Web3 and Metaverse redefining Experience

How Web3 and the Metaverse are changing customer experience for new age millennials?

Data privacy has been one of the prominent topics and concerns shared widely with democratization of internet. More so when people get reports about a leading internet company gathering data around the usage, surfing patterns etc. Thereby while Web 3.0 spoke about dynamic and user-based data updates on the web, Web3 was coined to create a decentralized web infrastructure. Thus, making it safe, more secure and light with respect to the infrastructural needs.

With Metaverse becoming a widely explored space on Web3, many businesses are already experimenting and investing in this space. Metaverse market is expected to grow to about ~$700B by 2030 from a ~$50B in 2022 now. With various use cases, Web3 is opening a whole lot of opportunities for millennials. Some listed below:

·     With non-fungible tokens (NFTs), artists can now list their artwork on marketplaces. Once done, those cannot be copied or replicated. And can provide a much wider and safer access to artists for showcasing their work. Same way, social media can also be leveraged for better selling and buying experience, with privacy at core.

·     Millennials are very much wanting to relate to their favorite super star. Last year in 2019, Justin Bieber did first of its kind concert in Metaverse. This enabled around 10million people to attend the concert. And the gamification led engagement made it super interactive for the attendees. This way, without needing much space artists can connect with millions of fans. In fact, people can buy merchandise, gifts etc while being present there on Metaverse itself, leveraging NFTs.

·     Remote education and jobs are becoming more prevalent. And the concepts like Metaversity and Task Verse are picking up fast. Millennials are getting options to pursue the program of their choice within Metaverse. Also, to bring sense of togetherness and belongingness, collaborative approach in Metaverse is being explored. This will enable people to be connected with each other while being distant. So, the experience becomes extremely important and critical for these millennials. And the platforms offering various options through their blockchain wallets are enabling easy, fast and safer experience throughout the transaction and experience.

·      Metaverse Real Estate has become another way for millennials to host events, parties, movies, business meetings, games etc. And there is a significant rise in the number of people buying or renting space in Metaverse. Depending on the use, land parcels are easily available. The market has grown significantly, with an average land parcel moving up from $60 a parcel 5 years ago to $10,000+ a parcel in 2022. And from 2022 to 2028, it is expected to grow at a healthy CAGR of ~30%+.

With so many applications and fascinating ideas globally on Web3 and Metaverse, it brings lot of aspects on security, safety, sanctity in virtual reality environment. Thus, great experience needs a lot of aspects being covered, including but not limited to quality of interaction, engagement possibilities, speed, etc. This means that millennials will have altogether different set of expectations as compared to typical commerce management.

While Web3 and Metaverse sound fascinating, it is continuing to evolve. Thus, it is important for the businesses to have a close watch on possibilities they can explore within the space. And build on various elements that are critical for their new age consumers/customers.