Web2 is the internet as we know it today — a collection of interconnected networks and devices that allow people to communicate and exchange information. Web3, on the other hand, is the next evolution of the internet that will be powered by decentralized technologies like blockchain.
What does this mean for the future of the web?
Simply put, the only way to get into web3 is by being web2-friendly. And to do that, we must use existing web2 infrastructure.
Web3 in web2: New wine, old bottles
That may seem counterintuitive, but it’s the only way to achieve widespread adoption of web3 technologies.
Why?
Because people are comfortable with web2 — they use it daily and understand how it works. Web3, on the other hand, is still in its infancy, and most people don't fully understand how it works (yet).
By using web2 to build web3, we can make the transition to web3 smoother and more seamless for everyone.
Several projects are already doing this.
For instance, some NFT projects store their assets on AWS. The smart contract then fetches relevant information from the server whenever requested. This helps web3 developers overcome issues like the latency of decentralized solutions such as IPFS, and a lack of adequate block space to store large media files like JPEGs or MP4s.
MoonPay enters the chat
For years, MoonPay has made crypto accessible to more people than ever by seamlessly embedding its on- and off-ramps into existing applications. This not only helped build the foundation for the mass adoption of cryptocurrencies, it also laid the groundwork for a more connected future.
Non-fungible tokens, or NFTs, were the logical next step. NFTs are a relatively new development in the blockchain space that have the potential to revolutionize customer experiences and brand interactions.
For example, imagine being able to fractionalize your brand's logo into multiple NFTs that you then list on marketplaces. Or imagine issuing proof-of-attendance tokens to everyone who attends your live event, which can later be used for VIP benefits. The possibilities are endless, and we're only just now scratching the surface.
But for NFTs to reach their full potential, they must be easy to use and accessible to everyone.
Barriers to entry for web2 brands
NFTs are a great play to keep your customers in the loyalty loop, but integrating them into existing business models is challenging.
Most web2 enterprises lack the resources and understanding of web3-native companies. Furthermore, jerry-building infrastructure with a web3 tech stack on top of existing web2 infrastructure is highly resource-intensive. The web3 stack is still new and immature, making it hard to find the right tools and platforms.
Lack of composability is also a big challenge. Since web3 is still in its early stages, very few applications can talk to each other. A siloed approach makes it hard to get the data and insights needed to make sound business decisions.
To break through these barriers, web2 brands will need to seek help from those with a foothold in both web2 and web3.
HyperMint: The bridge to web3
When HyperMint was launched, MoonPay officially marked its evolution from a "payment infrastructure company" to a "web3 infrastructure company."
HyperMint provides enterprise-grade web3 APIs for anyone to use atop their web2 tech stack for faster time-to-market, easier integration, and improved composability.
This means that web2 enterprises can easily mint their own NFTs (up to 4,000 tokens per minute) without having to go through the hassle and expense of building their own blockchain infrastructure.
This game-changing technology allows web2 brands to quickly and easily mint NFTs without having to rebuild their entire infrastructure from scratch. It also removes the worry about which blockchain or tech stack to use.
For example, music platform Beatclub is using HyperMint to produce tokens that allow artists to manage royalties and track commercial usage of their music on the blockchain. The NFT ownership of the recordings incentivizes collaboration, reduces piracy, and makes it easier for creators to be paid directly and efficiently.
HyperMint also helped leading fashion and lifestyle brand Alo Yoga make its first foray into web3 by launching NFTs alongside its first ready-to-wear clothing line. Holders will receive VIP experiences, such as exclusive access to Alo Wellness Clubs and one-to-one consultations with a private client manager who will provide them with a personalized shopping experience.
These are just a few early examples of how HyperMint is helping to make the transition to web3–a shift in which web2 organizations will use smart contracts for almost limitless applications.
Closing thoughts
The web2 world is full of centralized applications and data silos. But, in order to get to web3, we need to start by being web2-friendly.
This means web3 experiences should be built on top of existing web2 infrastructure. By doing this, we can slowly and steadily move the world towards a more decentralized future.
In order to make this happen, we need to focus on three things:
Making it easy for web2 enterprises, brands, and creators to mint tokens
Building interoperability between siloed web3 applications
Increasing the value of NFTs by creating more uses cases
Only by working together can we make the transition to web3 successful.
Want to get HyperMinted?
Are you a brand, enterprise, or agency that wants to deploy NFTs at scale? Contact us to learn more about how HyperMint can help your business.
