Metaverse: What should we know for Business

Web1 Commonly known as World Wide Web. The first iteration of the web is commonly referred to as the “read only web.” Web1 was characterized by static websites that displayed information. There was little to no user interaction or user-generated content.?

Web2 Starting in the 90s, the “read-write web” is characterized by user-generated content and improved user interfaces. This led to the creation of blogs, social media platforms, and sites like Wikipedia and Youtube. Web2 placed more emphasis on user experience and interoperability between different applications and websites, giving us the vast network of connected websites and resources, we are familiar with today.?

Web3: is the third generation of the evolution of web technologies. The next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information.?

Web3 aims to remove control of the web from monopolistic tech companies and return data and content ownership to its users. Also referred to as "read-write-trust-web."?

Metaverse: A virtual 3D world where people can interact with a computer-generated environment and other users. Popular blockchain-based environments that comprise the Metaverse include Decentraland and The Sandbox, virtual gaming worlds where users can buy and sell land as NFT.?

?Is Metaverse and Web3 Just a Hype or a Real Opportunity for Business??

McKinsey report states that the Metaverse is too big for companies to ignore, with its potential to generate up to $5 trillion in value by 2030. More than ever Metaverse and Web3 play a vital role in the modernization of our society, transforming not only individuals but also corporates and companies into a digital world. Businesses are facing a whole new world of opportunities: game-changing innovation and the opportunity to shape the future through digital technologies.?

Gartner shows that by 2027, over 40% of large organizations worldwide will be using a combination of Web3, spatial computing, and digital twins in metaverse-based projects to increase revenue. Analysts also expect that by 2026, 25% of people will spend at least one hour a day in a metaverse for work, shopping, education, social media, and entertainment. ?

It's crucial for businesses and individuals to stay ahead of the curve and understand the potential opportunities and challenges Metaverse could bring. 2023 is going to be the year of the Metaverse and it'll be completely game-changing.?

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