Cover Story: A Year in Metaverse – Web3 – Metaverse

Cover Story: A Year in Metaverse – Web3 – Metaverse

Despite the drastic crash in the crypto market over the past two weeks, and the day traders retreat and the NFT secondary market, obviously, the Internet as we know it is changing, and executives should pay attention to these transformation opportunities.

Web3 – the third iteration of the Internet – blockchain adoption, non-fungible tokens (NFTs), smart contracts, virtual and augmented reality, and yes, cryptocurrency and many businesses are already investing in Web3 technology.

Over the next 12 months, Digital Nation Australia will test emerging technologies, use cases and business model firms to realize that the next great wave of innovation in the market can be washed away – welcome to our year at Metaverse.

Some technologies, such as digital twins, augmented reality, and even blockchain, are already familiar to executive leaders, but others, such as DeFi and DAO, are confined to the cutting edge. That will change quickly.

Web 1, Web 2 and Web 3: The Transforming Internet

Lachlan Finney, CEO of Blockchain Implementation Consultancy Labris, told Digital Nation Australia that the transformation that has taken place in the three repetitions of the Internet can be summed up in three words: read, write and own.

“If you go back to Web1.0, all you can do is read. You think of the early days of the Internet, you go to websites and you read information on those websites. You can’t post anything. You can’t add comments, upload photos, such things. They were completely informative, ”he said.

“Then there was our Web 2 revolution where things like social media platforms and YouTube and all these kinds of platforms where users can actually upload their content to the web.”

According to Finney, the main difference between Web2 and Web3 revolves around ownership, where individuals will actually own the data uploaded to the Internet.

“So Web1.0 is read, Web2.0 is read and write, and then Web3.0 is read, write and own.”

Finney says that in the past, you would “laugh out of the house” when discussing Web3 at the executive level. But these days, executives are starting to pay attention.

“Now that the executive level understands that Blockchain and Web 3 are going to be important to their business in the next decade, they really have no idea where to start.”

Web3 and Metavers: What’s the Difference?

Matt Coates, Accenture ANZ told Cloud-First Lead Digital Nation Australia that the difference between Web3 and Metavers is about visibility.

“Web3 is less visible and related to how we transfer and register data via the Internet. Although today’s data movement is controlled and centralized by some players on the Internet, through Web3, the process is decentralized, allowing users to control their online identity and digital resources through a decentralized approach to public, open blockchain technology, ”Coates said.

Metaverse, however, is how we experience the Internet and is highly visible, he said.

“Today, we basically navigate the Internet through different 2D websites and applications. Metaverse will re-platform our digital experience. Instead of looking at the Internet as a separate collection of sites and apps, Metavers’ endeavors envision a sustainable 3D environment, where it’s as easy as feeling across the space and walking across the road from work to a social platform. “

Quotes from Meta (officially Facebook), Microsoft and Google as some of the major technology players involved in the infrastructure surrounding Metavers and the creation of the virtual world.

“For many of these companies, such as big technology and gaming, Metaverse will represent a whole new business model. Other companies have often helped service providers for innovative business models to use Metaverse as a way to monetize or develop products or save costs,” he said.

Landlease – Planet A.

Global construction giant Lendlease is a business that has invested in Web3, creating their own metavers, called Planet A.

According to Michelle Zamora, Global Head of Marketing, Communications and Corporate Affairs at Lendlease Digital, “The definition of a metaverse really requires two elements. One is that the digital environment represents the physical environment and two, it creates a way for people to interact with the real world The digital world can feel that place in both cases. “

Planet A is a metaverse where users can experience placemaking practically and remotely, starting with the Milano Innovation District (MIND) in Italy.

Using a virtual reality headset, users will be able to interact with MIND and play sustainability-centric games that allow them to understand the climatic effects of an urban environment.

“The first game is West Ninja, and it’s a lot like Fruit Ninja wherever you go and all this rubbish is thrown at you, and you have to use your breadstick to get it right and you have to do it, it will tell you how much carbon you have. Preserved, ”said Zamora.

“The second game is one where you go to one of the real buildings of MIND and you have to decide how to use the data sensors and which data sensors to use to improve, not only the greenery of that building, but the level of human comfort.

“There will be an avatar that looks terribly cold. How do you make sure they’re a little warmer when saving carbon? “

Ciaran Hennessy, chief software architect at Landleys Digital, told Digital Nation Australia that gamification was crucial to the strategy.

“One of the things about Metaverse, though it looks a bit funny, is that it’s really purposeful because all we want to do is let people play and explore and be able to understand how this complex environment works, using it as another tool or other engineering result.” Instead, “says Hennessy.

“These kinds of innovations, and these changes we can test and we can see the effects and we understand if people say they make sense before we build them into physical structures, because it can take 10, 15, 20 years to get to that point. He said.

Cryptocurrency and NFT

According to Nick Abrahams, global co-leader of digital transformation at Norton Rose Fulbright, the interest of boards and c-suites in Web3, and especially in cryptocurrency, skyrocketed last year.

“I would have a conversation about crypto a year ago and the response would be, ‘If we want to buy some drugs on the Dark Web, we’ll give you a call about crypto’, but now they’ve moved away significantly,” he said.

Business leaders are now asking whether they should start accepting crypto transactions like Gucci and Starbucks, or put crypto on the balance sheet as a diversified corporate treasury strategy like Tesla, Blockchain (officially Square) and KPMG.

“There’s a lot more focus on proposing that diversity,” he said.

According to Abrahams, NFT spectrum is also rapidly gaining corporate interest.

“Of course the NFT spectrum has a confusing end, but it has a real end,” he said.

Collectively, sports organizations, including the NBA, have seen huge success with their top-shot NFTs, spending USD $ 700 million last year.

At home, Tennis Australia, Cricket Australia, the AFL and the Australian Zoo have all recently dropped their own NFT collectibles.

Extending the traditional loyalty program, Dolls & Gabbana, Prada and Zara, as well as consumer-facing retailers have taken NFT into the high-end fashion world by revealing some names from Coke and Budweiser.

Web3 Business Model: Creative Economy

Digital Nation Australia spoke with Joan Westenberg, founder of Venture Capital Fund for NFT Investments, Metapunk, founder of the creative agency Studio Self, and head of marketing for the decentralized technology network and community MODA DAO.

According to Westenberg, Web 3 offers the greatest opportunity for the creative economy.

He described the current Web 2 economy as “an exploitative economy” for creatives.

“It means going through big corporations and technology companies like Facebook where they benefit from the work of creatives and rarely support them.”

Westenberg believes that NFTs create a business model for musicians to profit from their music.
“There’s a huge opportunity for manufacturers to build a profitable career in this space where they previously had to rely on advertising revenue, and all the billions of dollars penny and scrap from the corporation’s table,” Westenberg said.

Membership and access pass for exclusive content is another NFT usage that is rising in this space.

“We’ve seen business models change around the media where people have tried to use payment gateways and paywall and it hasn’t worked. But in a world where you can have a customer who owns a token that has value that gives you access to the media, it’s an attractive business model, “he said.

According to Colina Demirdjian, co-founder of Moji Edit, one of the largest emoji applications in the world, the Web3 rental market also has lucrative opportunities.

“If you build a property and you spend a lot of time on it and you make it luxurious and luxurious, then our goal is to build high quality. You can earn good money by renting or leasing out for specific events or hosting it for various entertainment opportunities, ”he said.

Demirdjian told Digital Nation Australia that Metavers would change the way we communicate as a society.

“Businesses will now be able to connect with their users one by one in the most meaningful way and there will be a place for them in their user base.

“You’re not just creating a number that’s just a number, but in reality, you can see people and meet them and you can interact with the locals in your different areas, because you can’t be there to reach them. Able, ”he said.

“It’s all going on, but hopefully we’re all working towards social betterment as a company building Metavers.”

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