Many analysts forecast a multitrillion-dollar market opportunity with the Web3 & Metaverse ecosystem of technologies by 2030. This ecosystem was showcased at the immerse Global Summit, held in Miami on December 5-7. It allowed over 1000 attendees to learn, grow and connect with leaders across many technologies: blockchain, Web3, Virtual and Augmented Reality, NFTs, digital humans, 5G networks, and cloud connectivity.
Irina Dubovik, Intetics Digital Marketing Director, took part in the IGSmiami event’s dynamic keynotes, sessions, and demos to find out where the industry is going. Let’s recap the trends spotted to follow both for enterprise and consumer market players.
Web3 Is a Future, and This Is Where Everything Is Going
Before we begin reviewing the IGSmiami highlights, industry trends, and insights, let’s explore some key definitions. It all started with Web1, a good old web we all used to leverage for informational purposes, consuming static content. With the supremacy of social networks, it evolved into Web2, a web of social interactions linking users to each other. If Web1 was made up of a small number of people generating content for a larger audience, then Web2 is many people creating even more content for a growing audience. Once again: Web 1 focuses on reading; Web 2 focuses on engaging, participating, and contributing.
And now, it’s hardly possible to stay aside from hearing enterprises and influencers talking about Web3 (also known as Web 3.0) — the next evolutionary leap forward of the Internet. But what is it, exactly?
The term “Web3” is sometimes attributed to Gavin Wood, one of the co-founders of the Ethereum blockchain. In 2014, he described an idealized version of the web in which there is no trust in corporations but near-complete faith in blockchain technology.
Opinions on the precise definition of Web3 differ from expert to expert. Web3 is evolving day-to-day, with new initiatives and use cases appearing. However, the main principle of this concept is clear: it is all about decentralization. Web3 is totally about decentralized and fair internet where users, not governments or corporations, control their own data, identity, and destiny.
Despite the disputes around its concept definition, actual value, and future, one thing is clear: Web3 has become a fundamental driver for startups and venture capital in recent years. Many people are trying to get in on Web3, and many are more afraid of not getting in.
The majority of speakers and companies participating in the immerse Global Summit also stated: almost every industry is expected to adopt Web3.0 blockchain technology in their operations within the next decade — from e-commerce and media to healthcare, automotive, and energy — that is, Web3 is where everything is going.
Below we are sharing the use cases of businesses adopting Web3-related concepts like NFTs that are already on stage.
NFTs and Metaverse Become the Must-Have of the Global Leaders and Enterprises Digitalization Strategy
Non-fungible tokens (NFTs) have many blockchain characteristics that make them practical and integrable with Web3. To put it bluntly, NFTs blend the digital and physical worlds. NFTs are digital blockchain-based assets with metadata and unique identification codes that distinguish them from each other. NFTs can represent images, videos, songs, in-game items, clothes or footwear, and other objects from the real world. Such things can be bought and sold online with cryptocurrency or fiat money.
The hype around NFTs doesn’t seem to be calming down. Many brands are building and announcing their NFT strategies and digital assets, trying to benefit from this technology and gain a competitive advantage. Let’s highlight several use cases of implementing NFTs by global leaders in the fashion, food service, and automotive industries.
Nike .SWOOSH, a New Metaverse Community
Nike is launching “.SWOOSH”, a Web3-enabled platform to ensure a safe and trusted space. Nike members can learn about, collect, and eventually help co-create virtual objects, typically interactive digital assets such as virtual shoes or jerseys.
“We are shaping a marketplace of the future with an accessible platform for the Web3-curious. In this new space, the .SWOOSH community and Nike can create, share, and benefit together.”Ron Faris, the Vice President of Nike Virtual Studios
Watch a quick piece of the performance by Amy Peck, Metaverse, XR & Emerging Tech Strategist, who presented Nike use case for the immerse Global Summit audience.
The .SWOOSH metaverse platform works in beta, with registration opening later in January 2023. Now Nike is creating an inclusive community by inviting members that support diversity and equity initiatives, starting with the United States and several European countries.
Porsche Launches NFT Collection Of 911s
Porsche is among the first automakers to enter the non-fungible token art business. On November 29, the company announced its NFT collection. Porsche partnered with Patrick Vogel, a famous 3D Designer, to create 7500 NFTs featuring the legendary Porsche 911.
The holders of NFTs can utilize different customization tools and even have their own unique combinations of rare traits. NFT purchases are limited to three per person.
“The NFT artworks enable us to take our understanding of modern luxury and the unique brand positioning of Porsche into the digital world.”Detlev von Platen, a member of the Porsche Executive Board for Sales and Marketing.
“This project is an additional element of our digitalization strategy. We’ve made our commitment for the long haul and our Web3 team has the autonomy to develop innovations in this dimension as well. Innovation management at Porsche also sees potential in the purchasing experience, the metaverse, and the supply chain.”Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board, Finance and IT, Porsche AG
During the Art Basel party in Miami, Porsche delivered an impressive physical art experience while presenting its NFT collection. Digital artist Chris Labrooy made the real-life installation titled ‘Dream big’ on the beach of the Pérez Art Museum Miami.
First-Ever NFT Collection by Renault
Following Porsche and other automakers that have already stepped on the Web 3.0 route, Renault doesn’t want to get left behind. Renault’s first NFT collection is called genR5, was inspired by the Renault 5 and went on sale on December 15.
Based on four models of the Renault 5, the collection includes 100 electric Renault 5 NFTs, 160 Renault 5 Turbo NFTs, 450 Renault 5 Le Car Van NFTs, as well as 1,262 Renault 5 TL NFTs. Each of them will be randomly assigned and revealed after purchase, packing their own perks, including invitations to private events or access to exclusive content.
This is only the start of a long-term Web3 project for the automaker. With its first NFT collection drop and with a view to setting a long-term project, Renault is starting its own platform, R3NLT. The car maker aims to form a community of enthusiasts. The platform will offer unique experiences and opportunities, such as exclusive test drives and meetings with brand designers for the platform members.
“Joining the R3NLT community is tantamount to entering a singular relationship with the brand, creating, and offering new experiences to all enthusiasts. And there is no better way of starting than with a collection of NFT that pay tribute to the storied Renault 5.”Arnaud Belloni, Global Chief Marketing Officer, Renault
Starbucks Launches Its Web3 Loyalty Program and NFT Community to First Beta Testers
Starbucks has launched its blockchain-based loyalty program and NFT community. It is called Starbucks Odyssey and represents an extension of Starbucks’ existing loyalty program, Starbucks Rewards. It operates through a coffee-themed NFTs collection that translates to real-world experiences and leverages Web3 technology. The new initiative has been released for the first group of U.S. beta testers so far.
The project’s goal, announced to investors earlier this year, is to earn more diverse and broader rewards beyond the perks users can acquire today, like free drinks. Instead, Starbucks Odyssey introduces a new platform where customers can engage with interactive activities called “Journeys” that, when complete, allow members to earn collectible Journey Stamps — which is Starbucks’ less geeky name for NFTs.
From the business point of view, the program allows Starbucks not only to engage its most loyal customers and build community, but also provides a potential revenue stream. Starting next year, it will release Limited Edition Stamps, which members can purchase to support various initiatives.
Women Leadership of the Future: Web3 and Metaverse
Regarding the social projects and initiatives, the most remarkable session during immerse Global Summit was “Women of the Future” project. It was created to showcase the top female change-makers in Web3, Metaverse, and other disruptive technologies.
Women of the Future is an initiative conceptualized by empowered women to empower other women. It aims to create a multi-channel platform to tell the success stories of female pioneers in a rapidly developing and, to date, male-orientated ecosystem. This project seeks to amplify the voices of tech experts and innovators to inspire future leaders and ensure that women get their deserved place in global business and drive the narrative.
Sue Rooney, Lauren Somer, Tarja Stephens, Janna Salokangas, Anne-Marie Enns, Tommaso Di Bartolo, Elizabeth Irizarry, in Partnership with Mission Impact, presented the book titled ‘Women of the Future,’ which had its official launch at IGSmiami. The book was sold out in minutes. Overall, the initiative is a progressive approach created to drive positive change with emerging technologies like web3 as a force for good. Nathan Pettyjohn, Founder & President at immerse Global Summit, formerly VR/AR Association (VRARA), supported those talented group of women who are changing the world for the better. The VR/AR Association (VRARA) and immerse Global Summit team continues to support and partner with Women of the Future to do even more while going forward.
Government Support of Web3 Initiatives: Consulate General of Canada in Miami at IGSmiami
Startups and innovations are constantly supported by the Consulate General of Canada in Miami. As part of a delegation, eight Canadian companies were represented for cooperation during the immerse Global Summit with the help of the Canadian Trade Commissioner Service.
Final Thoughts: How to Benefit from Tech in the Era of Web3?
The event showed exceptional opportunities for businesses to open new innovative channels to create value and enhance customer security and digital experience. Staying up-to-date with new technologies like AR/VR, NFTs, etc., is becoming a must for businesses that want to grow and improve their services. There are endless opportunities for using blockchain technology in your business regardless of the industry in areas like security management, cryptocurrency software, smart contracts, and international money transfer systems, to name a few.
Let’s talk and discuss the possible scenarios, benefits, and nuances to consider while starting your web3 journey. We can implement blockchain technologies in your existing and new fintech, insurance, banking, and digital currency systems to ensure data security and reliability across a decentralized and distributed infrastructure. If decentralization is your path, let Intetics get you there.