The promise of Web 3.0, which is characterized by distributed ledger technologies, is facilitating more direct transactions, cutting out intermediaries or middlemen, which results in streamlined processes and builds trust. This allows resources to remain in the hands of the average person, rather than being siphoned to benefit the wealthy.
However, this promise of democratization of access to financial assets and stores of value has yet to be fully attained, with Web 3.0 creating a new elite that unethically controls the flow of commerce, resulting in a lack of transparency and trust in the cryptocurrency and NFT spheres. Take for example the recent crash of a major global crypto exchange due to fraudulent practices. In South Africa, a pair of brothers are being pursued by authorities for allegedly defrauding investors of around $3.6 billion worth of Bitcoin via a now-defunct crypto exchange they ran.
On the other hand, there is a new breed of players in the Web 3.0 space that seek to remove the control and costs associated with traditional exchanges and marketplaces, allowing free and legal commerce of Web 3.0 assets, such as cryptocurrencies and non-fungible tokens (NFTs). One of these is Inspector Gadget Builds (IGB). This South Africa-based startup plans to launch a new type of Web 3.0 marketplace that can be profitable and sustainable without charging commissions from creators or buyers.
According to IGB founder Berlin Tyler, this model involves partnering with advertisers, corporate sponsors, and brands, as well as tie-ups with non-governmental and intergovernmental organizations. To facilitate the public’s easier engagement with the Web 3.0 world, IGB will be fully integrated with a payment gateway, allowing them to access the benefits of cryptocurrencies and NFTs. IGB’s platform will employ top-tier cyber security protocols, ensuring that customers’ data and transactions are safe and secure.
IGB believes that without the middlemen taking a cut of the value, both creators and buyers of Web 3.0 assets will be able to benefit more, and the market will be able to flourish. In the past, many Web 3.0-related entities have run afoul of government regulations, including tax, anti-money laundering (AML), and sanctions in the US and elsewhere. IGB is committed to enforcing transparency and compliance with governmental tax regulations, which Tyler believes should be the limit of government control in cryptocurrency and NFTs, which are fundamentally decentralized and unregulated.
“Many are hesitant to engage with Web 3.0 because they are worried about being hit with a huge tax bill or worse,” Tyler says. “The new generation of exchanges will have to take compliance seriously if they want to open up to the crypto market to its full potential – and Inspector Gadget Build is leading the way.”
With IGB’s marketplace set to launch soon, it seeks to build relationships with various organizations, including launch partners, brand partners, intergovernmental partners, and technology partners. According to Tyler, by joining forces, they will be able to create a unique and scalable platform with global reach, delivering the benefits promised by Web 3.0 since it emerged almost two decades ago.
Media contact:
Name: Berlin Tyler
Email: [email protected]
