The Rise of the Future Internet
With the rise of the metaverse and web3 technologies, the next evolution of the internet is already underway. The future internet is characterized by immersive virtual metaverse worlds and decentralized web3 technologies, such as crypto, blockchain, and NFTs.
Opportunities for Organizations
The future internet brings many opportunities for organizations to enhance their products and services. One avenue is to explore how existing products can be augmented with metaverse and web3 technologies. For example, Fortnite has transformed from a gaming platform to a metaverse platform offering immersive virtual experiences. Smartphone manufacturers are also incorporating AR capabilities into their phones, allowing users to overlay virtual elements on the real world through the camera.
Another opportunity lies in creating new services for the future internet. Platforms like Audius are reimagining music streaming by offering a blockchain-based, artist-owned, decentralized streaming service that allows musicians to monetize their music and connect directly with fans.
Furthermore, the future internet has paved the way for the popularity of digital-only products. Games like Fortnite have demonstrated the value of in-game purchases, with players spending real money on virtual outfits, accessories, and dance moves. This highlights the potential for organizations to create digital-only products with real value in the metaverse era.
Threats and Considerations
While the future internet presents opportunities, organizations must also consider the threats posed by new, digital-native offerings. Ignoring the impact of the metaverse and web3 technologies can risk being overtaken by startups that reimagine existing products and services for the future internet.
It is crucial for businesses to adapt and create products and services designed for the future internet. Blending physical and digital elements can result in hybrid products and services. Merge EDU, for instance, has developed digital teaching aids that allow students to interact with 3D objects and simulations, enhancing their understanding of complex science concepts.
Tokenization of physical products is another interesting development enabled by the future internet. Legendary music magazine SPIN is selling its covers and art assets as collectible NFTs, allowing for distributed ownership of these assets.
The Time to Experiment is Now
Companies cannot afford to ignore the future internet. While some of the products and services being developed now may not exist in the future, embracing innovation and experimenting with future internet technologies is crucial. The future is unpredictable, but by reimagining products and services and staying updated on future trends, organizations can seize opportunities and stay ahead in the evolving digital landscape.
To explore these topics further, read the book The Future Internet: How the Metaverse, Web 3.0, and Blockchain Will Transform Business and Society. Stay informed about future trends by subscribing to the newsletter and following on social media.