I often hear people say that web3 doesn't have any utility.

While it's correct that you can't buy groceries using crypto yet, web3 is introducing many compelling use cases.

Here are some of the most basic utilities that get overlooked.

Donations for a good cause

When Russia invaded Ukraine, it became harder to transfer money via traditional methods to Ukraine — and the country desperately needed help.

Meanwhile, the international society transferred around $100M of crypto to Ukraine. This is money with value realized internationally, allowing Ukrainians to exchange it for goods.

Bankless nations

Significant proportions of Kenya (8.5%), South Africa (7.1%), and Nigeria’s (6.3%) populations are using digital currencies according to a brief released by UNCTAD, a United Nations agency.

People of these nations often have no access to banks but can use cryptos to exchange goods and services. For them, it represents a future of financial transactions.

At an extreme, the governments of El Salvador and the Central African Republic have adopted bitcoin as legal tender. It’s been troublesome in some ways, but it shows these countries' need for independent money.

Instant World transfers

I moved from Sweden to Iceland last summer with my family. It was a big project, taking our whole life from one country to another.

These two countries are close in culture and location, but it still takes 2-3 days to transfer money between the two using traditional international bank transfers.

Seriously, 2-3 days, and it's the year 2022. It feels like the middle ages compared to crypto's international transfers. The crypto market is instant and always open.

Inflation escapism

When covid hit the world, most central banks started printing money like there was no tomorrow. It turned out to be a short-sighted idea.

We're dealing with the aftermath of these human-made decisions today, with high inflation and fiat currencies decreasing in value worldwide.

The supply of crypto is not influenced by human fear similarly. They’re controlled by robots using pre-defined rules. They change in value too, but it’s for different reasons, offering an alternative to investors.

Own your identity

Imagine if you could have one password for all your online services. Then imagine if you could own your digital identity.

Well, this is already possible in the web3 world. On OpenSea, the digital marketplace, you log in via your crypto wallet. It's a one-click experience, and voila — you're logged in.

With more services adopting this method, you would have one login for all your services, using an identity you own and control instead of a 3rd party service provider.

Art done digitally

Physical art has been traded for decades, often primarily by wealthy people. It's an ancient concept.

As our lives move increasingly online and become the place to express our personalities — digital art is a part of it.

Non-fungible tokens (NFTs) are art done digitally using blockchain technologies.

How can NFT art be worth so much money when people can simply copy-paste the images? The same can be said about real-life art. You can print a poster, and people do it all the time.

The original art piece is still valuable. A whole industry of experts determines the value of original artwork, looking into multiple attributes and the stories behind the pieces.

NFT art has become a cultural phenomenon in recent years. Prices might change, but unique art serves a well-known human need.

Own your information

There is no reason NFTs should only be used for art. NFTs are usable for literally any piece of information you store—medical records, social media posts, game scores, you name it.

The difference is that you own and control its data instead of a 3rd party service provider.

The beginning

At this moment, thousands of people, startups, and organizations are working on new utilities daily in the web3 space.

There are still flaws in the system, scams, and dark UX patterns, but that’s normal for any new technology (remember the early days of the internet?).

The eco-footprint is also improving over time. Ethereum, the second blockchain, is moving over to an eco-friendly approach, having a substantial impact.

Lawmakers and regulators play a part in allowing web3 developments to happen, so it becomes a surplus for the whole of society.

The utilities are there for anyone willing to engage.