To be successful in this new world, one needs to integrate, understand and work with technologies and how they work as a collective. While the business opportunities are endless, the digital disruption mindset is key to make it big in these dynamic times.
While the new world order is still in its formation, let’s dive into what is metaverse, how Web 3.0 is fueling the virtual world and how these are collectively looking to build a new digital economy.
Also read: Impact of digital media on creator’s economy
Metaverse is essentially a virtual world on a series of digital platforms that will support and help in the curation of digital identities, i.e. avatars and assets. These are decentralized platforms that are interconnected and will help its users to freely exchange information and support transactions within the virtual world via crypto-based currency – further developing a crypto-based economic system in the world. In our present times, AR and VR are known to be the key technologies that help to build this virtual world and offer an immersive experience to the users.
In terms of its functionality, experts have been noted to say that metaverse is
– endless – that means it does not pause, end or reset, and
– synchronous (fully) – that means every experience is live to individual users that helps to build real-time experiences for all its users.
– collaborative platform – that means multiple brands, companies and users can contribute to build the metaverse space, which makes it highly collaborative offering many opportunities for marketers, entrepreneurs, designers, creatives and more worldwide.
In simple terms, all these collectively make the metaverse a digital universe of its own where all individual users can operate seamlessly in one space. What makes it even more attractive is that it runs on Blockchain technology that allows for the creation of decentralized (digital) economies of scale while making use of crypto based technologies.
It should be noted here that the metaverse market is projected to be US$947.118 billion by 2030 with a staggering CAGR of 38.8% as per an article by Global News Wire earlier in April 2022.
When we talk about blockchain, we need to give the digital disruption by these emerging technologies credit for pushing our world towards metaverse and Web 3.0.
Many research experts and senior technology specialists have been noted to mention how digital disruption over the past decade has been the accelerator for Web3.0. While the consumer activity over the internet has increased over the past few years, especially through the pandemic, it has accelerated the process of digitization by a few years and a large increase in the number of digital products.
It is been said that with the push during pandemic, the digital adoption has taken a quantum leap while also pushing the incubation for key technologies – more specifically – the building blocks of Web 3.0
One key point to note is that metaverse is built on Web 3.0.
When Web 1.0 began it was known to be the information super-highway that helped us search, explore via platforms like Yahoo, Google and few others. With Web 2.0 arriving at the turn of the millennium, we got introduced to social networking, blogs and ways to monetize online via ads.
In Web 3.0, the third generation of world wide web – the next generation of internet architecture, with its main characteristic being decentralized, transparent with fragmented ownership and a greater user control, also the four essential pillars of blockchain are making the space more easy to access. In this regard, blockchain is leading us into a digital evolution. Blockchain today is ideal for delivering information for the main reason that it provides faster, immediate, shared and transparent information. Web 3.0 is a collective of blockchain enabled decentralized applications that aim to support and help an economy of user-owned assets and data.
For laymen, blockchain is empowering Web 3.0 to become the next digital marketplace allowing users to decide the value of their products, and making users in charge of their own transaction and their data. For this reason, Blockchain and Web 3.0 are like a match made in heaven, two entities that were developed and met at the right time, right place.
Read more: India’s tech unicorns
The new digital economy
When there is an immersive space built on a decentralized platform that empowers users to make their own decisions in digital products while offering a new digital currency platform for transparent transactions – a new order is already finding its base and setting up plans for the future. This is how the new digital economy is already in play across the world and is gaining a lot of attention from world dominant brands in IT, digital media and more.
A digital economy is a result of economic activity that comes from/ results from the billions of interconnected people, businesses, devices, processes, data, networks and more on the internet. With metaverse and Web 3.0 becoming the most talked topics globally to disrupt the internet, a new digital economy is already in the making and ready to change the world as we know it.
Content will be king here
We already live in a world filled with text based, visual, audio and moving picture graphic content, with Web 3.0 and Metaverse, the game is about to get more intense and disruptive. Immersive media in Web 3.0 will have a strong impact on content marketing. In metaverse, a whole new class of entrepreneurs will rise to the occasion that will help brands to pitch themselves aptly on metaverse platforms, help them build avatars, virtual assets that can be sold, hired or rented.
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New class of entrepreneurs/ influencers
These new types of entrepreneurs are those who will be able to create their own avatars, a digital representation of themselves and are those who will be the new influencers in the virtual world. Their avatars will reflect their personalities, style and more. They will partner with other individuals and brands on metaverse to promote products, digital assets and more so that their following can be aware of these brands and be influenced into investing into digital and virtual closets, assets, NFT among other things.
All these virtual yet value based digital products will have a value based transaction that will be carried out by a crypto-based economy system. This crypto-economy is only bound to evolve and grow into a larger economic system that will power the entire digital economy sector.
From Bitcoin to Ethereum, there are already many crypto-based currencies operating globally that are built based on Blockchain technology offering full transparency and storage of data. With the rise of NFT’s, Dogecoin and more, there is a lot more expected to come that will push this sector to keep growing exponentially over the next decade.
While the future is still unpredictable and as the technologies grow, there is bound to be more evolution in the way we live as a society and interact, the best we can do is work with innovative ideas and work as a collective team to maintain the disruption in our economy that keeps pushing us towards the new era.
Be part of this changing dynamics on how we conduct our business and this world wide switch to digital entrepreneurship. BMS Digital Business from Hetic will lead you towards a digital savvy career path and help you choose the right career track from the many options in the IT, design, administration and more departments.