The development of new technologies has changed our perceptions and how we grow businesses of late, bringing a range of new concepts and routines to our daily lives. Web 3.0 and metaverses, for example, are two emerging technologies that are expected to revolutionize the way we do business in the years to come, and continually scrutinized and evaluated at this point in time.

Web 3.0

Web 3.0, which may also be known as the semantic web, is a concept developed for the next generation of the world wide web, using artificial intelligence (IA) and learning algorithms as well as blockchain technologies to understand data in their sharing, and facilitate the search for information and its storage in a decentralized computer network, based on the context.

Blockchain is a method of storing information – i.e. a database – that is shared among a network of computers and duplicates and distributes transactions and information, making it difficult or impossible for the system to be manipulated and hacked.

Compared to the current internet network – referred to as Web 2.0 – a decentralized web would offer greater security and privacy, along with more data ownership, as it allows users to manage and control their personal information, rather than relying on the architecture of a central server and its relationship with the client, as is the case today.

Metaverse

“Metaverse” is a term referring to virtual worlds that allow online social interaction using digital avatars, embracing virtual reality (VR) or augmented reality (AR) technologies to create an immersive experience. Within the space created, aspects of the physical world are simulated and reinforced through resources such as social media and digital currencies, as well as avatars, events, online activity centres, etc., elements that vary from one platform to the next.

In the last two decades, the emergence and proliferation of games promoting popular metaverses, such as Minecraft and Second Life, have engendered attempts to create ever more platforms aiming to integrate virtual and physical spaces in metaverse interactions.

Technology and business

According to Citi, metaverse businesses are expected to contribute between $ 8 and $13 trillion to the global economy by 2030, with an estimated five billion users. But what is more important to start with is to consider the users likely to go for these new technologies, and what they are looking for.

In the most popular metaverses such as Roblox and Minecraft, people in general and generation Z (born between 1997 and 2010) in particular are increasingly spending their money on virtual items and accessories, many of them exclusive to the respective metaverse. Which indicates that, apart from creating virtual versions of existing physical products, there are also development potentials for unique virtual products and experiences.

Marketing can play a key role in this, too. In 2022, major brands like Disney and Nike announced strategies or projects that embraced metaverses as a new means of engaging with customers, of broadening the understanding and study of online consumer behaviour, and enabling even more personalized and precisely focused experiences tailored to the interests and needs of each target audience.

Web 3.0 could likewise enhance customer relationships. Trust-building between businesses and their customers is eased given the transparency ensured by the «immutability» of data stored in blockchain technologies, infusing the latter with greater confidence in the information’s authenticity. Better legal compliance is another benefit, with immutable transaction records that are transparent to all parties helping businesses meet governance requirements.

As Web 3.0 is designed to be decentralized, applications are unlikely to require expensive servers and data centres, and can be run on computer networks provided by end users, eliminating the need for third-party service providers. Another cost-saving benefit is the potentially easier supply chain monitoring, enabling possible issues to be identified with greater agility and better time management.

What is the upshot for us?

Web 3.0 and metaverses are highly networked in their focus on sharing content and experiences online, and both based on advanced technologies such as the AI employed in their development and blockchains, a concept undergoing constant evaluation as an integral element of Web 3.0, set to power metaverse services.

Although adjustments may be necessary, the future potential of these two technologies is huge and highly promising, offering countless opportunities for innovation in a new digital wave able to change the way we do business in all kinds of ways. Potential challenges do exist – such as the incorporation of Web 3.0 in the metaverse, potentially leading to a virtual world that is fully integrated with the internet, or the availability of resources that support these new tools – but they can be overcome with time, promising a new era of access and change.