Rise of web3 super apps to reframe the future of mobile applications

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With the rise of blockchain technology, the world is now witnessing the emergence of Web3 based super apps. These apps are designed to provide users with a seamless experience by integrating various decentralized services and features, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized storage. Built on blockchain technology, the access to decentralized services and storage proves to.

• DeFi services such as lending, borrowing, and trading can be directly from within the super apps, without the requirement of banking or other financial organizations as intermediary. This not only makes the process faster and more efficient but also reduces the fees associated with traditional financial services.

• Decentralized storage is another feature that can be integrated into Web3 based super apps. This allows users to avoid the use of centralized storage providers such as Google Drive or Dropbox. This not only provides users with more control over their data but also reduces the risk of cyber-attacks and data breaches  .

• In addition to these features, Web3 based super apps also offer enhanced security and privacy. Since they are built on top of blockchain technology, all transactions and data are recorded on a public ledger, making it virtually impossible for hackers to manipulate or steal user data. Furthermore, users can control their data and assets using private keys securely stored on their smartphones.

One of the fastest growing Web3 based super apps is Upland with more than 3,000,000 users and still growing. The app offers a wide range of services from shopping to gaming, socializing with people, investing and even starting and operating a business. Accessibility through virtual reality (VR) headsets, Android and iOS devices widens its reachability across the population. Moreover, the crypto-based app makes it easier for users to send money swiftly without compromising on security.   

Another key feature of Web3 based super apps is their ability to integrate (Non-Fungible Tokens) NFTs. These unique digital assets can be used to represent anything from artwork to real estate, and can be bought, sold, and traded on various blockchain platforms. By integrating NFTs into super apps, users can easily manage their digital assets and even use them as collateral for loans or other financial services. Upland is among the most sustainable NFT platforms having attained a milestone of 10 million conversions of NFT to US$.

Omni is another budding financial super app offering a fully-serviced non-custodial Web3 wallet supported by staking and additional decentralized finance services which facilitates management of their digital assets in one location. Management of their cryptocurrency portfolios is made simple by its user-friendly interface, which is accessible on iOS and Android.

The latest in the race that made its way through the Web3 and metaverse world is the xPortal super app launched by MultiversX Labs. The app constitutes a suite of elements ranging from finance, crypto, to AI avatars, social messaging platform and a Web3 applications portal with metaverse experiences integrated into a mobile interface. The super through its features will allow users to:

• Make payments, conveniently send and receive NFTs, money and cryptocurrencies and explore their ecosystems, and track their investments.
• Create personalized AI avatars and interact with friends in a private and secure environment.
• Explore new Web3 apps and visit events in the Metaverse world.

Marking its shift towards integration of Web3 and metaverse technologies into its layer 1 blockchain system, the company was rebranded as MultiversX from its prior name Elrond. The company’s drive towards these advanced technologies has also announced its plans to enter into a partnership with China’s tech giant Tencent for expansion of its Web3 products. 

Another competitor vying for Web3's application top spot is the EMG Super App. EMG is the Web3 firm within the UK-based telecom company Emeldi Group. The super app is a centralized hub for communication and finance services, with payments, social media and shopping rolled into a convenient experience. Some of the imminent features of the super app, powered by the EMG Coin, include:

• Store, manage and trade in digital assets including cryptocurrencies and NFT’s.
• Connect socially through video and voice calls, send messages and group chats
• Make purchases with Use EMG Coin from a range of products and services on the e-commerce platform of the app.
• Use the comprehensive customer relationship management platform to manage and organize user data and interactions with customers.
• Mobile money transfers
• Earn rewards from the apps loyalty programs 

Overall, Web3 based super apps represent the future of mobile applications. By integrating various decentralized services and features, these apps provide users with more control over their data and assets, while also offering enhanced security and privacy. As blockchain technology continues to evolve, TechInsight360 expects to see more innovative and exciting Web3 based super apps emerge in the near future.