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Web 3.0, NFTs and Metaverse: Digitally Transforming Industries

Technological advances are changing the overall functioning of consumer industries. Sudip Saha, COO at Future Market Insights examines the evolution of the latest technologies such as NFTs, Metaverse and Web 3.0, how they are driving digital transformation and how companies can prepare to reshape their sectors.

The integration of various technology features such as artificial intelligence, machine learning, augmented reality, virtual reality and the Internet of Things is a fully evolving work nature and speeds up the workflow. This in turn increases the rate of productivity and brings promising results for the end user industries. In addition, the use of technology not only affects large companies, but has also spread to medium and small industries, thus changing the workflow of business models.

The exchange of information over the Internet is the main driver behind the increasing use of advanced technology capabilities. The latest entry in the technology space is Web 3.0, non-fungible tokens and the metaverse. These technological components have the potential to efficiently replace, redesign and deliver work in a technology-driven world. With the use of these technological features, companies are constantly trying to make the big leap to reach more consumers.

The emergence 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 with the help of a virtual avatar. Additionally, the integration of NFTs to sell digital art has opened doors of innovation and opportunity for end-user industries in the digital world. Let’s look at how cutting-edge technologies like Web 3.0. NFTs and Metaverse are transforming end-user industries.

Web 3.0: Ensuring seamless workflow operations

Web 3.0, the third generation of internet providers (WWW), offers intelligent, connected and open pages. This makes the existing website interface more user-friendly. The increasing adoption of blockchain technology, the Internet of Things with people’s propensity to invest in cryptocurrency and NFTs increases the reliance on Web 3.0

For example, business units are ready to embrace 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 indicates that the enterprise web security market is likely to do so registering a CAGR of 7% by accumulating a market value of $7.6 billion by the end of 2032. Another important factor driving the adoption 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 design robust workflows.

With Web 3.0 integration, users without special privileges can access the services provided by Metaverse. This makes the Metaverse more accessible due to Web 3.0. Web 3.0 not only ensures the confidentiality of information, but due to its decentralized nature, it also stores and secures information without third-party intervention. Web 3.0 and Metaverse complement each other perfectly because of the different features they offer. While users can create virtual avatars in the Metaverse, NFTs allow them to sell, interact, and buy goods.

See more: 3 predictions for Non Fungible Tokens (NFTs) and the Metaverse for 2022

NFT in Metaverse

NFTs are the latest consumer attraction and have the potential to last for a longer period of time as they are a powerful 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 provides much-needed digital transformation for businesses, but also helps people understand the possibilities of the virtual world. As each NFT is 100% unique, the chances of sharing a specific piece of art (image, video or GIFs) are expected to multiply 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 consumer products market competitors maximize the use of Metaverse by advertising their products in it. Future Market Insight states that the consumer metaverse market is expected to have one an amazing double-digit CAGR of 24.5% at a market value of $500 billion until the end of 2032.

The booming market of e-commerce has now reached new heights as metaverse offers a virtual shopping experience that feels almost real. For example, Nike, the sportswear company, created Nikeland on the Roblox platform, which helps users to connect, engage, and participate in company promotions. This, in turn, binds consumers more closely to the brand and gives them the opportunity to experience new product launches first-hand. Another consumer goods company, Forever 21, has gone a step further by allowing users to create their own Forever 21 stores in the Metaverse. In this way, users can create online retail stores, design the interiors according to their ideas and hire virtual employees for it. In this way, users gain the experience of learning about business, shopping, and interacting with other users to understand a company’s needs.

Changing the dynamics of the digital world

Now that we understand the multifunctionality of Web 3.0, NFTs, and the Metaverse, here’s how these components can revolutionize the way businesses operate.

Web 3.0: The development of Web 3.0 has created a safe space for the exchange of information for different business entities. As a result, most end users are transforming and redesigning their existing business models to accommodate Web 3.0 requirements. The increasing adoption of Web 3.0 strengthens Metaverse’s presence and enables secure trading of NFTs.

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

NFTs: 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 unconventional career or work spectrums that are not commercialized in the mainstream. Thus, NFTs provide 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.

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The benefit of the rapid change they can undergo is that Web 3.0, Metaverse and NFTs are still in their infancy. Therefore, the developers of these components are open to constant technological changes and adapt them to offer users unique experiences. Furthermore, the merging of these components promises to offer users a practically rich experience.

In the future, the use of these components will not be specifically limited to personal use. Large consumer goods companies, edtech sectors, food and retail sectors, and IT sectors plan to connect, interact, and grow using Metaverse and NFTs. The increasing use of the metaverse has the potential to create opportunities for unconventional career choices, making it an economically powerful platform for users.

In the coming years, the integration of Web 3.0 will come more to the fore. This in turn increases dependency on them. As Web 3.0 strengthens Metaverse’s presence and Metaverse supports the use of NFTs, the interdependence of these components promises to provide an enriching experience for users around the world.

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