The Web 3.0 Report - 17/11/22

The Web 3.0 Report is our bi-weekly newsletter helping readers keep their fingers on the pulse of everything Web 3.0 whether that be Blockchain, NFTs, the Metaverse, or of course, AR/VR.?Today, we focus on Apple's recent recruitment drive, Nike's new NFT platform Swoosh, Niantic using AR to drive retail sales, and market predications for agencies and Web3 solutions.

Tech - Rumours of Apple’s Own Fully Immersive Metaverse Offering

Silicon Valley tech giant Apple has championed augmented reality as the future of consumer technology compared to fully immersive 3D environments. Tim Cook, the CEO of Apple, has avoided terms such as the Metaverse, ‘I always think it’s important that people understand what something is’ Cook said, ‘and I’m really not sure the average person can tell you what the metaverse is’. However, Apple has now begun listing positions for engineers with experience in 3D graphics specifically for building immersive environments. Despite being publically critical of the Metaverse, Apple's new recruitment drive indicates quite the opposite direction. Apple seems primed to begin focusing on a mixed-reality offering, albeit detached from any associations with terms such as the Metaverse, something Tim Cook has publicly stated. It will be interesting to see how their new offerings in the immersive space begin to take shape. As with the iPhone, Apple has always expressed that the success of hardware goes hand in hand with the services available on it. For Apple's new AR/VR headset to achieve similar success, they will need service offerings that make product a worthwhile investment.?

NFT - Nike Democratises NFT Design with Swoosh Platform

Nike released their new NFT platform Swoosh this week, a Web3 platform where users can browse and buy Nike’s entire plethora of digital products. Currently in beta, Swoosh is focusing its initial efforts on building its community. What makes Swoosh unique, at least for a brand as large as Nike, is their hopes to democratise the platform, allowing the Swoosh community to vote on new releases and even allowing independent designers to have creative input on the product itself. Paired with physical releases adding real-world value and entirely unique digital assets created by the community, Swoosh will provide one of the biggest mainstream Web3 platforms for 2023 release. It will be exciting to see if Swoosh will achieve widespread success beyond the Web3 curious and how the platform will develop throughout 2023.?

Metaverse - Agencies Expected to Invest More in Web3 Solutions

Many expected ad agencies would struggle to maintain continued growth in a highly competitive market during rising inflation and economic downturn. However, despite expectations and the state of the economy, ad agencies are still achieving sustained growth, albeit not as lucrative, despite the odds. Web3 solutions are one-way Forrester, a leading firm in marketing research, believes ad agencies will use to regain any lost growth despite this period of economic downturn. As for why, according to Forrester's report, 70% of Chief Marketing Officers for consumer-facing brands are seeking solutions and strategies in this growing market. According to the report, the demand for engineers, developers, and meta-savvy marketers will leave many ad agencies looking to offer Web3 solutions vying for the limited talent pool available in this area. Therefore, many brands looking to cut their marketing spend and focus on in-house marketing will be forced to swing the pendulum back in favour of third-party ad agencies with offerings and talent in the Metaverse. The lifeboat that is Web3 could leave a very different story for the marketing sector compared to previous recessions. Perhaps instead of a complete slowdown in business, we could alternatively witness a radical shift in service offerings and a boom period of innovation and change in the agency space.

AR/VR - Niantic and Puma Use AR to Revitalise Retail Sales

Brick-and-mortar retail stores continue to struggle to find a footing in an increasingly digital market. The concern that brick-and-mortar retail will fall into obscurity has become increasingly warranted with the proliferation of Web3 stores and apps. However, increasingly brands making moves into Web3 spaces, such as Niantic, Foot Locker and Puma, have begun to create more connected experiences that bring consumers back in-stores. Across 400 Foot Locker stores, Niantic has partnered with Puma to turn every story into a Pokestop or Pokemon Gym to help promote the release of Puma's Pokemon-themed sneakers and merchandise. The partnership is a great example of how we can begin to link virtual and physical environments using AR technology.?