The Internet is being reimagined, and businesses must be prepared for what comes next.
Companies have been developing many digital capabilities for nearly two decades. All of these solutions, however, were designed for the Internet as we know it today: a digitally-focused place where different platforms power value independently and data isn’t portable or shareable by default. As this changes, though – when people spend less time offline than online – what does this mean for the way businesses operate?
As a result, our current systems are built to accommodate constraints that the next generation of the Internet will not have. Metaverse and Web 3.0 innovations are transforming the virtual world’s fundamental underpinnings and operation.
Rather than looking at the Internet as an assortment of separate web pages and apps, metaverse efforts imagine a persistent 3D environment with its sense of place. Changing from one service type to another is like going across the street when you’re in this virtual world. It will take a lot of effort to create new platforms, programs, systems, and markets, all while securing partners and identifying use cases and business models.
However, there is a tremendous opportunity hidden behind the uncertainty. The last time the Internet experienced such a seismic shift, Amazon, Netflix, and Google went from small businesses to internet behemoths.
The Convergence Of Our Digital Future
These changes are occurring on two fronts: the metaverse as a re-platforming of digital experiences and Web 3.0 reimagining how data flows through that system.
Consider how BMW is constructing digital twins of 31 different factories using the American multinational technology company – Nvidia’s Omniverse platform, starting with the metaverse. The models use real-time data to create a 3D environment that serves as a living mirror for everything from machines on the floor to people working at stations.
While metaverse solutions strive to provide a more unified experience, Web 3.0 redefines data by establishing provenance, integrity, and value. The goal of all Web 3.0 efforts is to add a layer of trust to the web by giving people control over their data, allowing them to “own” a pair of digital shoes, or securely authenticating their identities.
Finally, how the two converge will determine the value of the metaverse and Web 3.0. To gain widespread adoption, efforts to reimagine how data moves through the Internet will require a simple and intuitive experience. These efforts to improve the “realness” of the web experience must also include an underlying data foundation that ensures trust, safety, and choice.
Leading The Internet Of Tomorrow
Business leaders should begin developing new strategies today, investigating the potential of new products and services, and educating their executives on the technologies that will soon be foundational to their organization. They can begin with identifying and developing the Web 3.0 and metaverse skills and capabilities required. Companies need 3D artists, game designers, and platform experts to build, and companies will require expertise in multiple blockchains and relationships with various consortiums.
Aside from acquiring the necessary in-house skills and knowledge, forming new partnerships and ensuring your ability to participate in future collaborations is also critical for laying the groundwork for your technical foundation. Consortiums and industry standards promote greater business interoperability, making it easier to deliver cross-platform experiences and collaborate.
Furthermore, they frequently make it possible to do so securely and without jeopardizing a company’s reputation.
Today, we can see that the metaverse and Web 3.0 are shaping today’s Internet and will collaborate to eliminate or reduce friction between all digital platforms. With data used properly across these various experiences, they are forcing new lines of business, methods of working, and chances for company interactions. The race is on now to define how this new world looks – well, it begins with defining what it looks like- while simultaneously building it up piece by piece.