10 Best Web 3 Opportunities (2023)

2023 will be a make or break year for Web 3. The hype of 2021 has faded and the bear market of 2022 has calmed people down. We are now in a phase where utility backed projects are going to be the standard for Web 3 domination.

Let’s dive in!

1. ENS (Ethereum Name Service)

Although ENS is something I am annoyingly harping at 24/7 to pump my bags, it is by far the most important project in web 3. ENS tokens are criminally cheap right now. And pure utility based domains are criminally cheap as well. Three digit domains are expensive, but three letter domains are lacking, most of them that were registered in late April and Early 2022 are available for hand registration! Three letter ENS domains are strictly a utility play, no branding needed! You can say to a buyer “would you rather have jon69420.eth or jon.eth?” Once they understand the pure utility play behind it, then big time investors will get in line.

2. DNS To ENS Integrations

A lot of people are fading DNS to ENS integrations. Without this integration brands and big time investors will have a hard time navigating web 3. Currently I am buying many web 2 domains for this exact purpose! My recommendation is start buying domains in the “.art” gTLD. For example imagine what you could do with a domains like erc721.art? You can use web 2 platforms to make your web 3 dreams come true!

3. Chat-GPT And AI Generative Art

We are now in an era where you don’t need to draw good art, you just need to know how to specifically instruct and prompt an artificially intelligent platform to do the job you specify. With AI generated art you are guaranteed that no two human beings will generate the exact same art as we are all different and the AI will generate art based on our individualism.

4. Chat-GPT And Uniswap

In late November I used Chat-GPT to create my own token called BZW3. With token generations, people can now import their own tokens on Uniswap and hope the market buys and sells their tokens! This can be great for those who want to start a business but don’t have “accredited investors” to help them out. Now I have implemented my token on Uniswap yet because of my hubris, but token implementation is super easy on Uniswap!

5. Experimental Messaging Apps Via SIWE

We understand that you cannot trust Apple and Facebook when they tell you that your messages are encrypted. What we can trust is blockchain transparency. Having token-gated messaging platforms will truly make things much more equal in the world of web 3. Messaging and instant messaging is basically a huge gap that needs to be filled at the moment. I predict messaging and calling will be the next great feat in web 3 as it is only natural!

6. Credit To Crypto Instant Processing And Vice Versa

One thing that really pisses me off is when my bank declines my transaction because of crypto suspicions when I am a regular repeat customer and I have sufficient funds. There now is a huge market that needs to be filled for crypto buyers who want instant buying power. Payment processing for credit to crypto is going to be huge in web 3, but with much more risk. The risk being that anyone who offers instant credit to crypto transactions would not be FDIC insured due to the fact that the government hates crypto! Right now, mainly debit cards and wire transfers can be used to buy crypto, when people are buying crypto with credit then we will see a huge demand like never before. There does though need to be a system where the buyer of cryptos must “stake” and “lock” some of the crypto they used with borrowed funds to mitigate the risk the issuer takes when lending out credit. Remember this is a business, and collateral of crypto bought with borrowed funds will be a huge part of it!

The main reason most banks only allow debit and credit has to do with the fact that crypto bros are seen as degenerates who don’t pay back what’s owed. It’s not because they hate crypto! They know that they can make money from you if they wanted to! There needs to be a new bank that allows credit to crypto. Responsibility will come from the payment processor whose job is to lock some crypto borrowers buy in hopes of maintaining some level of normalcy incase people start defaulting on debts owed.

7. NFT Licensing Firms

Yuga allows licensing of their NFTS, but in a very limited capacity, what is going to happen now in 2023 is that actual NFT Licensing companies will form that allows NFT owners to license their tokens without the approval of the contract owner. Many NFT projects have licensing deals, but the holders can only license to vendors that are approved by the contract owners. With an NFT licensing firm what it can do is create ways for NFT creators to allow token holders to license the token in a way that puts the NFT contract owner at less legal risk than the individual token holder and licensees, and more profitable.

The issue right now is that many good projects are worried that their tokens will be licensed by holders to bad apple projects who will tank the value of the NFT collection. A licensing firm will be needed to develop actually safe and legal smart contracts that puts the NFT contract owner at zero risk, the individual token holder at zero risk, and puts all the blame of a bad deal on the party licensing the NFT. This allows for the token holder to gain passive income rapidly and the contract owner the peace of mind knowing the licensing firm will be the one to block out bad actors.

8. ENS Rentals

In web 2 many owners of 3-letter domains license the right to rent the domain instead of outright selling it, this is due to the fact 3-letter domains are very liquid in web 2 and many buyers will not pay full price at the point-of-sale. And most sellers won’t do lease to own. In web 3, the same concept will come about with ENS domains. Instead of selling the registrant rights, why not sell the controller rights and make passive income? Most people who invest in ENS domains are doing it because of the utility it offers. Outside of betting on the utility of a 3-letter ENS domain, most holders do nothing with them, thus where the concept of renting out the rights to the domain come in instead of selling it! Anyone who owns a 3-letter or 3-digit ENS is sitting on a gold mine! Renting ENS is a much more feasible option to holders of 3-letter and 3-digit domains instead of selling or doing nothing with it!

9. ENS Management Services

Imagine paying 37 dollars a month for ENS domain management where you don’t have to pay gas to update records on domains. The concept of how a business like this would work is that you pay a service to manage your ENS domains WITHOUT giving access to your wallet. What you would a business like this do? In a nutshell to make sure your domains don’t expire and that it can immediately update records incase you sell the domain. Now why would you pay 36 bucks a month for this? Because you pay at least 100 a month on gas and probably another hundred on renewals. This is about creating a sphere of predictability for those who want easy ENS management without connecting the wallet. Hypothetically charge 37 USD a month to manage 100 domains that are over 5-characters. And a little more expensive for three-character, and four-character domains.

10. NFT Movies And Music

A lot of people think gaming is the next big thing in web 3, and that is not the case. Gaming will be impossible unless the basics like movies and music can be successfully implemented onto the Ethereum Network first! Scaling something massive like multi-player live gaming will be impossible unless we can do something basic like a viable movie, or an actual album!

Conclusion!

Out of these opportunities listed. NFT entertainment, ENS rentals, and ENS management services seem to be the most doable in web 3 at the current moment. SIWE messaging apps will be a bit complex because people will use phones to message and people want to use Ledger for messaging apps and not Metamask, but connecting ledger to phone can be a grind for some users! Chat-GPT and Uniswap and art are already being done. NFT Licensing firms and instant credit to crypto services will be very challenging as that involves importing legal jargon into web 3.