Our Momentum Academy ladies Yorlin Ng, Saniya Ramchandani and Nanette Litya were at Singtel to give a sharing on the applications of blockchain, Metaverse , NFTs and gamification.
A few lowdowns from the sharing:
(1) Many companies are moving to the Metaverse, testing out NFT and gamification applications. The verdict of what will succeed is still out.
(2) Success of use cases is still limited by low user penetration. Majority of the population have not reached “awareness” stage and the recent Web3 scandals do not build “trust” for users to move into applications.
(3) Connectivity is key to making Web3 applications work. We cannot access Web3 without a strong, efficient and trustworthy connection.
(4) Underlying infrastructure is pivotal. Many companies faced rapid digitisation at the expense of network security. With the adoption of Web3, companies have to make up for their current security gaps and prevent a whole new kind of cyberattacks and vulnerabilities.
(5) If vulnerabilities continue to be exploited – trust will never be earned with consumers which will hinder adoption.
(6) It is a matter of time before use cases become prevalent. Many companies that we know are using Web3 technology day-to-day, many more are testing this under the radar.
This is an area that holds a lot of scandals, but also a lot of opportunities. It depends on how you harness the knowledge.
Check out more on Web3 in our reports – Web3: The Inevitable next step, The Future of Ethereum, The Future of NFTs, and Who is Axie Infinity.
If you want to know more about the Metaverse, NFT, Blockchain, or Web3 use cases or just curious about Web3 in general, give us a shout out. We’ll be happy to chat.
Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].