What does Web3 mean to charities and nonprofits?
Web3 is defined as the third generation of the internet, an interactive world that brings people, data, and machines together to share information like never before. Web3 is a world full of blockchain technology, cryptocurrency, virtual reality, and other technologies not currently as prevalent. Web3 is also poised to be more decentralized, where ownership of platforms is held by the users.
Web2 (the phase state of the internet) does incorporate some of the aforementioned technology, it’s just not as widely available or used. Web2 is more about social media, user generated content, and centralized ownership of the internet.
Web3 is giving charities and nonprofits an opportunity to revolutionize the way they do business. Here are some ways Web3 strategies will benefit nonprofits:
Blockchain technologies are set to transform the nonprofit sector by streamlining donations, promoting transparency and eliminating financial risk. Blockchain is a public digital ledger that records transactions and can be used to keep track of different units of currency, property or even votes. With blockchain technology, it becomes easier for people to see where their donations are going and increase accountability in the donation process.
Empowering the user base: The old-school methods of giving are being bypassed by the new digital technology and platforms. Nonprofits can benefit from a Web 3.0 strategy that transforms how they deliver their messages and raises funds.
The Metaverse will allow for better/different storytelling and the ability to explain complex concepts in easier to understand formats and experiences.
The above are only a few of the benefits.
- Further Reading: What Is Web 3.0 And How Do You Navigate Web 3.0?
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