How is online shopping 3 a revolution for buyers and merchants?

according to Kurt Ivyreplacing Credit card Via cryptocurrency and shopping on Web3 is already underway. Here’s why this transition is beneficial for both buyers and merchants.

2021 was the year when crypto and blockchain technology first entered its history. This success is largely due to the growing popularity of non-fungible tokens (NFTs) and the concept of Web3.

social networks (also known as Web 2.0) It was at the heart of the last decade of growth for the Internet. However, many projects have set themselves the task of launching a new revolution on the Internet. This, by giving users more control over their data and taking advantage of blockchain networks that offer innovative features and new business models on the web.

Web3 is designed to be a completely new style of user interaction. Its supporters consider it the perfect solution to all current Internet problems, both in social networks, when shopping online, etc.

What is web 3.0?

Right now, Web 3.0 is more of a buzzword than anything else. In fact, even its biggest proponents are still struggling to explain how this new era of the internet will emerge in the coming years.

However, there are common elements in nearly every Web 3 description. The basic idea behind this concept is to make use of blockchain technology and other tools related to cryptography. The goal is to create a new structural foundation for web applications that focus on decentralization.

In other words, Web3 is a way to fight the massive power that big tech companies like Facebook and Google wield over their users and the entire Internet.

Web Shopping 3: How does it work?

Web3 applications are likely to be used by crypto wallets. This will allow users to do everything from paying to logging in, all with a decentralized digital identity. These wallets contain the private keys associated with users’ digital assets, online identities, certificates, and more.

Today, MetaMask is the most popular wallet on the market. It is an Ethereum wallet that is compatible with other crypto networks that use the Ethereum Virtual Machine (EVM).

Currently, this type of crypto wallet is mainly used to connect to Ethereum-based applications focused on decentralized finance (DeFi) or NFTs. However, many technology experts believe that this pattern of interaction with applications will spread to all other areas of the web.

Currently, cryptocurrency wallets may seem a bit complicated to the layman. This is why many players in the crypto space hope that it will become easier to use over time.

Web Shopping 3: What could change?

Online shopping and e-commerce are among the areas of Web3 that have caught the attention of crypto enthusiasts. In fact, even Bitcoin, the first cryptocurrency on the market, aims to revolutionize online payments.

However, Web3’s potential goes beyond changing the way people pay for goods and services online.

The good news is that once you install a crypto wallet in your computer browser or on your mobile phone, your shopping experience on Web3 won’t be much different than today. In fact, you can easily connect Web3 apps to traditional e-commerce platforms like Shopify and WooCommerce. The transition from the age of credit cards to the age of cryptocurrency and web shopping is already underway 3.

NFTs can also play an important role in the development of this sector. As a reminder, NFTs are unique digital tokens, kept in users’ crypto wallets. It can represent several elements of the physical or digital world.

Take for example the SHOPX platform, which allows merchants to offer a variety of non-fungible tokens to their users.

SHOPX has an NFT feature called ReserveX, which acts as a ticketing system for new products from online stores. This is because some developers program bots to crawl the web, find new products that are limited in quantity, and then buy them as soon as they become available.

Then, the bot creator resells the new product on another platform for profit. This means that fans of the brand find themselves having to pay a higher price than the actual price of the product, just because some people have been able to buy the stock entirely thanks to the bots.

With ReserveX, brands can sell or give away digital coupons for their new products. Then, they can ask those involved in the presale of these products to get their vouchers. This means that the customer must have ReserveX NFT to make the purchase. The goal is to create a fairer system that rewards loyal customers rather than opportunistic people.

E-commerce NFTs

SHOPX offers other more popular NFT types called “MintX”. These e-commerce tokens represent the physical or digital assets that the merchant sells. In other words, every time a customer makes a purchase from the merchant’s online store, the latter gives him an NFT associated with the purchased product.

These non-fungible tokens can be considered as a type of digital certificate of authenticity that the customer can store in their encrypted wallet. For example, if a user buys a new exclusive product, they can easily prove it to others on the Internet in an encrypted way.

If the product is resold, the NFT can easily be transferred to another person. This also helps prevent counterfeiting of luxury brand products.

Web Shopping 3: A Changing World

Bitcoin payments have led to a series of changes in the field of e-commerce. New block chains focused on NFT and Web3 could allow for a greater degree of experimentation. Over the next few years, merchants will need to pay close attention to how they can use this new technology to improve customer loyalty, reduce fraud, and more.

About the author

Kurt Ivy He is a content writer at SHOPX and Gamerse, a marketing consultant at Altar, a content manager at Crypto PR Labs and CEO of Coffee Nova. Ivy is a philosopher, futurist, writer, and entrepreneur.

Not giving an opinion

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information on our website is entirely at his or her own risk.

Leave a Comment