Is Web 3.0 a source of business?

While Metaverse offers exploration of a parallel world and cryptocurrency to free itself from state patronage, the commercial prospects offered by Web 3.0 must face challenges in entering markets that are still in the making. Amid economic uncertainties and promises of Eldorado, only the most technologically savvy will be able to get their way first.

E-commerce, gaming, luxury, advertising, … sectors in which the metaverse invests are multiplying and cryptocurrency transactions are increasing. These activities, in growth, are carried out by pioneers, attract. Shall we begin? Answers with some rental experts the bright future of the new Internetwithout denying areas of weakness.

Blockchain, cryptocurrency, metaverse… Web 3.0 is making a lot of headlines. What is it about? Of The 3rd generation of the Internet, It follows Web 1.0 (display of information) and Web 2.0 (interactivity and social networks in the hands of GAFAM). In doing so, it ushers in an era of blockchain-based decentralized Internet that re-empowers internet users. In short, in an immersive virtual world—the metaverse (a contraction of the meta universe)—people interact through avatars, consume Notes (non-transactional tokens or digital files attached to a certificate of authenticity and stored on the blockchain), and pay with cryptocurrency. Fascinating app! Ivan de Lastours, blockchain/crypto lead at Bpifrance, points out among the most advanced use cases. “processes between cryptocurrency exchanges, supply chain (thanks to blockchain-enhanced parts tracking), banking, healthcare, and even customer relations.”

New customer experience and new ways of doing business

Thus, Web 3.0 will offer unprecedented business opportunities. Companies with a strong technological anchor seem to want to take this step. Realizing the stakes, Internet giants are mobilizing. Mark Zuckerberg renamed Facebook Meta (short for metaverse) to bring his company into Web 3.0, and Microsoft offers tools for this purpose. build a metaverse (Office 365 and Teams) and announced a desire to develop a video game offering. Brands (Gucci, Warner Music, Carrefour, Ubisoft, etc.) virtual areas and outdoor outlets. Gaming, retail, real estate, culture… many sectors are concerned. Paris Design Week 2022 made it a general theme of its program at the beginning of the academic year. In March, Metaverse Fashion Week was organized after World Fashion Weeks held in physical mode in New York, London, Milan and Paris.

Also read: Dogami raises €14 million to develop its own Web3 game

It seems that the dream screen (or virtual reality headset) is out of reach! The VivaTech 2022 show witnessed numerous initiatives and experiments currently underway. Buying and fitting virtual clothes through startup DressX for LVMH, a real work environment remixed in 3D to attract job candidates at Adecco. On July 12, François Villeroy de Galhau, governor of the Banque de France, gave a keynote speech on the central bank digital currency (MNBC) at the Paris Europlace international financial forum. the second phase of testing the Eurodigital future… On the startup side, fundraising announcements have been rolling in for months. Kaiko, a provider of data on crypto-financial markets, announced a $53 million Series B raise in June to continue its international expansion. Arianee, a Parisian company that makes NFTs and thus gives digital identity to luxury products, raised $20 million in May for the same reasons. Many young shoots establish themselves, but so far they are only in the beginning stage. In late June, modeling app Omi raised €6 million to support brands in the metaverse, developing 3D technology to automate and enable the creation of photo and video content. offers experiences e-commerce and shopping 3.0. Request Finance has raised $5.5 million to aggregate cryptocurrency payments in businesses. Examples among many others! “We are investing in startups like APLO (a prime broker that places orders for institutional clients in cryptocurrencies and tokens).”, says Mathieu Viallard, general partner of Axeleo Capital fund. Selection criteria remain traditional: quality of managers, experience, implementation plan. “We look for technologically sound projects and pay attention to the risk of vulnerability, because the most vulnerable are hacked.”he adds.

sources of anxiety

If all the positive signals that can reassure entrepreneurs abound, they need to be put into perspective with more negative signals. Hence the resignation of Vivek Sharma, who joined Meta in 2016 and took over the reins of Horizon Words, a virtual reality platform (virtual collaboration space) in 2021. According to Zuckerberg, critics of the metaverse on the Internet are united. The possibility of a network giant taking over this universe calls into question the foundations of decentralization… On the same principle, discussions have already begun between the Eurodigital potential and Bitcoin. Competition between cryptocurrencies, price changes, number of intermediaries promote the sector regularly.

Another obstacle is the technical level required. “Yes, Web3 opens up a new entrepreneurial arena, but it imposes new codes in a complex technical, economic and regulatory environment., admits Ivan de Lastours. An Eldorado is as stimulating as it needs to be. The market currently caters to enthusiasts ranging from engineering schools to law and finance courses. To date, there are very few specialized training courses. Some Grandes Ecoles offer graduate courses. in paris “Metaverse College” (Collège de Paris group) opens at the beginning of the academic year. “The younger brother of the Digital College in La Défense (3,000 students), the Metavers College aims to train young people in the professions of XR developer, 3D designer, metaverse project manager, … Our aim is to remain flexible and adapt to the technology we offer to the needs of the ever-changing sector“, comments its director Ridouan Abragi. The first promotion should bring together about fifty students selected only from the Bac +3 level. Companies will have to wait for the recruitment of specialized profiles.

This is about energy conservation

Lblockchain and metaverse require significant power consumption (related to data centers, servers, broadband, etc.), but things are changing. It is interesting that Ethereum, the world’s second largest cryptocurrency, has started a transition to reduce its carbon footprint. Pierre Jacob, director of Magellan Partners, notes. “Other blockchains are developing and competing by guaranteeing less energy-intensive protocols. In turn, the use of the metaverse allows reducing energy consumption in other areas (transport). “he continues.

Finally, it remains to define business models. Many startups build their projects on a commission basis. At crypto payment app (bitcoin, ethereum, etc.) Lyzi, CEO and founder Damien Patureaux explains that he relies on several models: “From B to C, we charge a service fee (from 1 to 3%) for payment in crypto by the user, and 0.2% for trading activities (buying and selling bitcoin). The B to B model is different. “We offer a special offer and we calculate the placement costs in the form of a subscription or commission, as well as the usage costs.“, he assures. Different formulas coexist.”We build technology, we learn by walking“, he slides. This entrepreneur hails Time-to-market: “In 2019, we were seen as aliens, but today brands are asking us that there is a trend despite crashes, speculations and price changes.” The only downside is the adjustment. “PSAN – editor’s note new status imposed by the legislator on digital asset service providers – termination of income-generating activities”, he regrets it.

Also read: Sandbox will help entrepreneurs get started in the Metaverse

Start of regulation

In early July, Europe adopted two provisional texts aimed at regulating the sector: MiCA (Markets in Crypto-assets) and TFR (Fund Transfer Regulation), the first regulate market players, and the second fights against money laundering. As we have seen, many legal questions remain unanswered in Web 3.0. For example, who should regulate these new territories?

These questions but should not slow down the movement. In France, Ivan de Lastours assures him: ” Bpifrance supports Web 3.0, like many innovative sectors, more than 160 startups in the blockchain sector have been funded in this way, because yes we believe in it, in addition, 220 million electronic cryptocurrency wallets have been created in the financial sector, we can estimate that 150 million registered users in the world there is, the sector exists, although it is not yet effective at the societal level “. According to the study “Cryptocurrency, structuring and general public adoption in France” by KPMG France for ADAN (association for the development of digital assets), the cryptocurrency industry in France has raised more than 1.2 billion euros in early stage funding. ). This is 80% in France. which would be on the cusp of creating more than 1,100 direct jobs (that is, about a 60% increase in one year), and realistic projections would bring this base to more than 2,400 direct jobs in January 2023 (that is, a 120% increase).The growing Eldorado.

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