nteroperability is a Web3 feature that allows a product or system to interact with other products or services across platforms. Webb defines it as creating a nonfungible token (NFT) because, at its most basic level, no one other than the creator has control over it.

But how does interoperability currently work in Web3, and what impact does it have?

Implementing Interoperability the Right Way

When discussing how interoperable applications can have a significant impact, he mentioned the creativity he has seen from the nonfungible token (NFT) communities and brands.

Webb believes that allowing the invention of intellectual property (IP) will enable users to demonstrate their loyalty and, in other ways, their achievement, whether it comes from creating a product, developing ideas, or making experiences.

He believes that it works in tandem with token-gated experiences. In essence, consumers can get nearer to memorable experiences by using their token as an access pass to attend an event and receive rewards.

This integration allows brands to collaborate, reach their users, and create a proliferation of value, or infinite importance, as Webb puts it.

Applications for Interoperability Across Industries

"Interoperability could be the backbone of everything," he said when asked about the industries that could benefit from it.

According to Webb, the more precise and data-driven platforms are, the more collaborative effort and engagement there will be among tech companies. Finally, he believes that interoperability will impact e-commerce, creative experiences, and even ideas like identity and self-sovereignty.

Despite interoperability being a cornerstone of Web3, Webb acknowledged the inevitability of risk and obstacles associated with developing a standard that works for all countries.

He believes that the existence of centralized regulatory bodies will continue to stifle experimentation and growth.

What do you think are the potential benefits that could come from widespread interoperability? Let us know your thoughts by sharing this article online.

Nov 14, 2022
Digital Lifestyle

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