How are Web2 companies starting to get involved into Web3?

Web2 companies, such as those in the social media and e-commerce spaces, are starting to take notice of the potential benefits offered by the decentralised nature of Web3 technologies.

One way that these companies are getting involved is through the use of blockchain technology. Blockchain, the underlying technology behind cryptocurrencies like Bitcoin, allows for the creation of decentralized and tamper-proof digital ledgers. This can be used to create more secure and transparent systems for online transactions and data storage.

Another way that Web2 companies are getting involved in Web3 is through the use of decentralized finance (DeFi) platforms. DeFi platforms use smart contracts and blockchain technology to create a new financial system that is open, transparent, and accessible to everyone. This allows for the creation of new financial products and services that are not possible with traditional banking systems.

Some Web2 companies are also exploring the use of non-fungible tokens (NFTs) as a way to monetize digital content. NFTs are unique digital assets that can be bought, sold, and owned just like physical assets. This allows for the creation of a new market for digital art, music, and other forms of digital content.

In summary, Web2 companies are starting to explore and invest in Web3 technologies such as blockchain, DeFi, and NFTs to stay relevant and take advantage of the potential benefits these technologies offer. These range from increased security, transparency, and accessibility, to new revenue streams and business models