As the world is changing, Covid has significantly changed our habits and propelled us 10 years forward in terms of technology. Consequently, we have all learned new ways of working, communicating with each other, and being more and more reliant on technology. Web3, Metaverse, NFTs are all part of our new vocabulary.
We are all very wary of our privacy and the access to our data being used to benefit companies whose sole purpose is to sell our data and information about our habits and purchasing behaviors. Although this is acceptable when data is being used by companies to improve the customer experience, it’s problematic when it’s being sold to third parties. This is where undeniably Web3 will shine and the launch of new decentralized applications will disrupt current business models.
Similarly, the Metaverse and NFTs are making their way into our lives and it will be interesting to see their evolution in the future. While the Metaverse allows customers to have a different brand experience, NFTs are a way for brands to be creative and consumers to own one-of-a-kind digital assets. NFTs are currently generating profit whereas profit in the Metaverse is questionable.
Thus, let’s dive a bit more into each of these.
Web 3.0 makes internet content more diverse and accessible by allowing computers, not people, to generate new data.
Firstly, Web 3.0 offers an opportunity to eliminate monopolization, giving users complete control of the data and enhancing collaboration. As a result, businesses incorporating Web 3.0 can enjoy greater customer trust, higher revenues, and competitive advantage.
Secondly, end-users will benefit the most from advanced data encryptions. The goal is to make it impossible for major corporations to manage or use people’s personal information for their own gain without your say.
Thirdly, using AI-powered Web3, sellers would be able to better understand the buying needs.
A Metaverse is a network of 3D virtual worlds focused on social connection. It allows brands and gaming platforms to create universes for their customers.
The Metaverse has received a lot of attention especially since Facebook (now Meta) announced its plans to heavily invest in this.
Industries that are exploring the Metaverse include the entertainment, gaming, retail and social media companies.
Companies building the Metaverse include:
– Epic Games
A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.
More importantly, NFTs allow brands to expand their artistic expression creatively by developing unique digital designs that can be traded by their customers & fans.
Specifically, Coca-Cola has auctioned their NFTs Collectibles. This took place on International Friendship Day to support their longstanding partner, Special Olympics International.
You can find many more examples of NFTs with actual marketplaces dedicated to them. These include:
In conclusion, these trends are still in their early development stages. it will be very interesting to see where all of this takes us and how it will change our habits.
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