Metaverse Mindset: Focusing on Web 3.0, Blockchain and NFTs Today Could Pay Off in the Long Run
Metaverse Mindset: Focusing on Web 3.0, Blockchain and NFTs Today Could Pay Off in the Long Run
In this post and more than one other article, I have been talking about the metaverse and the future evolution of the internet. In particular, our focus was around the metaverse but just as we should try not to miss the forest for the trees, we should also take care not to miss the trees for the forest.
We stand on the brink of a technological revolution with the evolution of Web 3.0 that will fundamentally alter the way we live, work, and relate to one another. It will vastly wipe out almost all the things we know about the internet today in comparison to this new next-gen decentralized version which will bring forth changes that are unlike anything humankind has ever experienced – in scale, scope and complexity alike.
So much is left to be decided, but here’s one thing we know for sure: Web 3.0 in combination with Blockchain represents a new level of content ownership where anyone can easily own the rights to their data, they can resell it, license it and they can use it to make money wherever they go.
I mean, even if this could be the future, don’t you think this kind of thing would begin to make waves and attract attention after a while? Well in recent news:
- Citi Research analysts project that the metaverse and Web 3.0 economy may reach anywhere between $8 trillion and $13 trillion by the end of this decade.
- Former Walt Disney CEO Bob Iger has taken a board seat at Genies, a California-based company that lets users customize avatars for various apps. The company also operates an NFT marketplace called The Warehouse, where unique digital goods such as digital apparel can be bought and sold.
- Decentraland is bringing other brands into its world. The land, as part of a four-day fashion week, has hosted 70 brands such as Forever 21, Estée Lauder, and Phillip Plein. As a result of being able to create brand awareness and being able to connect with customers, several different brands have decided to purchase real estate in Decentraland and interact with as many people as possible.
- By partnering with The Sandbox, HSBC intends to jump ahead of its global banking competition by providing customers with a new way to experience and acquire virtual real estate.
After all of the time we’ve spent consuming content for free over the internet, it may seem totally nuts to start having to pay dearly for what we now receive as part of some sort of monthly subscription in the future. It is hard for people to wrap their heads around so here are 3 examples:
1) Imagine shopping on Amazon without any worries that some other seller might be going against you to out-compete you. Now, imagine having full control over your own brand, where no one else can copy or use images of your products even if they wanted to because the website is built on web 3.0 and blockchain technology. This makes it much more difficult than ever before for scalpers or counterfeiters to undermine what you’re doing by trying to take credit for someone else’s hard work!
2) A freelance journalist will be able to write an article and sell the publication for a dollar as a non-fungible token. If they wanted to they could even set terms in Web 3.0, they can charge ten cents every time someone wants to view the article. Web 3.0 empowers a writer over the distribution and monetization of their own content unlike traditional platforms or publishers across the current web 2.0 we have today.
3) For the supply chain, Web 3.0 and Non-fungible tokens (NFTs) will ensure that every product can be tracked from start to finish – meaning participants have greater visibility into the status of inventory moving through their systems. Supply chains often face discrepancies in information flow between various companies, but with blockchain’s transparency and immutability, tracking products becomes simpler and makes sharing information more efficient between trading partners!
Web 3.0 is the third major revision of the World Wide Web. It is a set of new features that are expected to improve the web’s usability and functionality. Web 3.0 features include improved support for user-generated content and for semantic web applications, which will help users to own, create, sell and share content. The third phase of the internet will also be more mobile, with the potential for people to access the internet through wearable devices.
Web 3.0 / Metaverse: Interactive Web Experience (Decentralized) Mainly Powered By: AR, MR, VR, XR, Blockchain, AI, ML, NFTs and Crypto
The web as we know it is slowly becoming a fully decentralized platform, one with blockchain technology at the core. Blockchain is an open-source, peer-to-peer, distributed ledger used for transactions and information that can be traced to its source. It is designed to maintain integrity, accountability and trust by recording the history of transactions.
This is huge because we are creating an entirely new way of thinking about everyday content ownership across the internet and metaverse —and we may very well be creating a new industry that thrives off this model. This leads us to non-fungible tokens (NFTs), most people know what they are, but these days a lot of people don’t really see the point and tend to disregard them as useless or hyped, but these tokens represent a more personal representation of ownership, and they can easily be applied to anything tangible and intangible items from art, music, physical collectibles and cars to writing as well. Moreover, you earn royalty fees on any NFTs that you’ve created and sold. These royalties are perpetual, meaning that the next time somebody purchases your work after you sold it you will gain a percentage of their purchase!
The rules of Web 3.0 could change completely depending on which side of the fence you sit on. If you are in favour of users or the creator economy owning their data and owning their experience then you should be excited about Web 3.0 and the opportunity it presents to build your business around this new model.
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