Web3 and the metaverse: a world of possibilities, with opportunities for all companies

We can’t be sure what the future of the web holds, but being ready to grasp the benefits and possibilities it offers could be a winning move

Web3, the metaverse, blockchain, NFTs ... the tidal wave of innovation catapulting us into the future seems to grow larger by the minute. This new, open and immersive version of virtuality does not yet exist but it remains the subject on everyone’s lips.

Its forerunner was Snow Crash, Neal Stephenson’s 1992 dystopian novel, in which the metaverse made its first appearance as a parallel dimension inhabited by avatars (sense any parallels to Second Life?). But while it may be possible to celebrate the 30th birthday of the metaverse as a concept, in 2022 there is little else of substance to show for it. Therefore, as with all innovations on the cusp of becoming mainstream, it is worth reflecting on what’s really happening and why it might be a good idea to dust down that pioneering spirit.

In reality, the metaverse, as it has been imagined and described, does not yet exist. Instead, we have a series of metaverses (Decentraland or The Sandbox, for example), created by different companies as independent and unconnected virtual spaces (not “interoperable”, as Hiro, the protagonist of Stephenson’s novel, would put it). One of Web3’s objectives is to make the X number of metaverses that it will contain communicate with each other, sharing the same assets (such as the NFTs we will buy and use across all the environments we are active in) in an Extended Reality (XR) which “runs the full spectrum from the completely virtual to the completely real on the reality-virtuality continuum”

By Web3 we mean the evolution of the current web (Web2 or 2.0) into an online environment based on communities, decentralization and blockchain. Currently, platforms, social networks and services are created and managed by a limited range of players, including – but not limited to – the tech giants. The new web, on the other hand will be driven by democratization and participation.

Web3 will form the foundation of the metaverse, a "place" where our digital selves will use tokens to live, buy and sell, but with a much closer link to real products, people, relationships and experiences. For example, we could buy physical goods along with their digital assets, guaranteed perhaps by smart contracts created with blockchain, whose value in the metaverse could become infinitely greater than their value in the real world.

Tokens are another of the main tools that will lead to real bottom-up governance, with the establishment of DAOs bringing genuinely decentralized companies. If the blockchain is a widespread digital register that sits on users' computers, then virtual currencies will make it possible to parcel up and divide properties, voting rights and responsibilities.

Of course, all this will have consequences. Some people have already pointed out the possible limits of Web3’s structure and DNA. If it is true that we can do without Facebook, Amazon or Google, how will billions of users’ open data be managed and protected? And, to cite another example, don't companies already creating cryptocurrency wallets start from a winning position.

To answer these questions and start opening the door to Web3 with confidence, to discover the immediate benefits of positioning and branding – and shortly also for marketing, production and monetization strategies – it’s worth relying on people who really know what they’re talking about. After all, this is new territory and it’s easy to get lost.

Let STAR7 be your guide.

The starting point is a joint evaluation of whether it is the right time to explore this world – and, if so, how.

Because at STAR7 we know the origins of the world we can now glimpse, we know the programming language and we know Web3’s potential and the directions it may travel in. And above all, we know how to translate your Web2-optimized message into one that works for the web of the future.

From the creation of a smart contract to selecting artistic collaborations for your digital assets (NFTs or otherwise), and from the new customer experience that you can offer customers to digital certification of your information chain – together we can create a road map to support your company as it transitions from Web2 to Web3. In this new model of reality, there are new languages, expressive codes, interactions and roles all waiting to be discovered, experienced and invented.

Relying on STAR7 Experience has never been so important.