Domains, Hosting & the Metaverse — What Singapore SMEs Should Plan Today for Tomorrow’s Web3

Studies show that the Web3 domain market will grow at a CAGR of 49.3% until 2030. Considering this, it is not a surprise that by 2032, the Web3 economy will contribute $1.1 trillion to the global economy. 

The growth of Web3 domains is supported by technical advancements like Layer 2 solutions and cross-chain interoperability. The increasing adoption of blockchain technology across multiple industries, as well as the greater demand for user control, ownership, and privacy, is further supporting this growth. 

Thus, the future of web hosting lies with Web3 domains, and in this article, we will take you through the steps that will help you plan for it. 

5 Actionable Steps for Preparing for Web3 Domain Implementation

Web3 domains are the future of web hosting because of their benefits, such as true ownership, improved security, and censorship resistance enabled by storage on blockchains. 

Acquire Future-Proof Digital Assets

The transition of businesses from physical listings to websites is one that we have all seen. Now, the future of web hosting lies in the Web3 domain. To be prepared for it, you will need to acquire metaverse-ready domain names and digital assets. This will ensure that your brand is present in the next iteration of the Internet. 

Metaverse-ready domain names are those that use specialised, blockchain-based top-level domains (TLDs) such as .z, .x, .meta, and .web3. These domains are built for decentralised and 3D virtual environments. In fact, they often offer permanent ownership via NFTs. 

One thing to keep in mind when preparing for a Web3 domain is that your brand’s identity will be tied to decentralised identifiers (DIDs) and self-custody wallets rather than to your traditional website. 

Consider Decentralised Hosting and Storage

With the increase in Web3 domain adoption, you should consider decentralised hosting, as it offers greater resilience and user control than traditional centralised servers. Decentralised hosting is built to handle decentralised apps (dApps) because they can meet the demands of the metaverse. 

An added benefit of this hosting is that it will keep your website content more secure, censorship-resistant, and user-controlled. This is because, here, the content will be stored and served through decentralised networks. For this, consider options like IPFS (InterPlanetary File System) so that no single entity stores your content. 

Develop a Web3 Strategy

The key to preparing for the future of web hosting that revolves around Web3 domains is to start by integrating emerging technologies like NFTs, blockchain, and the metaverse into your business model.

This means you will also need to understand how these technologies will help build economic foundations and create customer experiences. For instance, you can leverage virtual environments, such as virtual storefronts or immersive experiences, to increase customer engagement.

Plan for Decentralised Operations

To ensure user empowerment, make decentralised autonomous organisations (DAOs) so that your users have more control over their data. They will even have a say in platform development and governance.

To make this possible, you will need to plan for decentralised operations so that your business can operate on or interact with platforms that are not controlled by a single entity. 

Invest in Talent and Skills

The key to preparing for the Web3 domain is investing in talent and skills with a strong grasp of decentralised systems, consensus mechanisms such as Proof of Work vs. Proof of Stake, and network architecture. 

Most importantly, the employees you hire should have the required technical and non-technical skills. This means that, in terms of technical skills, they should be well-versed in programming languages like Python and frameworks like React, as this will help build user interfaces for decentralised applications. 

In non-technical skills, they should be able to learn and adapt to the evolving Web3 domain continuously. Additionally, they should be community-centric to ensure the success of your business. Lastly, they should also be able to design and implement token economic models and incentive structures. 

The Future of Web Hosting is Web3 Domain

When planning for today and tomorrow’s Web3 domain, Singapore’s SMEs should develop a strategic plan. This means that you will need to understand how domains, hosting, and the metaverse will evolve with your business.

To do so, you will also need to explore market opportunities in Web3 domains. The key to success here is a scalable, resilient, and decentralised infrastructure. 

If you are looking for a reliable web hosting provider, then choose Vodien. You can store your website content on our cloud servers, thereby keeping it free from censorship.

Additionally, you can be assured of the security of your website and its data thanks to the SSL certificates, DDoS protection, and automatic backups we offer. To begin your preparation for implementing a Web3 domain, contact us now.