With the rise of the Metaverse and Web3 technologies, there is no denying that the next evolution of the Internet is already underway. This is what I mean when I talk about the “future Internet”. This is the next generation of the Internet, featuring immersive virtual Metaverse worlds (like Fortnite and Meta’s Horizon Worlds) and decentralized Web3 technologies (like cryptography, blockchain, and NFTs).
For organizations, this future Internet brings many opportunities and threats. This means that all organizations need to examine the products and services they offer and consider new and improved ways to serve their customers.
Here are three methods to explore.
1. Extend existing products and services
A good starting point is to consider your existing products and services and how to enhance them with Metaverse and Web3 technologies. Consider how Fortnite transformed from a gaming platform into a pioneering Metaverse platform that offers immersive virtual experiences, including live performances from real-world megastars. Or consider how smartphone manufacturers are incorporating his AR capabilities into their smartphones, allowing users to display immersive virtual elements superimposed on their real-world views simply by using the built-in camera. Sho. Both are great examples of making existing products and services more compatible with the upcoming, more immersive evolution of the Internet.
Can you enhance your product or service for the future of the Internet? If you ignore this question, you run the risk of another company offering the improved product. Consider how services like Audius are reimagining music streaming and challenging established platforms like Spotify. Audius is a blockchain-based, artist-owned, decentralized streaming service with its own crypto token. Essentially, the platform allows musicians to decide how to monetize their music and connect directly with their fans.
2. Creating new digital-only products
The next generation of consumers is very happy to spend real money on products that don’t exist in the physical world. My kids routinely spend their allowance money on Fortnite skins, and your kids might do the same. In fact, Fortnite (and gaming in general) has led the way in creating digital-only products. What’s really interesting is that since Fortnite is a free-to-play game, selling in-game items is clearly an important source of revenue for the game’s makers. In-game purchases are very popular. 70% of Fortnite players buy costumes, accessories and dance moves of the virtual character. These costumes, accessories, and movements do not give the player any real advantage when playing the game. It’s purely about changing the look of the character versus people who don’t pay for the product. This shows that digital-only products have very real value in the Metaverse era.
What will the new services of the future Internet look like? A good example is BlockBar, his NFT marketplace for fine wine and spirits. BlockBar is his direct-to-consumer NFT marketplace that connects consumers and collectors with premium alcohol brands like Glenfiddich and Hennessy. This allows brands to sell NFTs tied to physical luxury or limited edition products. (NFTs serve as proof of ownership, but may also provide NFT holders with access to exclusive benefits and content.) As a service, BlockBar brings the wine and spirits sales business into the 21st century. I am incorporating it. And it has proven popular with both brands and consumers alike. The market reached $7 million in sales in its first year and attracted a lot of people. 300,000+ users.
Can your business create new products and services designed with the Internet of the future in mind? Or could your existing products and services be threatened by new, digitally native offerings? Or?
3. Creating hybrid products and services that span both digital and physical
What about merging the physical and digital to create hybrid products and services? One great example comes from Merge EDU, which has designed a range of digital learning materials for STEM subjects. Thing. This material helps students understand complex scientific concepts by immersing them in 3D objects and simulations that they can touch and manipulate. This shows how digital products and services can provide significant value in the physical world.
Of course, physical products can also be enhanced with digital elements, such as accompanying NFTs. Just as SPIN, the legendary music magazine known for its iconic covers that are collector’s items in their own right, sells its covers and other art assets as collectible NFTs.
This “tokenization” of physical products is interesting because it also allows products to be sold in a decentralized ownership model, where multiple customers share ownership of the asset. One example is from the Crurated wine platform, which offers members the opportunity to purchase a portion of wine barrels certified by NFT and blockchain technology.
Can we ignore the future of the Internet?
There is no doubt in my mind that companies that ignore the impact of the Metaverse and Web3 risk being overtaken by startups developing new and improved versions of existing products and services. That means rethinking them for the future of the Internet.
That said, the future Internet is evolving rapidly, so some products and services developed today may not exist in a few years. There will be new products and services that we cannot yet imagine. As a result, amazing innovations are coming our way, but we can’t predict where this will all lead. But don’t let that stop you from reinventing your products and services and experimenting with future Internet innovations. In other words, there’s no need to wait. Now is the time to experiment.