According to global strategy consulting firm Bain & Company, nearly 4.000 companies have invested more than $80.000 billion in Web3 development.
The concept of digital identity has been redefined with the arrival of new technologies, which have given users the ability to regain and maintain control over their data and information, even providing the opportunity to monetize them in an unprecedented way.
This new experience with digital identity is possible thanks to technological advances such as blockchain, which are laying the groundwork the foundations for the development of a new Internet and, with it, a completely new and innovative digital economy.
Digital identity is essential for the development of Web3
Today, the numerous opportunities that Web3 is offering to transform user interaction and Democratizing the online experience has attracted the interest of thousands of companies in recent years.
To date, nearly 4.000 companies have invested more than $80.000 billion in the Web3 ecosystem, with the digital identity sector being one of the fields that has proven to be most attractive for companies and investors.
In his report "Web3 Could Rewrite the Rules of User Identity”, Bain & Company points out that the approach to digital identity is one of the emerging battlegrounds that will define future revenue streams in Web3 and will have a significant impact within other technologies, such as Artificial Intelligence and Machine Learning.
In addition, the consulting firm noted that the third iteration of the Internet, more open and decentralized, has the potential to introduce new opportunities for growth and improvements for a wide variety of industries and sectors.
Some of the companies that have already begun to explore the potential of Web3 to redefine or optimize their business models are: JPMorgan, Nike, Google and Disney.
NFTs and the Metaverse are integrated into Web3
Along with digital identity, the digital property offered by NFTs and the limitless interaction capabilities enabled by the Metaverse, are constituting one of the greatest opportunities for developing the potential of Web3.
While the Metaverse and Web3 are different technologies, according to Bain & Company, their elements are characterized by a range of related technologies that have been instrumental in democratizing the online experience, allowing users to regain control of their data, and opening the door to mass customization of each person’s experience.
Analysts at the company say that companies are racing to shape the future of online identity by enabling users to use a single identity through Web3 wallets, like digital passports, to log in and connect to applications universally, leaving behind the need to use specific session data to connect to each website.
Companies exploring new Web3 opportunities through NFTs and the Metaverse
Through NFTs, companies and especially consumer brands are reinventing the ways in which they display and showcase their products to the public (such as Gucci, Zara, Balenciaga, Mars, among others), redesign their loyalty programs (such as Starbucks) and improve the brand experience (such as LVMH, Adidas, Panini, Samsung, LG, among other).
The strategic consulting firm also noted that the open metaverse is transforming the way people engage with technology and commerce, prompting brands and businesses to rethink how they interact with their consumers and customers within new virtual environments.
Recently, Alibaba has launched a virtual luxury store in the metaverse, to redefine online retail. Also, the law firm Fix Your Debt entered the virtual world to improve accessibility and revolutionize the ways it interacts with its customers. The CEO of Fix Your DebtAlicia García told MuyPymes that the metaverse represents a new territory where she can offer “greater privacy, as well as extra security in data transfer” its customers.
Future prospects of Web3
In its report, Bain & Company noted that despite the current macroeconomic situation and market volatility, which have affected the investment outlook for Web3, this technological innovation will undoubtedly continue to grow and attract more companies in the future.
The consulting firm estimates that at least 70% of companies and businesses that are currently investing in Web3 technologies will increase or maintain their budgets for the next year.
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