Popularity Of Web3 Pushes Legacy Brands To Embrace Digital-First Ethos – Forbes

Popularity Of Web3 Pushes Legacy Brands To Embrace Digital-First Ethos – Forbes

Virtually Human Studio develops consumer-first entertainment experiences with emerging technologies … [+] that aim to simplify the journey for companies to enter Web3 seamlessly
Last year, Nike launched Rtfkt—a digital studio— which has helped advance the boundaries of design and customization, according to Vogue Business. Now, the sports giant is developing a standalone Web3 strategy to remain at the forefront of digital innovation. Dot Swoosh will house Nike’s virtual creations and provide consumers with unique experiences and interactions.
Other companies may soon emulate this innovation, according to a recent Bain & Company report, which concludes that Web3—the third generation of Internet technologies—will effectuate a shift from the current centralized approach to a more decentralized structure.
“Forward-thinking leaders from all industries should be planning to incorporate Web3 technology,” said Chris Laurent, CEO and co-founder of Virtually Human Studio, in an interview. The Australian startup which produced the flagship Web3 game ZED RU, has generated over $250 million across its ecosystem—is backed by Andreessen Horowitz (a16z), The Chernin Group, RedBeard and Greylock Partners. “As disruptors in Web3, VHS pioneered NFT utility demonstrating a real use case for Web3 gaming leading to being one of the main catalysts driving the excitement behind NFTs,” added Laurent.“We used ZED RUN as a proof of concept to develop new methods of interacting with blockchain for the benefit of our users.” Subsequently, according to Laurent, “VHS is developing proprietary Web3 technology that has the potential to change the way leaders and their companies interact with the world.”
Collaborative by nature, ZED RUN’s recent partnerships with iconic brands such as Atari, Budweiser, NASCAR and Netflix were born from a shared vision to create more engaging and immersive on-chain experiences, bringing the metaverse within reach. “We’re here to develop shared learnings and foundational systems, using emerging technologies in gaming, sports and mixed reality to bridge the gap between the physical and virtual worlds, defining the future of entertainment,” said Laurent.
He believes that “Web3 will shape how companies interact with consumers, peers and competitors—the creator economy is the key to mainstream adoption.” Laurent’s view is congruent with research that predicts that the mixed reality market will grow at a CAGR of 43.28%, reaching $9.21 billion by 2030. This isn’t necessarily a surprise given that the broader digital asset market is already expanding, with Bain’s web3 and digital asset database tracking more than 4,000 firms collectively raising over $80 billion in capital. Bain estimates that the market could reach over $1 trillion by 2030. Another study, this one undertaken by Mckinsey, suggests that leaders must therefore understand Web3 if they are to remain competitive in a digital-first world.
Virtually Human Studio is focused on packaging emerging technologies in a creative and user-friendly … [+] solution, used for everyone
However, leaders should look beyond technological factors and consider the human element. Because first and foremost, Web3 is about creating an environment for people to interact and transact with one another. To do this successfully requires a combination of technology, collaboration and appreciation of the creator ecosystem. This appreciation unlocks new frontiers of innovation and enables companies to stay ahead in an increasingly digital world.
Consider ICONN Live—the live-streaming entertainment marketplace founded by entrepreneur, rapper and actor Ja Rule. The innovative platform—now available on Apple TV—uses mixed reality to bring followers closer to creators, giving them a front-row seat to live events and exclusive behind-the-scenes content. “Partnering with Apple TV is going to improve ICONN immensely,” said Ja Rule in an interview. “ICONN provides followers with a unique and intimate way to connect with their favourite artists. With the app now available on Apple TV, ICONN allows more people than ever to join an immersive experience, introducing a new generation of music lovers to the legends they love!”
Rakim—ranked fourth on MTV’s list of the greatest MCs ever—is taking over the ICONN Live app for today’s VIBES Concert. The event will feature live music and mixed reality, which users can access in real-time and 360 degrees. Ja Rule said, “Rakim is one of the best to do it—his place in history is cemented. So it’s only right that we celebrate him and his catalogue on ICONN Live.”
ATLANTA, GEORGIA – OCTOBER 09: Ja Rule performs onstage during day 2 of the 2022 ONE MusicFest at … [+] Central Park. (Photo by Aaron J. Thornton/WireImage)
By leveraging the power of Web3—and taking advantage of its ever-growing potential—Ja Rule told me, in our third exclusive interview, that he intends to create further innovative, user-centric experiences. While this is exciting news, it is an interesting example that companies can emulate. In fact, some already are. Consider, for instance, that last month, the Fédération Internationale de l’Automobile (FIA) launched an immersion program to educate young people to become future leaders of motorsport. Furthermore, research published by Harvard Business Review concludes reskilling workers using immersive experiences will help to address the 85 million-person talent shortage by 2030, as identified by Korn Ferry.
And so, by staying attuned to Web3 developments, leaders can get ahead of the curve. Doing so could open up a new realm of potential for leaders and provide an incredible opportunity for creators to showcase their talents. Subsequently, the creator economy can become a crucial driver of mainstream adoption. For example, Web3-enabled virtual events can reduce the environmental impact of large gatherings to provide more personalized, multi-dimensional experiences for participants.
MIAMI BEACH, FLORIDA – OCTOBER 08: Jennifer Lopez and Ja Rule attend JR Ridinger Celebration Of Life … [+] at Faena Forum in Miami Beach, Florida. (Photo by Romain Maurice/Getty Images for Haute Living)
Ultimately, it is intriguing to observe Web3 extend the reach of organizations and enable leaders to bring people closer together: creating trust and transparency that can drive deeper connections with their environment and the digital-first world around them. From immersive educational experiences to virtual events, Web3 technologies offer leaders a platform for creating truly unique and engaging experiences. And that’s good news for everyone. Because when it comes to Web3, the possibilities for leaders to harness the technology are endless.


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