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When you woke up this morning, it is likely that one of the first things you reached for was your phone, whether to scroll through the news, catch up on your messages or simply check the time. This reminds me of a time when things were very different. In my childhood, a telephone was not something you got easily. You needed to apply for one and wait in the queue till it was assigned to you. Sometimes, for months, or even years. Today, it’s hard to imagine that such a scenario existed, when the world wasn’t, literally, at your fingertips. Our phones now serve multiple purposes, from making and receiving calls, their original ‘calling’ (tongue firmly in cheek!), listening to music, ordering food or groceries, booking your transport, checking emails, taking photos, storing phone numbers, and the list goes on as every day there seems to be more that you can do with your phone. The telephone has evolved from its humble and simple beginnings as a rather clunky part of your furniture to the sleek, modern all-in-one device that you hold in your hand. The ‘World Wide Web (www)’ that we have accepted as an intrinsic part of our lives has also evolved, as technology and connectivity improved. It started becoming more accessible in the early 1990s. The web initially consisted of simple content that was primarily text-based. This worked well, considering that, in those days, you depended on a dial-up connection with extremely limited speeds to access the web. Patience was a virtue that you had to practice. Some of the popular websites that come to mind are Yahoo and AOL, which made news and financial information easily available to us. In the early noughties, there was a move to user-generated content as social media platforms such as Orkut, MySpace and Facebook gained popularity. These platforms provided us with a way to connect and share our news, views and updates with friends and family from across the globe. The upgrade from slow dial-up to high-speed broadband options played a key role too. This brings us to the present, when we have high-speed networks not only for computers but also on our phones. Information and data are available at the click of a button or even with just voice commands or requests. It makes you wonder, what could be next. <cmsannotation type="cmsannotation" annotationid="The Web - Reloaded" comment="subhead" text="The Web - Reloaded">The Web - Reloaded</cmsannotation> We are now at the cusp of the <a href="https://www.infosysbpm.com/offerings/functions/digital-business-services/case-studies/documents/keeping-pace-with-the-times.pdf">next big change</a> – Web3 – which is envisioned to be a decentralised system, built, operated, and owned by its users. Reports from earlier this year say that the global Web3 market is expected to see phenomenal compound annual growth of 67% in the next few years, from 5 trillion dollars this year to almost 40 trillion in 2025. Blockchain technology, smart/intelligent contracts, Decentralised Finance (DeFi), Non-Fungible Tokens (NFTs), and metaverses are hailed as the inevitable disruptions required to move the web forward into the future. Just as the current mobile phones are a far cry from the initial vision of Alexander Graham Bell who was awarded the first telephone patent, Web3 will be very different from the web that was invented by Sir Tim Berners-Lee. As with anything new, there are several mountains that need to be scaled along the way. Web3 developers are working on improving aspects such as: User experience: Users currently enjoy easy access to the web. Graphical user interfaces have been developed and improved to the extent that users can seamlessly interact with the interface to accomplish what they set out to do. The Web3 user experience, however, leaves a lot to be desired. Users are yet to be able to easily access Web3 and intuitively engage with it. Data privacy and security: While Web3 gives users transparency and connectivity, the other side of the coin is to ensure that the privacy and security of data remain uncompromised. Since the control will be decentralised, a proper system of checks and balances will have to be built to keep data secure. Environmental impact: Another aspect that Web3 is struggling to address is the sheer amount of energy it uses as decentralised networks use complex infrastructure with high energy needs. Efforts are being made to make Web3 sustainable and eco-friendly. Compatibility and scalability: The decentralised nature of Web3 brings with it the challenge of compatibility issues between the various blockchains and this becomes a natural stumbling block to the scalability of the technology. Web3 advocates are hard at work to iron out the various complex challenges that currently stand in the way of its widespread adoption. Slowly but surely, solutions are being found to the obstacles. The push towards Web3 is gradually gathering momentum as many countries plan to invest in research and adoption of the <a href="https://www.infosysbpm.com/offerings/business-transformation-services/insights/documents/a-shot-in-the-arm-for-sscs.pdf">technology</a> in the near future. Additionally, research shows that 88% of companies are already exploring new web technologies and expanding how the web works. All things considered, the future of Web3 looks bright. Soon, the vision of Web3 – a decentralised system, built, operated, and owned by its users – could be a reality. Disclaimer: This article is authored by Manoj Nair, AVP &amp; Global Head of Marketing, Corporate Strategy &amp; Risk, Infosys BPM. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

Through the looking glass: into the Web3-verse

Three ways web3.0 can change the future of work

What do DeFi and Web3 have in common?

<ul class="summary-list"><li><keyword id="11916300" type="UNKNOWN" weightage="60" keywordseo="mcdonalds" source="Orion">McDonald's</keyword> has filed trademarks for a virtual restaurant that will deliver food online and in person.</li><li>One covered entertainment services and events including "online actual and virtual concerts."</li></ul>McDonald's has filed a series of trademarks for a virtual restaurant that will deliver food online and in person.The fast-food chain joins a long list of other companies who have announced plans to cash in on <a href="https://www.businessinsider.com/what-is-web3-internet-blockchain-cryptocurrency-web1-web2-future-2021-12">Web3</a>, including the <a href="https://www.businessinsider.com/meta-metaverse-q4-zuckerberg-old-idea-never-worked-phil-libin-2022-2">metaverse</a>.The company filed 10 trademark applications to the <a href="https://www.uspto.gov/">US Patent and Trademark Office</a> February 4 covering both McDonald's and McCafe.One of the trademarks was for "virtual food and beverage products," including NFTs, while another included "operating a virtual restaurant online featuring home delivery." It also trademarked entertainment services and events under the McDonald's and McCafe brands, including "online actual and virtual concerts."The trademarks would protect the idea of a McDonald's restaurant in the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> that can sell both virtual and real-world food, Josh Gerben, a trademark lawyer, wrote on <a href="https://twitter.com/JoshGerben/status/1491496613927428097">Twitter</a>."You are hanging out in the metaverse and get hungry. You don't have to put down your headset. You walk into a McDonald's and place an order. It arrives at your door a little while later," he <a href="https://twitter.com/JoshGerben/status/1491564584125272067">tweeted</a>.The US Patent and Trademark Office will likely approve the trademarks, though the review process often takes it eight to nine months, Gerben told <a href="https://www.forbes.com/sites/masonbissada/2022/02/09/mcdonalds-files-trademark-for-metaverse-based-virtual-restaurant/?sh=27e754646678">Forbes</a>.<a href="https://www.businessinsider.com/panera-bread-is-letting-app-users-skip-the-order-queue-2022-2">Panera Bread</a> filed for a trademark for a <a href="https://tmsearch.uspto.gov/bin/showfield?f=doc&amp;state=4806:e7i7zw.2.1">"Paneraverse"</a> February 3 which includes NFTs, virtual entertainment services, and a virtual reward program.Nike has established a <a href="https://www.businessinsider.com/meet-nikes-new-metaverse-studio-lead-eric-redmond-2021-11">Metaverse Studio</a> and has <a href="https://www.businessinsider.com/analysis-of-nike-patents-reveals-companys-metaverse-plans-2021-11">patented plans</a> for virtual assets ranging from avatars to "cryptokicks," while <a href="https://www.businessinsider.com/current-and-future-metaverse-jobs-nike-facebook-roblox-2022-1">Gucci, Microsoft</a>, and <a href="https://www.businessinsider.com/metaverse-jobs-gaming-advertisers-marketers-pepsi-omnicom-2022-2">Crocs</a> are also seeking staff to work on their metaverse offerings."I think you're going to see every brand that you can think of make these filings within the next 12 months," Gerben told Forbes. "I don't think anyone wants to be the next Blockbuster and just completely ignore a new technology that's coming."

McDonald's has filed a trademark for a restaurant in the metaverse that will actually deliver food to your home

Demystifying Web 3.0

The World Wide Web, as we know it, has been evolving at a breakneck speed over the years. Yet, it hit the mainstream just 25 years back, and within that period, it has already undergone multiple transformations. What is <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">Web 3.0</keyword>? The early period of the Internet, or Web 1.0, was when we accessed it through our desktop browsers — laptops were a luxury, Wi-Fi just about getting started, and mobile data non-existent — and visited portals like Yahoo and MSN. The internet was in a ‘Read’ mode and we had limited ability to interact with it. <div type="image" title="Dec 2021 infographic for Business insider 1." height="900" width="1200" msid="88826492" hostid="261" caption="&amp;lt;p&amp;gt;The evolution of web over the years.&amp;lt;/p&amp;gt;"></div> That changed in 2005, the period of <keyword id="68431" type="General" weightage="20" keywordseo="web-2-0" source="Orion">Web 2.0</keyword> when we could start interacting with the Internet. Suddenly blogging, writing reviews on Yelp and commenting on articles became a way of life. And Web 2.0 saw the rise of an exciting new breed of ‘<keyword id="6355103" type="General" weightage="100" keywordseo="social" source="Orion">Social</keyword>’ companies like Orkut, Facebook, Twitter, Insta — I call them Social 1.0 — as well as other platform companies such as Airbnb and Uber. Today, we are in the midst of the evolution of Web 2.0 and many experts believe that it still has a long way to go. So, what’s Web 3.0? Well, depending upon who you ask and the time of the day, you will get answers like Blockchain, Crypto, DeFi, dApps, DAO, NFTs and so on! Fundamentally, it is an obsession around the themes of trust-less computing, decentralisation and, in a very utopian way, deregulation. But was is it really all about? I believe that underlying these technology trends, Web 3.0 is really about assertion for greater control by the two important stakeholders of the Internet — the creators and the consumers — in terms of how they earn $$ on various Social platforms and their data privacy. And not so much about the technological building blocks like NFT and blockchain – that is more of a religious debate within the technology community, while the larger issue is about how can we hand back control to the stakeholders. So, what played out in Social 1.0? The primary currency that you earned in Social 1.0 was your social influence. It was measured in terms of likes, retweets and followers. And there were limited opportunities to monetise on-platform. So, creators focused on building a large social influence and marketing their content or courses to their followers via links to other adjacent platforms like Gumroad. In time, affiliate marketing also caught on and soon the ‘influencers’ started plugging Brands to their followers, earning money for promotion or earning a commission as a percentage of the sales. All this led to a scenario where influencers created “shrill” and “clickbait” content to get more followers, more clicks and more revenue. For us consumers, who were getting a firehose of content, it seemed like a good deal as it was for free. Or was it? We soon realised that we had been paying for the services with our data! Our interests, our social graphs, our preferences weren’t private after all - they were sold to the advertisers with the highest bid. Worse, there was no incentive for the Social 1.0 companies to discourage fake news, trolling, bullying and shaming on their platform — that only meant more visits, more engagement and thereby more opportunity to serve ads to the users! <keyword id="12927406" type="General" weightage="20" keywordseo="social-2-0" source="Orion">Social 2.0</keyword> Social 2.0 is a term that I use for companies that are trying to change the status quo, and are putting the interests of the creators and the consumers front and center. Their focus is on having a flexible and transparent business model for creators to earn, with a huge emphasis on data privacy. It is about companies willing to give the control back to the stakeholders, doesn’t matter whether the company is built on top of Web 2.0 or Web 3.0 technologies. The torchbearer of this revolution is Patreon; it was born when its co-founder, Jack Conte, a musician, had an epiphany: Instead of spending his time, effort and $$ on promoting music videos on YouTube (and earning a measly $180 if he was lucky enough to get a million views), what if he simply focused his energies on identifying his 18 super-fans who would be willing to donate $10 each month to support him? This concept of micro-tipping caught on and today there are more than 250,000 creators on this platform! No wonder then that Patreon, in its latest funding round of $155M, was valued at $4Bn. Similarly, Substack is a Social 2.0 company (built on top of Web 1.0 technologies), which enables writers to start email newsletters and earn via subscriptions. Today, some of the top writers earn close to $500K annually, and seasoned journalists have quit their cushy jobs with institutions like NYT and Buzzfeed to focus on writing on Substack. Subscription is King The subscription-led models of Social 2.0 companies like Patreon, Substack, Twitch and others enable creators to focus on building a steady annuity income and start thinking of Social as a serious business with predictable income-flows. Kevin Kelly, a respected editor of Wired, had predicted in 2008 that a creator needs just a thousand true-fans to earn a living. Today, the power of distribution of the Internet and the proliferation of Social 2.0 companies ensure that any creator can find his true fans from across the globe. More importantly, the focus on narrow-casting, instead of trying to build a fan-base of millions, gives the creators more creative freedom — as long as there are 1000 fans who see value in their creations and are willing to support them, they are free to create what they want and don’t have to worry about conforming to popular taste or the constraints of ad-based, dopamine-led monetisation models. This freedom from AI algorithms, which identify and promote the most “engaging” content is liberating. Creators are in more control of the content, how they wish to price it and, in some cases, about who finally owns the customer. For example, platforms like Substack allow the writer to take his mailing list with him, in case he decides to move his business to another platform. Data Privacy The subscription-led model, where the platforms take a % of the earnings, ensures that they don’t need to store user data and monetise it via ads, leading to better data privacy. Further, not having to rely upon dopamine-based ad models means that platforms are not incentivised anymore to promote sensationalism or fake news just to drive up engagement on the platform, leading to a better overall user experience. Unbundling One of the biggest impacts of Social 2.0 is the unbundling of the Big-Tech — instead of users aggregating to a handful of Social 1.0 companies, creators and their fans are flocking to a multitude of platforms that offers their niche or community the best solution. From game-streaming moving to Twitch, writers to Substack and unbundling of Facebook Groups to paid communities on Slack and Discord channels, we will see Social 2.0 companies proliferating in various forms and shapes that it might be difficult for us to even recognise some of them as ‘Social’. Hustle vs Creating Value Thus, we can see that Social 2.0 is going to create a class of creators who, instead of constantly worrying about having to grow their follower-base, create “clickbait” and “shrill” content, can now focus on creating meaningful content, which they and their fans enjoy, and build a sound business around it. Hustling in front of a million fans is going to give way to creating value for a thousand true fans. And that is going to fundamentally alter the landscape of the Creator Economy. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/facebook-microsoft-and-others-look-towards-the-1-trillion-dollar-metaverse-opportunity-but-that-contradicts-the-base-philosophy-behind-web-3-0/articleshow/87959802.cms" data-type="tilCustomLink">Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-others-have-lost-nearly-40-percent-since-their-record-highs-but-investors-are-still-better-off-than-they-were-a-year-ago/articleshow/88823379.cms" data-type="tilCustomLink">Bitcoin, Ethereum, and others are half-way down from their record highs, but investors are still better off than they were a year ago</a>

Opinion: Social media is not just for hustlers anymore

<ul class="summary-list"><li><keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword> is the next generation of the <keyword id="11897865" type="UNKNOWN" weightage="60" keywordseo="internet" source="Orion">internet</keyword> and will exist on the <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword>.</li><li>It will be decentralized, meaning it won't be controlled entities like Facebook or Google.</li></ul>In the next era of the internet, you won't have a social account for each platform.Instead, you'll have a single social account, able to move with it from Facebook and Twitter, to Google, shopping websites, and more.Your moves may be cataloged on the same digital backbone that supports cryptocurrencies like bitcoin — blockchain — instead of massive corporate servers like Amazon Web Services. And this new iteration of the internet won't be controlled by a central power, meaning no single entity will govern it as Facebook, Google, and others govern their own empires. Welcome to Web3, the successor to Web2 — which is what we're in now, where tech giants hold the majority control of the market. Web1 spawned Web2 when we went from merely reading information on web pages to a more social internet.Like so many other ponderings about the internet's evolution, Web3 is still merely a thought, or perhaps even <a href="https://www.merriam-webster.com/dictionary/vaporware">vaporware</a>, a name for ultra-hyped tech that has yet to materialize. It also may not prove to be as benevolent as is hoped <a href="https://www.businessinsider.com/facebook-employees-worrried-about-2018-algorithm-change-misinformation-trump-politics-2021-9">(look at how social media turned out.)</a>But proponents say it, like cryptocurrencies and the metaverse, is the future.<h2>NFTs, the metaverse, Web3, and cryptocurrencies are linked</h2><div type="image" title="VR goggles headset" height="1305" width="1740" msid="88226989" hostid="261"></div><a href="https://www.businessinsider.com/facebook-meta-metaverse-splinter-reality-more-2021-11">One aspect of the metaverse</a> is that users will hopefully be able to go virtually from platform to platform with one single account — just like we will in Web3. And NFTs, <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4">one-of-a-kind tokens</a> representing your ownership of a virtual good, could be more easily bought and sold with cryptocurrencies within a space like Web3. Web3, a name <a href="https://gavofyork.medium.com/why-we-need-web-3-0-5da4f2bf95ab">coined by</a> Ethereum cofounder Gavin Wood, will be about evenly distributing online power, sucking away control from the Big Tech platforms. It'll exist on the blockchain, a virtual spine built by a network of computers housing data that's open to the public (Ethereum is an example of a blockchain, though it also has its own cryptocurrency called Ether.)How you use Web3 won't look very different than how you use the internet now though, <a href="https://gavofyork.medium.com/why-we-need-web-3-0-5da4f2bf95ab">Wood wrote in 2018.</a>The idea is that if you participate in Web3, such as perhaps posting a photo on a network that lives on the blockchain, you'll get a token, as <a href="https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision">NPR</a> reported. That token will give you a stake of ownership and will let you weigh in on decisions made on said platform, such as whether a certain post containing misinformation should be removed.That'd be a big departure from how things operate now, where internet platforms make their own rules and carry them out online, much to the chagrin of critics, <a href="https://www.businessinsider.com/how-tech-social-media-platforms-were-politicized-content-moderation-2021-10">including conservatives with unproven allegations of censorship.</a>That's also why Web3 could be a balm for antitrust woes and monopolistic business practices. This next-gen web would <a href="https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision">inherently strip power from big corporations</a> since they would no longer be the only prominent platforms to use — and <a href="https://www.wired.com/story/gadget-lab-podcast-531/">would give that power back to the people</a>, at least hypothetically.<h2>Many technologist bigwigs are all for Web3 — but not all</h2><div type="image" title="Jack Dorsey appears at a bitcoin convention on June 4, 2021 in Miami, Florida." height="2058" width="2745" msid="88226992" hostid="261"></div>Tesla CEO and bitcoin enthusiast Elon Musk <a href="https://twitter.com/elonmusk/status/1466320998379175939">has notably decried Web3 as "BS."</a>But venture capital firms and large corporations are already investing time and money into building it out.Twitter is working on a project — <a href="https://www.businessinsider.com/jack-dorsey-twitter-ceo-bluesky-decentralized-social-media-network-bitcoin-2021-2">dubbed Bluesky</a> — to build its own decentralized social media platform, which would be a step toward Web3. And in November, <a href="https://markets.businessinsider.com/news/currencies/twitter-crypto-team-web3-decentralized-applications-bitcoin-square-jack-dorsey-2021-11">Twitter said it would launch a dedicated crypto team</a> to be "a center of excellence for all things blockchain and web3."<a href="https://markets.businessinsider.com/news/currencies/gamestop-nft-web3-jobs-specialists-crypto-2021-10">GameStop was looking for Web3 gaming leaders</a> in October, and Reddit is tinkering with <a href="https://cointelegraph.com/news/reddit-to-reportedly-tokenize-karma-points-and-onboard-500m-new-users">Web3 features on its platform.</a>And famed Silicon Valley VC firm Andreessen Horowitz, <a href="https://www.businessinsider.com/a16z-crypto-fund-firm-strategy-behind-venturecapital-startups-2021-8?utm_source=markets&amp;utm_medium=ingest">which is working to thrust crypto into the mainstream</a>, is putting sizable leg power into lobbying Capitol Hill to embrace Web3."It's time to begin," reads a <a href="https://a16z.com/2021/10/13/an-agenda-for-the-future-of-the-internet/">blog post</a> on the firm's website. "It's time to build a better internet."

The next age of the internet could suck power away from Big Tech while living on the same backbone as cryptocurrencies. Here's what to know about Web3.

What is Web 3.0 anyway?

<ul class="summary-list"><li>Simplify Asset Management has applied for an ETF focused on <keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword>.</li><li>The fund would trade under the ticker "WIII," a regulatory filing showed.</li><li>The ETF would invest up to 10% of its funds in Grayscale <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> Trust.</li></ul>A new exchange-traded fund focused on the future of the internet is coming. According to a <a href="https://www.sec.gov/Archives/edgar/data/1810747/000182912622000793/simplifyexchange_485apos.htm#a_006">Wednesday filing</a> with the US Securities and Exchange Commission, New York-based Simplify Asset Management has applied to create the Simplify Volt Web3 ETF, which would trade under the ticker "WIII."The prospectus said the fund will invest in companies focused on or related to "innovation in the operation of the internet, which is referred to as the 'Web3' internet and may include metaverse companies." Web3 has been dubbed the next era of the internet following Web 2.0. Like cryptocurrencies, it will rely on the blockchain instead of tech giants like Amazon Web Services. The fund will not invest directly in cryptocurrencies or their derivatives or even initial token offerings. It will, however, invest up to 10% of its assets in the Grayscale Bitcoin Trust, an investment vehicle that tracks the price of bitcoin, the filing said.The new ETF is hitting the market amid increasing hype over cryptocurrencies and blockchain, collectible tokens called NFTs, and the metaverse.Though it's the first fund to focus directly on Web3, other funds before it have focused on the parallel concept of the metaverse, a digital world where people can socialize, game, shop, and more. The Roundhill Ball Metaverse ETF began trading in June last year and has since ballooned to nearly $1 billion in assets under management, Bloomberg reported previously. ProShares <a href="https://markets.businessinsider.com/news/etf/proshares-metaverse-etf-sec-approval-files-launch-apple-meta-nvidia-2021-12">has applied</a> for its own version of a metaverse ETF.Last month, Defiance <keyword id="12068971" type="UNKNOWN" weightage="60" keywordseo="etfs" source="Orion">ETFs</keyword> launched a novel fund focused on in companies with exposure to the NFT market and blockchain and cryptocurrency ecosystems. It trades under the ticker NFTZ, <a href="https://markets.businessinsider.com/news/etf/nft-etf-nftz-blockchain-metaverse-crypto-web3-defiance-2021-12">Insider reported</a>.

The first Web3 ETF is in the works as investors clamor for exposure to the future of the internet

<ul class="summary-list"><li><keyword id="44660" type="General" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> Chase opened its Onyx lounge in <keyword id="12222085" type="General" weightage="60" keywordseo="decentraland" source="Orion">Decentraland</keyword> as it seeks to capitalize on the <keyword id="11121339" type="General" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>.</li><li>In a report, the bank said opportunities in the virtual world seem "limitless."</li></ul><a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan Chase</a> has opened a lounge in Decentraland, as the biggest bank in the US looks to capitalize on what it says is "limitless" opportunity in the virtual world known as the metaverse. In Decentraland, one of the most popular metaverses, the bank's Onyx lounge resides in Metajuku, a virtual version of Tokyo's Harajuku shopping district. A tiger wanders the first floor, and a picture of the bank's boss Jamie Dimon hangs on the wall. A winding staircase leads to the second floor, where a person's avatar can watch experts talk about the <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> JPMorgan's new footprint in virtual real estate coincided with the bank's release of a <a href="https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-in-the-metaverse.pdf">white paper</a> on opportunities in the metaverse — a market which it said could eventually generate $1 trillion in annual revenues. While the definition of the metaverse is loose, it's generally considered to be a <a href="https://markets.businessinsider.com/news/currencies/facebook-metaverse-nfts-crypto-meta-cryptocurrencies-2021-11">virtual world</a> where people can interact, attend events, and explore, as digital avatars of themselves. <a href="https://twitter.com/cmoyall/status/1493623166371090440">In a tweet</a>, Christine Moy, the global head of Liink, Crypto &amp; the Metaverse for JPMorgan, said the bank wrote the paper to "help clients cut through the noise and highlight what we would love to see built or scaled next in commercial infrastructure, tech, privacy &amp; identity, workforce, and social governance," in the metaverse. For example, the bank sees expanded virtual real estate ownership and decentralized autonomous organizations (DAOs) eventually being the financial arm for those purchases. In just six months in 2021, the average price of a parcel of virtual land doubled to $12,000 from $6,000, the report noted. JPMorgan also sees a new workforce and <a href="https://www.businessinsider.com/i-went-to-a-rave-in-the-metaverse-2022-1">more virtual concerts</a> like Ariana Grande's. "We are now at an inflection point, where it seems that not a day goes by without a company or celebrity announcing that they are building a presence in a virtual universe," the report said. Hype around the metaverse jumped after the company formerly known as <a href="https://www.businessinsider.com/facebook-meta-behind-metaverse-race-decentraland-2022-1?utm_medium=ingest&amp;utm_source=markets">Facebook rebranded to Meta</a> as a sign of its push into virtual worlds, JPMorgan said, noting the price of tokens backing metaverses like Decentraland, the Sandbox, and Somnium Space surged following the announcement. Other companies, such as <a href="https://www.businessinsider.in/tech/news/microsofts-68-7-billion-activision-acquisition-is-crucial-for-the-company-to-expand-its-metaverse-plans-heres-what-that-means/articleshow/89023779.cms">Microsoft</a> and <a href="https://www.businessinsider.com/nike-acquires-rtfkt-as-it-accelerates-metaverse-play-2021-12">Nike</a>, have also sought to capitalize on metaverse potential.

You Searched For "web3 verse web3 developers" and got 10 results

Through the looking glass: into the Web3-verse

Manoj Nair

Three ways web3.0 can change the future of work

Business Insider India

What do DeFi and Web3 have in common?

Business Insider India

McDonald's has filed a trademark for a restaurant in the metaverse that will actually deliver food to your home

Grace Dean

Demystifying Web 3.0

Business Insider India

Opinion: Social media is not just for hustlers anymore

Vivek Saxena

The next age of the internet could suck power away from Big Tech while living on the same backbone as cryptocurrencies. Here's what to know about Web3.

Katie Canales

What is Web 3.0 anyway?

Business Insider India

The first Web3 ETF is in the works as investors clamor for exposure to the future of the internet

Natasha Dailey

JPMorgan opens a Decentraland lounge featuring a tiger as the bank seeks to capitalize on $1 trillion revenue opportunity from the metaverse

Natasha Dailey

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