Native Drop: Web3 Predictions for 2023
We release daily LinkedIn and Twitter content that breaks down Web3 concepts and brand case studies. Here are some of the highlights from the last fortnight.
Happy new year and welcome to the new subscribers who have joined us since the last newsletter!
We release daily LinkedIn and Twitter posts that break down Web3 concepts and brand case studies that are likely to drive mainstream adoption. Here are some of the highlights from the last fortnight that you may have missed:
The global digital twin market size will reach $184.5 billion USD by 2030 (Forbes, 2022).
Mercedes-Benz is innovating with digital twins and here are the 3 lessons for other brands:
A digital twin is a virtual representation of a physical object that can be used to study and understand how the object is affected by different environmental factors.
Mercedes-Benz is using Omniverse Enterprise to build a digital twin of its factory that it can use to simulate new production processes without disrupting existing vehicle production.
Why does this matter?
The digital twin can help Mercedes assess potential bottlenecks, create more ergonomic working conditions, and determine where robots may fail to complete tasks before the factory starts production.
Digital twins can be used by automakers to collaborate on vehicle design in virtual reality drastically reducing the time and money required for prototypes, it simplifies the configuration of different product versions, and supports new production procedures like additive manufacturing.
In the future, digital twins may be used to create retail experiences and offer virtual walkthroughs of cars from a customer's home.
Read the full post here: https://bit.ly/3iLeIxe
a16z is a leader in crypto investments, having recently announced a $4.5B fourth crypto fund.
We broke down their 7 crypto predictions for 2023, so you don’t have to. A few of the key predictions include:
Blockchain’s mobile moment:
There is a large group of blockchain users and others whose main access to the internet is through their smartphones, and a growing desire to make it easier for people to access blockchains, even if they can't run their own nodes.
What’s next for Zero Knowledge:
Zero knowledge systems are important technologies that help with things like privacy and scalability on blockchain. However, there are trade-offs to consider when using them.
Valeria Nikolaenko from a16z argues that it would be helpful to have more options for zero knowledge systems that address these trade-offs.
Non-Transferable Tokens:
Non-transferable tokens, also known as "soulbound" tokens, are a type of non-fungible token that cannot be transferred.
They have a range of potential applications, including tickets, digital-physical integration and building on-chain reputation.
It will be exciting to see web3 applications being built using non-transferable tokens, decentralised identifiers, and verifiable credentials.
Read the full post here: https://bit.ly/3XEob8j
Digital fashion will be a $55B industry by 2030, with 15% of our wardrobe to become digital.
Here are 3 Web3 fashion predictions for 2023:
The use of immersive virtual experiences and the metaverse will continue to grow and blur the lines between the physical and digital world.
Expect 2023 to host enhanced digital, physical and hybrid events, with virtual identities taking centre stage.
Cathy Hackl, a prominent Web3 strategiest, argues that “We're going to move beyond just the marketing moments to truly impactful experiences that tie both the virtual and the physical world and not just one-offs.”
The use of "phygital" products will continue to grow, but will need to focus on achieving luxury-level quality and sustainability in order to appeal to target consumers.
Luxury fashion consumers are showing more interest in the digital space but in most cases are hesitant to invest.
To tackle this, brands are faced with the challenge of creating goods that bring online identities into the physical realm while maintaining their renowned standard of quality.
Improved infrastructure and technology will allow for greater authenticity and provenance of digital and physical products, as well as enabling new business models.
Phygital products should be part of a well thought-out strategy that provides real value to the customer, rather than just being a way for a brand to promote itself.
Using better technology and infrastructure to verify the authenticity of products and make them easier to use will likely increase the adoption of these products by building knowledge and trust in Web3 concepts.
Read the full post here: https://bit.ly/3wdTJ9x
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