Web 3.0, NFT and Metaverse: Digital transformation of industries

Technological advances are changing the overall functioning of end-user industries. Sudeep Saha, Chief Operating Officer of Future Market Insights, examines the evolution of the latest technologies such as NFT, Metaverse and Web 3.0, how they are driving digital transformation and how organizations can prepare for the reshaping of their sectors.

The integration of various technology functions, such as artificial intelligence, machine learning, augmented reality, virtual reality and the Internet of Things, is fully evolving in the nature of work and accelerating the work process. This, in turn, increases productivity levels and provides promising results for end users. Moreover, the use of technology is not only associated with large businesses but has also spread to medium and small industries, thus transforming the workflow of business models.

Sharing information via the Internet is a key factor in expanding the use of advanced technologies. The latest entrant in the tech realm is Web 3.0, non-fungible tokens and the meta universe. These technological components can replace, redo, and perform work effectively in a technology-driven world. Using these technological features, companies are constantly trying to make a big leap to reach more consumers.

The emergence of the metaverse and the development of Web 3.0 makes 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 through a virtual avatar. Moreover, the integration of NFTs to sell digital art has opened the door to 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 meta universe are changing end-user industries.

Web 3.0: ensuring a seamless workflow

Web 3.0, the third generation Internet provider (WWW), offers smart, connected and open websites. It makes the existing interface of websites more user-friendly. The growing adoption of blockchain technology, the Internet of Things with people’s propensity to invest in cryptocurrency and NFTs is increasing the reliance on Web 3.0

For example, corporate sectors are ready to rely on 3.0 to re-engineer their existing work models. With the integration of Web 3.0, enterprise companies are redesigning the user interface for better results. Future Market Insights states that the market for enterprise web security is expected register a CAGR of 7%, accumulating a market value of US$7.6 billion by the end of 2032. Another important driver of Web 3.0 adoption is the security it offers. Thus, with the integration of Web 3.0, users can not only share information without the risk of cyber attacks, but also make work processes reliable.

Thanks to web 3.0 integration, users can access services provided by metaverse without any special permissions. It makes the meta-universe more accessible thanks to Web 3.0. Web 3.0 not only ensures privacy of information, but also stores and protects information without the intervention of third parties due to its decentralized nature. Web 3.0 and Metaverse complement each other perfectly due to the distinctive features they offer. While users can create virtual avatars in the metaverse, they can sell, interact, and buy goods thanks to NFTs.

More details: 3 Predictions for Non-Fungible Tokens (NFT) and the Metaverse for 2022

NFT in the Metaverse

NFTs are the latest consumer attraction and have the potential to stick around for a long time as they are a strong part of the digital world. Through the use of NFTs, consumers can buy and sell products using cryptocurrency and exchange valuable assets at desired prices. Metaverse not only offers the much-needed digital transition for businesses, but also helps people understand the possibilities of the virtual world. Since each NFT is 100% unique, the chances of sharing a particular piece of art (image, video or GIF) are expected to increase in the digital world.

Metaverse not only helps people experience, learn and experience without being present in the practical world, but also became a virtual marketplace for NFT trading. Key competitors in the consumer goods market make the most of the metaverse by promoting their products within it. Future Market Insight states that the metauniverse consumer market is expected to have a a staggering double-digit CAGR of 24.5% to reach a market value of US$500 billion until the end of 2032.

The booming e-commerce market has now reached new heights as metaverse offers a virtual shopping experience that almost feels real. For example, Nike, a sportswear company, created Nikeland on the Roblox platform, which helps users communicate, 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 product launches. Another consumer goods company, Forever 21, has gone a step further by allowing users to create their own Forever 21 stores in the meta universe. Thanks to this, users can create online stores, design the interior according to their vision and hire virtual employees for this. In this way, users gain experience by learning about the business, shopping and interacting with other users to understand the business requirements.

Changing dynamics of the digital world

Now that we know about the multi-functionality of web 3.0, NFT and the meta-universe, here’s how these components can revolutionize how businesses function.

Web 3.0: The development of web 3.0 has created a safe space for the exchange of information for various business entities. Therefore, most end users are transforming their existing business models and redesigning them to meet the needs of Web 3.0. The increasing adoption of web 3.0 is strengthening the presence of the meta universe and enabling secure trading of NFTs.

The metauniverse: The penetration of the virtual world has created countless opportunities for business growth in the metaverse. Companies are now looking for opportunities to help them connect with consumers on a personal level. Thus, the opportunity to expand the business from sharing products to creating virtual retail stores has increased.

NFT: NFTs are mainly 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 non-traditional career or job spectrums that are not commercialized in the regular world. Therefore, NFTs offer people a means to invest in things they like and want to own. With the use of the meta universe, buying and selling NFTs has become easier.

Digital First

The rapid changes they can experience is an advantage of Web 3.0, the metaverse, and nascent NFTs. Hence, the developers of these components are open to constant technological changes and tweak them to offer a unique experience to users. Moreover, the combination of these components promises to provide users with a virtually immersive experience.

Looking ahead, the use of these components will not be specifically limited to personal use. Major companies in the consumer goods, edtech, food and retail, and IT sectors are planning to connect, interact and evolve with the help of the metaverse and NFT. The increasing use of the metaverse can create opportunities for unconventional career choices, making it an economically strong platform for users.

In the coming years, the integration of Web 3.0 will become more prominent. This, in turn, will increase dependence on them. As Web 3.0 increases the presence of the metaverse and the metaverse supports the use of NFTs, the interdependence of these components promises to offer an enriching experience for users around the world.

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https://www.spiceworks.com/tech/innovation/guest-article/web-3-0-nfts-and-metaverse-transforming-industries-digitally/ Web 3.0, NFT and Metaverse: Digital transformation of industries

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