The top 10 web3 impacts on traditional industries due to decentralization are enlisted in this article The Top 10 Web3 Impacts on Traditional Industries Due to Decentralization, it can disrupt and alter sectors ranging from banking and art to healthcare and education.Web3 has had a tremendous influence on the financial industry.Blockchain-enabled Decentralized Finance (DeFi) protocols enable peer-to-peer lending, borrowing, and trading without the need for middlemen.The Top 10 Web3 Impacts on Traditional Industries Due to Decentralization: 1.
Decentralized Finance (DeFi): Web3 is revolutionizing the financial sector by introducing DeFi protocols that enable peer-to-peer lending, borrowing, and trading without the use of middlemen.This upends established banking and investing paradigms by giving customers greater control over their cash and allowing them to earn higher profits.2.
Digital Art: The introduction of non-fungible tokens (NFTs) and blockchain-based digital art markets has transformed the art business.This decentralized technique allows artists to monetize their work without the need for intermediaries while also ensuring the art’s validity and provenance.3.Supply Chain Management: Web3 is changing supply chain management by offering a transparent and decentralized ledger of all transactions, allowing for increased supply chain transparency and efficiency.4.Cybersecurity: lockchain-based decentralized security protocols are more secure and less resistant to attack than centralized ones.This has the potential to disrupt existing cybersecurity approaches, providing people and companies with enhanced safety.
5.Education: Decentralized education systems increase access to education while also introducing new financial options for instructors.
Peer-to-peer learning and credential verification can be facilitated via Web3-enabled applications, upsetting established education structures.6.Healthcare: Decentralized healthcare solutions based on blockchain technology provide improved security and transparency in the exchange and management of medical data.This innovation has the potential to completely revolutionize the healthcare business by improving patient outcomes and lowering costs.
7.Digital Identity: Web3 enables self-sovereign identification, giving people authority over their digital identities and data.This has the potential to disrupt established identity verification approaches while also providing consumers with improved privacy and security.8.
Social Media: Decentralized social media platforms challenge established business models by giving users more control and ownership over their data.This can change the advertising business while also providing consumers with improved privacy and security.9.Real Estate: Traditional real estate models are being disrupted by Web3-enabled platforms that enable peer-to-peer property transactions and eliminate the need for intermediaries.This disruption can completely revolutionize the real estate sector by making it more accessible and inexpensive to individuals.10.
Governance: Through the usage of DAOs, Web3 enables decentralized decision-making.(Decentralized autonomous organizations).This has the potential to upend existing governance paradigms by allowing for more participative and democratic decision-making processes.Disclaimer: The information provided in this article is solely the author/advertisers’ opinion and not an investment advice – it is provided for educational purposes only.By using this, you agree that the information does not constitute any investment or financial instructions by Analytics Insight and the team.
Anyone wishing to invest should seek his or her own independent financial or professional advice.Do conduct your own research along with financial advisors before making any investment decisions.Analytics Insight and the team is not accountable for the investment views provided in the article.Leave a Reply [Cancel reply](/web3/top-10-web3-impacts-on-traditional-industries-due-to-decentralization/#respond) Leave a Reply Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down 5.44% from the previous week.Ethereum dominated NFT sales with more than $107 million or 55% of all sales, while Solana-centric NFT sales recorded $26.3 million or 13% of sales in the same period.NFT Market Shows Signs of Slowdown With Declining Weekly Sales and Lower 30-Day Totals Non-fungible token sales, or NFT sales, fell 5.44% this week compared to last week, with $193.08 million in sales recorded across 19 different blockchains.Cryptoslam.io statistics indicate that 30-day sales are generally down, with total sales of $912.54 million, more than 29% lower than last month.
The top five blockchains in terms of NFT sales this week were Ethereum ($107M), Solana ($26M), Polygon ($6M), Immutable X ($5.3M), and Cardano ($3.16M).Solana’s NFT sales increased by 37.16% this week, while Cardano’s NFT sales jumped 44.27% higher than the previous week.However, Ethereum, Polygon, and Immutable X NFT sales all saw losses compared to last week’s sales.Notable gainers in terms of blockchain NFT sales include Arbitrum’s 64.49% rise and Avalanche’s 293% increase.Palm blockchain sales increased by 370%, and Algorand NFT sales rose 58% higher than the previous week.While Ethereum dominates NFT sales with 55%, 18 other blockchains represent 45% of the remaining sales.
The top five NFT collections this past week, with the most sales, were Cryptopunks, Bored Ape Yacht Club (BAYC), MG Land, Otherdeed, and HV-MTL.Following those collections, the fifth through tenth top sales were Degods, Y00ts, Sorare, Mutant Ape Yacht Club (MAYC), and Gods Unchained Cards.Cryptopunks recorded $12.55 million in sales this week, up 49.15% higher than last week.BAYC sales were approximately $10.14 million this week, up 43.52% higher, while MG Land captured $7.84 million, down 5.72% from the previous week.In terms of the highest-valued NFT sales this week, Otherdeed #2,118 was the most expensive, selling for $375,979 three days ago.Cryptopunks #6,036 sold for $365,508 two days ago, and Bored Ape Yacht Club (BAYC) #5,647 sold for $263,537 six days ago.
Lastly, Cryptopunk #2,353 sold for $217,454 two days ago, and Otherdeed #99,728 sold for $205,711 three days ago.While there was close to $1 billion in sales over the past 30 days, the number of NFT buyers increased 17.36% to 1,904,731 this month.
Tags in this story Art, Auction, Blockchain, Blockchain Art, Bored Ape Yacht Club, Buyers, Cardano, collectibles, Cryptocurrencies, Cryptocurrency, cryptopunks, Decentralization, Degods, Digital Art, Digital Assets, Ethereum, Gods Unchained Cards, high-value, HV-MTL, market, Markets, MG Land, Mutant Ape Yacht Club, nft, NFTs, Non-fungible tokens, Otherdeed, Ownership, sales, Solana, Sorare, Statistics, technology, trends, Weekly Recap, weekly sales, Y00ts What are your thoughts on the current state of the NFT market? Do you think the recent decrease in sales is a temporary dip or a sign of a more long-term trend? Share your opinions in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.@meonbtc Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse To Bolster Support On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support.Magic Eden said it has partnered with the wallets Hiro and Xverse to “bring a familiar wallet transaction experience to the marketplace.” Magic Eden’s Decision to Launch on Bitcoin Without Royalty Support and Compete With Emerging Markets Magic Eden announced in a recent blog post that it has added Bitcoin Ordinal inscription support to the NFT marketplace.Last year, the Solana-based NFT market expanded to Polygon and Ethereum.With the addition of Bitcoin, Magic Eden now supports a total of four blockchains.The team is also “re-planning a more concerted entry into Ethereum,” according to the blog post.
The Bitcoin-centric section of the marketplace currently features several Bitcoin Ordinal inscription collections, including “Bitcoin Boos,” “Bitcoin JPGs,” “BTC Machines,” “Ordinal Tortoises,” “Unordinals,” “Satoshi Punks, and “Megapunks.” At the time of writing, there were close to 600,000 Ordinal inscriptions on the Bitcoin blockchain, with a total of 567,622 minted.According to statistics from Dune Analytics, the number of Ordinal inscriptions surpassed the 500,000 milestone on March 17, 2023.Magic Eden says the recent move to support Ordinal inscriptions is in line with Bitcoin culture.“By building on Bitcoin, we contribute to the culture of trust, security, and decentralization that is synonymous with the blockchain,” the NFT marketplace explained.The blog post goes on to say: This move aligns with our mission to promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology.Magic Eden’s Bitcoin-centric market will compete with other Ordinal inscription markets that have emerged since inscriptions started gaining traction, such as Gamma.io, Ordx.io, and Generative.xyz.The marketplace, however, has been an active NFT market for some time, as Magic Eden has recorded $2.08 billion in all-time sales.
To smooth the Ordinal inscription support process, the NFT marketplace Magic Eden partnered with the wallets Hiro and Xverse.According to dappradar.com statistics, Magic Eden ranks as the fifth-largest NFT marketplace in terms of all-time sales.As far as Bitcoin-based Ordinal inscription sales are concerned, Magic Eden said it spent a long time thinking about handling royalties and “decided to launch on Bitcoin without royalty support for now.” Magic Eden has also created a new Twitter handle for the Bitcoin-centric version of the NFT marketplace, which is called @meonbtc.
Tags in this story @meonbtc, Bitcoin, Bitcoin based digital collectibles, Blockchain, blockchain technology, BTC digital collectibles, BTC NFTs, collectibles, community, Cryptocurrency, culture, Decentralization, Digital Art, digital ownership, Dune Analytics, Ethereum, gamma.io, Generative.xyz, Hiro, Inscription NFTs, Magic Eden, Magic Eden Market, marketplace expansion, minting, NFT marketplace, Non-fungible tokens, Ordinal Inscription, Ordinal NFTs, Ordx.io, Polygon, Royalties, sales, Security, Solana, support, Transaction, Wallet, Xverse What do you think the future holds for Bitcoin-based NFT marketplaces? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.
Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Magic Eden, Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.architecture Ethereum Upgrade To Implement Beacon Chain Withdrawals Scheduled For April 12 During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days.The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals.
This will enable Ethereum network validators to support withdrawal operations following the ruleset change.
Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates.The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895.According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.” The latest Ethereum upgrade was originally planned for this month, but the consensus change was postponed.
During the Execution Layer Meeting on Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.In addition to the Beacon chain push withdrawals proposal, the upgrade will include the implementation of EIP-3651, EIP-6049, EIP-3860, and EIP-3855.These enhancements are aimed at optimizing fees, such as limiting the “maximum size of initcode to 49152 and applying an extra gas cost of 2 for every 32-byte chunk of initcode,” as described in EIP-3860.Recently, Ethereum developers conducted testing of the upgrade on several testnets.On Tuesday, the developers completed the Goerli testnet upgrade, which was essentially the final step before the activation of Shapella on the mainnet.
Tags in this story architecture, backwards compatibility, Beacon Chain, Blockchain, blockchain governance, blockchain protocols, Codebase, community, consensus algorithms, Consensus change, Consensus Changes, Cryptocurrency, Decentralization, dequeued, Developers, EIP-3651, EIP-3855, EIP-3860, EIP-4895, EIP-6049, enhancements, Ethereum, Ethereum Improvement Proposal, execution layer, Fees, Forking, gas costs, Gas limit, Goerli, Hard Forks, mainnet activation, network, network upgrades, node operators, nodes, Optimization, pull-based, push withdrawals, push-based, Scalability, Security, Shapella upgrade, software updates, system-wide changes, testnets, Validators What impact do you think the upcoming Ethereum upgrade and the implementation of Beacon chain push withdrawals will have on the future of the Ethereum network and its users? Share your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.
Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts Atlantic Council2 hours ago CBDC Debate Heats Up: BIS Project Sparks Controversy Among Critics; Lynette Zang Warns Of Dangers Of CBDCs During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the…Bitcoin5 hours ago Uncle Sam lists Bitcoin for sale: Should BTC holders be concerned – The U.S government made plans to sell its BTC holdings over the next year.– Markets can be impacted…
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