Web 3.0, NFTs, and Metaverse: Transforming Industries Digitally
Here’s a peek into how technologies such as web 3.0, NFTs and metaverse are reshaping end-user industries.
Technological advancements are changing the overall functioning of end-user industries. Sudip Saha, COO at Future Market Insights, examines the evolution of the latest technologies like NFTs, the Metaverse and Web 3.0, how they fuel digital transformation, and how organizations can prepare to reshape their sectors.
The integration of various features of technology, such as artificial intelligence, machine learning, augmented reality, virtual reality, and the Internet of things, is a completely evolving work nature and accelerating workflow. This, in turn, is increasing productivity rate and delivering promising results to end-user industries. Moreover, the use of technology is not only related to large-scale businesses but also has extended to medium and small-scale industries, thus, transforming the workflow of business models.
Exchanging information across the internet is the key driver for the increasing use of advanced technology features. The latest entrant in the technological field is Web 3.0, Non-fungible tokens, and the metaverse. These technological components have the potential to replace, redesign and deliver work efficiently in a technologically-driven world. With the use of these technological features, companies are constantly trying to take the big leap to reach more consumers.
The emergence of the metaverse and the development of web 3.0 is making the virtual world a reality. Metaverse will not only help people interact with each other but also help them advertise, make newer connections, and expand business opportunities with the help of a virtual avatar. Moreover, the integration of NFTs to sell digital art has opened doors of innovations and opportunities for end-user industries in the digital world. Let’s look at how cutting-edge technologies such as web 3.0. NFTs and metaverse are reshaping end-user industries.
Web 3.0: Assuring Seamless Workflow Operations
Web 3.0, the third generation of internet provider (WWW), is offering smart, associated, and open sites. This is making the existing interface of websites more user-friendly. The increasing adoption of blockchain technology, the Internet of Things with people’s inclination toward investing in cryptocurrency and NFTs is increasing the dependency on web 3.0
For instance, corporate sectors are ready to rely on 3.0 to redesign their existing work models. With the integration of web 3.0, corporate companies are redesigning user interfaces to achieve better outcomes. Future Market Insights states that the corporate web security market is expected to register 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 services provided by metaverse without any special permissions. This makes the metaverse more accessible due to web 3.0. Not only does web 3.0 ensure the privacy of information, but it also stores and secures information without the intervention of any third party owing to its decentralized nature. Web 3.0 and Metaverse perfectly complement each other due to the distinct features it offers. While users can create virtual avatars in the metaverse, they can sell, interact and buy goods due to NFTs.
See More: 3 Predictions for Non Fungible Tokens (NFTs) and the Metaverse for 2022
NFT in Metaverse
NFTs are the latest attraction for consumers and have the potential to sustain for a longer duration as they are a strong part of the digital world. Through the use of NFTs, consumers can buy and sell products with the help of cryptocurrency and exchange valuable assets at desired prices. Metaverse is not only offering the much-needed digital shift for businesses but also helping people understand the capacity of the virtual world. As each NFT is 100% unique, the chances of exchanging a particular art piece (image, video, or GIFs) are expected to multiply in the digital world.
Metaverse is not only helping people in feeling, learning, and experiencing without being present in the practical world but also has become the virtual marketplace for trading NFTs. Key market competitors of consumer products are maximizing the use of metaverse by advertising their products in the same. Future Market Insight states that the consumer metaverse market is expected to have a staggering double-digit CAGR of 24.5% by garnering a market value of US$ 500 billion by the end of 2032.
The booming market of E-commerce has now reached new heights as metaverse offers a virtual shopping experience that almost feels real. For instance, Nike, the sports apparel company, has created Nikeland on the Roblox platform that helps users socialize, engage, and participate in company promotions. This, in turn, makes consumers more connected to the brand and offers them a first-hand experience of new launches of different products. Another consumer goods company, Forever 21, has gone a notch higher as it allows users to create their own Forever 21 stores in the metaverse. Through this, users can create online retail stores, design the interior according to their vision and hire virtual employees for the same. Thus, users are gaining the experience of learning about 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 multi-functionality of web 3.0, NFTs, and metaverse, here are how these components can revolutionize the functioning of businesses.
Web 3.0: The development of web 3.0 has created a safe space for the exchange of information for various business entities. Thus, most end users are transforming their existing business models and redesigning them to suit the need of web 3.0. The increasing adoption of web 3.0 is making the presence of metaverse stronger and allowing the safe trading of NFTs.
Metaverse: The penetration of the virtual world has created innumerable possibilities for the growth of businesses in the metaverse. Companies are now looking at opportunities that will help them to connect with consumers on a personal level. Thus, the possibility of expanding businesses has increased from exchanging products to creating virtual retail stores.
NFTs: NFTs are largely used to monetize skills and can be used to buy and sell assets such as art, fashion, memes, or music. NFT is creating a safe space for unconventional career or work spectrums that are not commercialized in the mainstream world. Thus, NFTs offer a medium for people to invest in things they like and want to own. With the use of the metaverse, buying and selling NFTs has become easier.
Digital First
The rapid change they can undergo is the advantage of web 3.0, metaverse, and NFTs being at a nascent stage. Thus, developers of these components are open to constant technological changes and are customizing the same to offer unique experiences to users. Moreover, the amalgamation of these components promises to provide a virtually-rich experience to users.
Moving ahead, the use of these components will not be specifically limited to personal use only. Major consumer good companies, edtech sectors, food and retail sectors, and IT sectors are planning to connect, interact and grow with the help of metaverse and NFTs. The increasing use of the metaverse has the potential to create opportunities for unconventional career choices, making it an economically strong platform for users.
In the upcoming years, the integration of web 3.0 will become more prominent. This, in turn, will increase the dependency on the same. As web 3.0 strengthens the presence of metaverse and metaverse supports the use of NFTs, the inter-dependency of these components promises to offer an enriching experience to users across the globe.
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