The internet has been the great equalizer of my lifetime. It enabled me, a young man growing up in one of the poorest places in the world - Siberia - to educate myself and identify the possibilities that exist on every continent. As internet speeds have accelerated, graphic qualities have improved, and more consumers have migrated to the web, new opportunities have emerged.
Such is the power of today’s internet. But a new age of the internet, Web 3, is nearly here, and it’s the next great digital shift. This new immersive experience will provide content anytime, anywhere, through any channel or device and personalize the online experience. You won’t need a headset to enter this virtual realm. It’ll be accessible through your computer, smartphone, smartwatch, television, game console - or any digital device or screen.
Is your organization or business prepared to participate in this digital evolution? Building and supporting this new digital experience involves three integral components. Now is the time to ensure you have the tools and resources needed to create it.
Your metasite
Metasites are the next evolution to websites. Imagine a more immersive sales experience that brings customers directly to a digital marketplace that sells virtual experiences and items that consumers can interact with or own.
To understand Metasites, one must acknowledge three underlying technologies that power existing virtual worlds - Roblox, World of Warcraft, and Fortnite - that will serve as the basis for future Metasites. The first technology is the real-time rendering power of a computer or game console. The second technology is cloud gaming. Today’s cloud computing allows computational work on remote servers without the high physical hardware costs. This rendering power helps us enter digital worlds without delay. Finally, we need to understand the third technology behind the portal, allowing us to travel from one virtual world to another. Think of it as being able to walk through one door or elevator and enter a new virtual world. We’ll transition from a 2D to a 3D world thanks to existing technology.
These sites are already being built. You can work with companies that will provide tools and expertise to develop these virtual experiences, or you can work with developers to build your metasite.
Your products
In Web3, there will also be a significant opportunity to make real money by selling non-fungible tokens (NFTS) or unique digital assets that guarantee exclusive virtual items or experience ownership.
Already, major brands are entering the NFT space, including sports organizations like the National Football League and Major League Baseball, athletic companies like Nike and Lululemon, and countless others.
According to Grand View Research, the global NFT market will reach at least $211.72 billion by 2030. However, Emergen Research said in June 2022 that, depending on economic conditions, the global market could reach $3.5 trillion by 2030.
Finally, for content creators, the best opportunity to make money, at the risk of sounding self-serving, is through Metasites and consumer-facing transactions. It’s simple: you can capitalize on in-app purchases and microtransactions as customers look to enhance their experiences in Web3. These purchases will be made from virtual items they can take between the virtual and physical worlds. There will be an entire subindustry of hypercustomization when it comes to avatars and personalization for each user. These purchases include clothing, skins, stickers, and other accessories for virtual avatars. They include add-ons for virtual concerts or exclusive events inside the Metaverse. These in-app transactions will provide steady streams of royalties for content creators and brands alike
Your payment method
The payment method for this new digital landscape represents an evolution in currency. Money in Web3 will look different from our cash and cards in our physical wallets. Web3 is built on interoperability and seamless currency exchange. Increasingly, blockchain technology will fuel commerce in this digital realm. Do you have a payment processing platform allowing you to accept cryptocurrency payments?
Blockchain technology allows consumers to ditch credit cards and use their digital wallets. Retailers must create the foundational structure and secure channels to allow this payment type.
Let me give you some examples of how a successful metasite might work:
Instead of driving to a mall, finding parking, pushing through the crowds, trying on clothes, and then waiting in line, you visit a virtual store. You meet your digital assistant, see how the clothes look on your virtual avatar, settle payment through blockchain, and within two days, receive them via delivery to your home. I’ll also give you an example of how a legacy company already leverages opportunities in Web3.
In 2021, Nike partnered with the virtual platform Roblox. Nike, a global apparel brand powerhouse, released a limited-edition virtual sneaker. Players could buy these sneakers for their Roblox avatars; the digital items were exclusive. Under the terms of the agreement, both companies split the revenue. In addition, the two companies created a popular virtual experience called the “Nike Game Room” that allowed users to compete in a virtual obstacle course. Nike provided the obstacle course, while Roblox provided the audience.
The key to Web3 will be the ability to build immersive and engaging virtual spaces. These digital environments will allow businesses, brands, consumers, and creators to provide immersive experiences that we have yet to experience. You can engage customers with gamified experiences, loyalty programs, and AI-powered avatars, all in a unique virtual world.
Participating in this digital evolution has real economic benefits. Citi values this new ecosystem at $10 trillion in 2030, while Epyllion CEO Matthew Ball projects it could reach $30 trillion.
In the decade ahead, participants building Web3 will have access to an incredible amount of money. Those who ignore this potential or dismiss it as a fad will find themselves in the same camps as those who failed to embrace the early iterations of the Internet, e-commerce, and the digital revolution of mobile applications.
Technological advancements will create new ways to connect, shop, visit, create, sell, promote brands, and learn. Now is the time to create the structure, resources, and tools to participate in this evolution.
