Business leaders are skeptical by nature, but they don’t discredit new innovations. They ultimately embraced cloud computing, smartphones and e-commerce.
Are Web3 and the metaverse in that class? Big players like Disney, Apple and Amazon are all asking the question, because the answer may impact their customer experience three, five or ten years down the line. Here’s why:
Web3 is already here and has potential. Web3, driven by blockchain technology, is becoming increasingly popular through cryptocurrency and NFTs; one in five Americans reports investing, owning, or trading digital assets, according to NBC. The Decentralized Finance (DeFi) platform market is expected to reach a size of $507.92 billion by 2028, according to Emergen Research. While Web3 still has significant hurdles to overcome, business executives see the potential for new markets and future relevance that require exploration.
Companies using Meta solve distance. The metaverse opens a new world of virtual conferences, meeting with clients from across the globe and virtual training. Last year, Accenture bought 60,000 Oculus headsets and Bank of America bought 4,000 for employee training. Hybrid events, for those who cannot travel due to finances or health concerns, can still be an immersive and profitable experience.
Connection is still critical. The New York Times reports how dating services like Match Group, known for Tinder, Hinge, Match and OkCupid, exist in virtual reality and allow for “access to a flourishing dating life.” Originally, only 6% of people were comfortable with going on dates remotely, but that jumped to 75% after the pandemic. Romance aside, businesses can enrich the customer experience by providing a virtual face to their business-like product demonstrations, customer service hubs or virtual real estate. Connections that start digital can quickly become as real as it gets.
The bottom line? Stay skeptical but open to the new. Read a scoff as a sign that we need to know more. Savvy leaders see change coming and are determined not to have to chase it from behind.
OWC can work with you to explore these new innovations. Click here to get in touch.
IN THE NEWS
Arculus and Dr. Adam Lowe featured on Bloomberg
OWC secured coverage for its client Arculus, a leading three-factor authentication cold storage solution, on Bloomberg. Dr. Adam Lowe, Chief Product and Innovation Officer of CompoSecure, spoke on the rise of hardware wallets in the crypto space. Click here for the full story.
Local Phoenix broadcast station spotlights Abiomed’s Impella
OWC secured coverage for Abiomed on CBS in Phoenix for patient Jerry Ervin after he suffered a heart attack and was treated with the Impella, a tiny heart pump that allowed his heart to rest and recover. Check out the full segment here.
Meet OWC at this year’s Money20/20 in Las Vegas next month
OWC will be at this year’s Money 20/20 conference in Las Vegas from October 23 – 26 supporting CompoSecure and Arculus. Money20/20 is the largest global fintech event enabling payments and financial services innovation for connected commerce. Reach out if you’d like to set up a meeting with our team.
