Are You Making The Most Of Web 3.0 Opportunities?

Web 3.0 seems to be on everyone’s mind as we move closer towards the new year but what exactly is it? Following on from the recent Agencynomics event, we have collected a few thoughts on Web 3.0 and the key topics surrounding it.

This years Big Event aimed to demystify the main topics relating to Web 3.0 and featured a range of expert speakers. The event was hosted by the Knowlton Brothers (Knowlton Marketing) and started with an introduction from Agencynomics founder, Spencer Gallagher.

Spencer gave a brief insight into the importance of being prepared for Web 3.0 and how investing in training can help businesses make the most of future opportunities.

Next on the agenda was Tom Head of Comparative Linguistics, who gave an informative talk on what exactly we mean when we reference Web 3.0. Tom explained that Web 3.0 can be described as the next generation of the internet and its foundation is based on elements such as:

• Blockchain – a shared ledger that records transactions and tracks assets within a network
• Smart Contracts – programmes that are stored on a blockchain which run when predetermined conditions are met
• Dapps – apps that enable access to a blockchain
• NFT – a none-fungible token that links to a specific asset
• DeFi – an emerging financial technology that challenges the current centralised banking system
• DAOs – decentralised autonomous organisations
• Metaverse – a vast online VR space, the ‘spacial internet’

Tom also featured a clip from an episode of Letterman, where the host jokes about the internet with Bill Gates back in the 90s, comparing an online sports broadcast to the radio. This is a great example of how people were sceptical of the internet and how it would be useful. Whereas now it’s a normal part of our everyday routine – whether you’re checking the news, organising your work schedule or even running smart appliances in your home.

The Metaverse or the ‘spacial internet’ might seem like a farfetched concept to some but a lot of brands are already utilising the space for promotional activity and offering a new experience. It is growing in popularity with consumers and according to the Bankless Times ‘there are over 400 million metaverse monthly active users’.

Ben Fryer of Diverse Interactive offered an insight into how VR can be used for virtual training. For example, Ben’s team recently won an award for their immersive driver training solution that uses eye tracking technology and in-depth analytics. This approach not only cuts travel costs but it also takes a lot less time, taking training time from a day down to just 30 minutes.

Later in the event, Jake Stott of Hype explained that the Metaverse is simply a 3D version of the internet and an evolution of what we already consume.

This is why it’s important for us to have at least a basic understanding of the Web 3.0 foundation, these elements have potential to become the standard way we consume content and connect with an audience. Without that foundational knowledge, businesses will fall behind and be unable to take advantage of virtual resources.

In conclusion, the technology is ready and business opportunities are already available. We would encourage you to explore how your business could utilise Web 3.0 technology such as the Metaverse or NFT’s.

If you’re thinking about how to move towards Web 3.0 or utilise evolving technology to benefit your online presence, please make sure to get in touch to speak to a member of our team. We’d love to hear your thoughts!

Alternatively, you can connect with Oliver Morrison and Paul Halfpenny via LinkedIn to speak with them or to see updates throughout the event.

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