and the era of Web3 shopping is already in full swing, says Kurt Ivy. We show you why this is good for both buyers and retailers.

2021 was the year when crypto and blockchain technology came into mainstream focus for the first time in their history. This is mainly due to the growing popularity of Non-Fungible Tokens (NFTs) and the Web3 concept.

The last decade of internet growth has been largely dominated by the age of social media (aka Web 2.0). But recently, there has been a new push to revolutionize the Internet again. On the one hand, by giving users more control over their data. Second, by leveraging the power of various blockchain networks that enable new types of features and economic models on the Internet.

Web3 has been touted as a whole new way for web users to interact with each other online. Its supporters claim that it will be able to solve many problems that arise in everything from social media to online shopping.

What is Web3?

So far, Web3 is more of a buzzword than anything else. It is still difficult for some of technology’s greatest proponents to explain exactly how this new Internet age will manifest itself in the years to come.

Still, there are some common themes that can be found in pretty much every description of Web3. The basic idea of ​​Web3 is the use of blockchain technology and other cryptographic building blocks. This should create a new structural basis for web applications that focus on decentralization.

Web3 is in many ways a response to the high degree of control that large tech companies like Facebook and Google have over their users and the Internet as a whole.

An image from BeInCrypto.com

The portal for Web3 applications for users is likely to be a form of crypto-wallet. With this wallet, users can do everything from making payments to logging into web applications with a kind of decentralized, digital identity. These wallets contain the private keys associated with digital assets, online identities, certificates and more.

Currently, the most popular wallet is MetaMask, an Ethereum wallet. It is also compatible with other krypton networks using an Ethereum Virtual Machine (EVM).

This type of crypto wallet is mainly used to register with Ethereum-based applications related to decentralized finance (DeFi) or NFTs. However, many technologists assume that this model for interacting with web applications will extend to all other areas of the Internet.

While the average person might still find this type of cryptocurrency a bit too cumbersome at the moment, there is hope that the user experience will improve quite a bit over time.

One of the areas of Web3 that has caught the attention of blockchain enthusiasts is online shopping and e-commerce. Bitcoin itself began as a way to revolutionize online payments.

But the promise of Web3 has much more potential than just changing the way people pay for goods and services online.

The good news is that once a crypto-wallet is installed on the laptop browser or smartphone, the Web3-enabled shopping experience is not that different from how shopping works today. Rather, Web3 applications can be seamlessly integrated with traditional online trading platforms such as Shopify or WooCommerce. The shift from card payments to cryptocurrencies and the era of Web3 shopping is already underway.

NFTs can also play a major role in the development of this space. NFTs are unique digital tokens that users have in cryptocurrencies. They can represent a variety of real or digital objects.

Let’s look at the SHOPX platform as an example. They offer many different types of NFTs that retailers can offer their customers in return.

ReserveX is an NFT-powered function in SHOPX. It acts as a kind of voucher or ticket system for new products sold in the online shop. There are often problems with pre-sales or new products when they are sold online in limited numbers. Programmers write bots that crawl the web and find new products in limited editions as they come out.

The creator of the bot will then sell the product on another platform for a profit. This means that the true fans of the brand behind the product end up paying higher prices than they otherwise would. And that’s just because one or more people could buy the entire stock of the new product using bots.

ReserveX allows brands to sell or give away digital coupons associated with the new product launch. Thus, there is a requirement that must be met in order to participate in the pre-sale or launch of the product. The customer must own a RexerveX NFT in order to purchase the product. The hope behind this is to create a fairer system where the real fans of the brand are rewarded again and not merchandising rip-offs.

Another type of e-commerce NFTs enabled by SHOPX is MintX. This type of NFT is little known. In this case, NFT represents a physical or digital product that the retailer sells. In other words, with every purchase made through the retailer’s online store, the customer receives an NFT associated with the product.

It can also be seen as a kind of digital certificate of authenticity, which the customer can then keep in his crypto wallet. This is, for example, an advantage when the customer buys a new exclusive product. They can so easily and cryptographically prove to other people on the internet that they own the product.

NFT can also be given to another if the product is resold. This is useful to prevent the spread of counterfeit or counterfeit versions of premium branded products.

An image from BeInCrypto.com

Bitcoin payments were only the beginning of huge changes that are not yet on the way in the world of e-commerce. Newer blockchains focusing on NFTs and Web3 have the potential to enable a much higher level of experimentation. In the coming years, retailers should keep an eye on how they can use this new technology to improve brand loyalty, reduce fraud and more.

About the author

Kurt Ivy is Content Writer for SHOPX and Gamerse, Marketing Consultant at Altar, Head of Content at Crypto PR Labs and CEO of Coffee Nova. Ivy is a philosopher, futurist, author and entrepreneur.

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All information contained on our website has been examined to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information on our website is entirely at your own risk.

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