Web 3.0, NFT and metaverse: digitally transforming industries
Technological advances are changing the overall functioning of end-user industries. Sudip Saha, COO at Future Market Insights, examines the evolution of the latest technologies such as NFTs, Metaverse and Web 3.0, how they are fueling digital transformation and how organizations can prepare to reshape their industries.
The integration of various features of technology, such as artificial intelligence, machine learning, augmented reality, virtual reality and the Internet of Things, is an evolving nature of work and an accelerated workflow . This, in turn, increases the rate of productivity and provides promising results to end user industries. Moreover, the use of technology is not only related to large enterprises, but has also spread to small and medium industries, thus transforming the workflow of business models.
The exchange of information on the Internet is the main driver for the increasing use of advanced technological capabilities. The latest entrant in the technology arena is Web 3.0, non-fungible tokens and the metaverse. These technological components have the potential to replace, redesign and deliver effective work in a technology driven world. With the use of these technological features, companies are constantly trying to take the plunge to reach more consumers.
The emergence of the metaverse and the development of web 3.0 are making the virtual world a reality. Metaverse will not only help people interact with each other, but also help them advertise, make new connections and expand business opportunities using a virtual avatar. Additionally, the integration of NFTs to sell digital art has opened doors of innovation and opportunity for end-user industries in the digital world. Let’s see how advanced technologies such as Web 3.0. NFTs and the metaverse are reshaping end-user industries.
Web 3.0: Ensuring Smooth Workflow Operations
Web 3.0, the third generation of Internet access provider (WWW), offers intelligent, associated and open sites. It makes the existing interface of websites more user-friendly. Growing adoption of blockchain technology, Internet of Things with the tendency of people to invest in cryptocurrency and NFTs are increasing the reliance on Web 3.0
For example, business sectors are ready to leverage 3.0 to rethink their existing work models. With the integration of Web 3.0, companies are redesigning user interfaces to achieve better results. Future Market Insights indicates that the enterprise web security market is expected to recording a CAGR of 7% by accumulating a market value of US$7.6 billion by the end of 2032. Another major factor propelling the adoption of Web 3.0 is the security it offers. Thus, with the integration of web 3.0, users can not only exchange information without the risk of cyber-attacks but also make workflows robust.
With the integration of Web 3.0, users can access the services provided by the metaverse without any special permissions. This makes the metaverse more accessible through Web 3.0. Not only does web 3.0 ensure the confidentiality of information, but it also stores and secures information without the intervention of a third party due to its decentralized nature. Web 3.0 and Metaverse complement each other perfectly due to the distinct features it offers. While users can create virtual avatars in the metaverse, they can sell, interact, and buy goods through NFTs.
Learn more: 3 predictions for non-fungible tokens (NFTs) and the metaverse for 2022
NFT in the Metaverse
NFTs are the latest attraction for consumers and have the potential to last longer as they are an integral part of the digital world. Through the use of NFTs, consumers can buy and sell products using cryptocurrency and trade valuable assets at desired prices. Metaverse not only provides the much-needed digital shift that businesses need, but also helps people understand the capacity of the virtual world. As each NFT is 100% unique, the chances of trading a particular piece of art (image, video, or GIF) should multiply in the digital world.
Metaverse not only helps people feel, learn and experience without being present in the practical world, but also has become the virtual marketplace for NFT trading. Major competitors in the consumer products market maximize the use of the metaverse by advertising their products in the same. Future Market Insight indicates that the mainstream metaverse market is expected to have a Stunning double-digit CAGR of 24.5% on reaching a market value of US$500 billion end of 2032.
The booming e-commerce market has now reached new heights as the metaverse offers a virtual shopping experience that feels almost real. For example, Nike, the sportswear company, created Nikeland on the Roblox platform which helps users socialize, engage, and participate in company promotions. This, in turn, makes consumers more connected to the brand and gives them a first-hand experience of new launches of different products. Another consumer goods company, Forever 21, has taken it a step further by allowing users to create their own Forever 21 stores in the metaverse. Using this, users can create online retail stores, design the interior as per their vision and hire virtual employees for the same. Thus, users gain the experience of learning business, shopping, and interacting with other users to understand the requirements of a business.
Changing the dynamics of the digital world
Now that we know the multifunctionality of web 3.0, NFTs and the metaverse, here is how these components can revolutionize the way businesses operate.
Internet 3.0: The development of web 3.0 has created a secure space for the exchange of information for various business entities. Thus, most end users are transforming their existing business models and redefining them to meet the needs of Web 3.0. The growing adoption of Web 3.0 is increasing the presence of the metaverse and enabling the secure commerce of NFTs.
Metaverse: The penetration of the virtual world has created countless opportunities for business growth in the metaverse. Businesses are now looking for opportunities that will help them connect with consumers on a personal level. Thus, the opportunity for business expansion has shifted from exchanging products to creating virtual retail stores.
NFT: NFTs are widely used to monetize skills and can be used to buy and sell assets such as art, fashion, memes or music. NFT creates a safe space for careers or unconventional work spectra that are not marketed to the mainstream world. Thus, NFTs provide a way for people to invest in things they love and want to own. With the use of the metaverse, buying and selling NFTs has become easier.
The rapid evolution they can undergo is the advantage of Web 3.0, the metaverse and nascent stage NFTs. Thus, the developers of these components are open to constant technological changes and customize them to provide unique experiences to users. Moreover, the fusion of these components promises to provide a virtually rich experience to users.
In the future, the use of these components will not be specifically limited to personal use only. Major consumer goods companies, edtech industries, food and retail industries, and IT industries plan to connect, interact, and grow using the metaverse and NFTs. The growing use of the metaverse has the potential to create opportunities for unconventional career choices, making it an economically sound platform for users.
In the coming years, the integration of Web 3.0 will become more important. This, in turn, will increase the reliance on the same. As Web 3.0 strengthens the presence of the Metaverse and the Metaverse supports the use of NFTs, the interdependence of these components promises to provide a rich experience for users around the world.
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