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Web3 & the Metaverse are creating value in the future economy

According to Richard Entrup, Mayfield and Startup Advisor/Investor and Fortune 500 Global Technology Leader, “It’s amazing to me that brands are creating metaverses that would bind us to the constraints and constructs of the meatspace (physical world), using walls, ceilings, walking/running, etc.. they need to let us color outside the lines and experience a new reality, not limited by old physical constructs of IRL.”

Indeed, the Metaverse is not limited by the physical world, but it’s also not limited by time or space. It’s an entirely virtual world where anything is possible.

Many believe the Metaverse is a speculative scheme of the future, but it’s about connecting the digital world with the physical world. It brings people together in a shared, virtual space to interact and create.

Entrup continues, “Having personally witnessed the transition from a no Internet world to a globally connected Internet world, I find it funny to hear the same negative comments being made about the metaverse. I recently gave a talk on the subject. Many older IT executives expressed concern that our children are already on social media and gaming too much and that the metaverse will only exacerbate this issue. I’m not interested in exploring why it won’t work or why we shouldn’t do it. Web3 is a boat I don’t want to miss and one I believe large companies shouldn’t miss either. I believe we can achieve revenue growth, competitive advantage, and improved customer experience through the adoption of the metaverse.”

Web3 is highly distinct from Web 2.0. Whereas Web 2.0 is centralized and non-interoperable, Web3 is decentralized and interoperable. In Web3, the Metaverse’s primary goal is to generate experiences and establish a new system of ownership and financial system. This is achieved via NFTs (non-fungible tokens) that can serve as products or services and can be bought and sold with cryptocurrency via the blockchain – Web3’s infrastructure.

Web3 is still in its early stages regarding adoption by the general public. According to a joint BCG and Potloc Survey of 2500 participants across Europe and the USA, 61% of respondents stated that they are familiar with one (or more) of the following concepts: Web 3, Metaverse, and NFTs. On the other hand, 16% of respondents stated that they had never heard of these three concepts. However, as the use cases for Web3 continue to grow, awareness will likely increase, especially amongst enterprises seeking to capitalize on the benefits of this new technology. “According to a recent BCG survey, 65% of individuals who have already purchased an NFT prefer to be gifted a bluechip NFT rather than a luxury item (luxury bag, luxury watch). Web3 brands are the new luxury brands,” mentioned Joel Hazan, Managing Director & Partner at The Boston Consulting Group (BCG) and Global Leader Pricing.

Source:

  • https://www.forbes.com/sites/markminevich/2022/06/17/the-metaverse-and-web3-creating-value-in-the-future-digital-economy/?sh=72310dd67785