What Changes Will Web3 Bring to Our Financial Options?
We’ve been hearing about the arrival of Web3 for some time, but what exactly does this new way of going online promise to give us? With the growing importance of the blockchain, digital assets, and smart contracts, we can expect to see some major changes to the ways we can handle our money.
The Decentralized Finances Sector to Grow Further
Decentralized finances (DeFi) is one of the key areas set to gain greater prominence. Platforms such as Binance, Curve Finance, and Uniswap have all grown impressively in recent years. This summary by CoinTribune explains how each of the leading platforms caters to a certain sector of the market.
DeFi works by allowing users to carry out financial transactions such as lending and staking tokens directly with others. With no banks or other intermediaries involved, smart contracts are used to provide secure and transparent transactions. This makes it easier for anyone to access the financial system quickly and without the hurdles that have traditionally ensured that a percentage of the population remains unbanked.
A Greater Acceptance of Digital Assets
Not everyone is going to need to use DeFi services, but it’s expected that many more people will start using digital assets like cryptocurrencies for other uses. The leading tokens have already become an established part of the investment world with Decrypt reporting at the start of the year that the US and several other countries are planning to join Bhutan and El Salvador in holding large Bitcoin reserves.
These assets can also be used to fund traditional activities in new ways. The leading cryptos can be used to buy everything from luxury goods to houses and cars. The PeerGame casino site accepts Bitcoin SV for player deposits, allowing instant access to games and eliminating the need for registration. This token was created from a Bitcoin hard fork in 2017 as an attempt to maintain creator Satoshi Nakamoto’s original vision. It provides a stable and secure payment method that allows fast and low-cost deposits or withdrawals.
The Continues Rise of NFTs
Non-fungible tokens (NFTs) first hit the headlines a few years ago when digital works of art including Bored Apes and CryptoPunks captured the public imagination as they were sold for huge sums. While the idea of NFT art as an investment vehicle has fallen away since then, we should still consider how NFTs can be used to achieve greater control over our finances.
A good example can be seen with content creators, who can reach their fans directly and monetize their original, authentic content digitally. It’s expected that Web3 activity will see us interact more closely with NFTs, which have the clear benefit of allowing everyone to control and own their data on the blockchain. As well as art, they can be used to represent real estate, membership and other real-world or virtual assets.
These examples reveal how the arrival of Web3 is likely to change the way we store and use our cash. Every internet user is going to have a different experience since there are many different approaches tailored to individual needs and circumstances.
