Technological advances are changing the overall functioning of the consumer industry. Sudip Saha, COO at 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 to reshape their sectors.
The integration of various functions of technology, such as artificial intelligence, machine learning, augmented reality, virtual reality and the Internet of Things, is a work character in full development and accelerating workflow. This in turn increases productivity and gives promising results to the end-user industry. Moreover, the use of technology is not only related to large-scale enterprises, but has also extended to medium and small-scale industries, thus changing the workflow of business models.
The exchange of information over the internet is the key driver of the increasing use of advanced technology features. The latest player 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 leap to reach more consumers.
The rise of the metaverse and the development of web 3.0 make 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. Moreover, the integration of NFTs to sell digital art has opened doors for 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 the consumer industry.
Web 3.0: Ensuring seamless workflow
Web 3.0, the third generation Internet provider (WWW), offers smart, connected and open pages. This makes the existing interface of websites more user-friendly. The growing use 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, business sectors are ready to rely on 3.0 to redesign their existing work models. With the integration of web 3.0, companies are redesigning user interfaces to achieve better results. Future Market Insights states that the enterprise web security market is expected to do so registering a CAGR of 7% by accumulating a market capitalization of USD 7.6 billion by the end of 2032. Another important factor driving the use of web 3.0 is the security it offers. 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 special permissions. This makes the metaverse more accessible because of web 3.0. Not only does web 3.0 ensure the privacy of information, but it also stores and secures information without the interference of any third party due to its decentralized nature. Web 3.0 and Metaverse complement each other perfectly because of the distinct features it offers. While users can create virtual avatars in the metaverse, they can sell, interact and buy goods because of NFTs.
See more: 3 Predictions for Non Fungible Tokens (NFTs) and Metaverse for 2022
NFT in Metaverse
NFTs are the latest attraction for consumers and have the potential to sustain for longer duration 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 shift for businesses, but also helps people understand the capabilities of the virtual world. Since each NFT is 100% unique, the chances of exchanging a particular piece of art (image, video or GIFs) are expected to increase in the digital world.
Metaverse not only helps people feel, learn and experience without being present in the practical world, but has also become the virtual marketplace for trading NFTs. Key market competitors of consumer products maximize the use of metaverse by advertising their products in it. Future Market Insight says the consumer metaverse market is expected to have one staggering double-digit CAGR of 24.5% achieving a market cap of US$500 billion by 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, 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 gives them a first-hand experience of new product launches. 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 stores, design the interior according to their vision and hire virtual employees for the same. Thus, users get the experience of learning about business, shopping and interacting with other users to understand the requirements of a business.
Change the dynamics of the digital world
Now that we know the multi-functionality of web 3.0, NFTs and metaverse, here’s how these components can revolutionize the functioning of business.
Web 3.0: The development of web 3.0 has created a safe space for the exchange of information for various business units. Thus, most end users are transforming their existing business models and redesigning them to meet the need for web 3.0. The growing use of web 3.0 makes the presence of metaverse stronger and allows safe trading of NFTs.
Metaverse: The penetration of the virtual world has created countless opportunities for the growth of businesses in the metaverse. Businesses are now looking at opportunities that will help them connect with consumers on a personal level. Thus, the opportunity to expand businesses has increased from switching 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 creates a safe space for unconventional career or work spectrums that are not commercialized in the mainstream world. Thus NFT offers 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.
The rapid change they can undergo is the advantage of web 3.0, metaverse and NFTs being in their nascent stage. Thus, developers of these components are open to constant technological changes and adapt the same to offer unique experiences to the users. Moreover, the amalgamation of these components promises to provide users with a practically rich experience.
Going forward, the use of these components will not be specifically limited to personal use only. Large consumer goods companies, edtech sectors, food and retail sectors and IT sectors plan to connect, interact and grow with the help of metaverse and NFTs. The growing use of the metaverse has the potential to 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 will in turn increase the dependence on the same. As web 3.0 strengthens the presence of metaverse and metaverse supports the use of NFTs, the interdependence of these components promises to offer an enriching experience to users worldwide.
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