As Web3 evolves into the mainstream and the embracing of cryptocurrencies, NFTs and the metaverse continues to grow, society is experiencing a digital shift similar to the internet boom of the late 90’s/early 2000’s.
Megan Nilsson, also known as ‘Crypto Megan’, is a “high-end crypto and NFT consultant” and she was on hand during the SBC Summit Barcelona event to talk on her experiences helping major corporations shift into Web3, opportunities lying within the metaverse, and highlighting mistakes when bridging over from Web2 to Web3.
Nilsson has spoken at some of the globe’s largest payment/crypto events, whether it be at Money 20/20 Europe last June, or at the WebSummit in Portugal.
As a result of this, Nilsson has been able to meet with some of the most recognisable brands and companies as she offers her advice to firms on what a step into Web3 could entail for their business.
From Binance to the heads of LVMH, Nilsson spoke to Payment Expert Editor Joe Streeter on her adventures of meeting these major companies and how ideas began to flourish.
She said: “The big players have never been more accessible because this isn’t about the suits and ties anymore, we are the suits and ties now.”
“It’s been so cool to be able to interact with them and literally help shape the movement, one of them being the Senior Vice-President of Binance, Helen Hai… an incredible woman and we had some amazing conversations.
“When you put all these brilliant minds in one place and you get to interact with these people that are making moves, things happen.
“We were at the Binance VIP Gala in France couple days ago and I met one of the heads at LVMH (Louis Vuitton, Hennessey, etc.), and we’re just spit-firing ideas like how can we get all the power women involved to maybe do something in the metaverse. It’s really been conducive of growth and innovation but at a much more rapid speed.”
One major component of Web3 is the metaverse, an online digital world that has endless opportunities for how businesses can transform the way they work and operate, with banks such as HSBC already beginning to venture into the digital world.
Nilsson believes right now that – whilst there is an eagerness from companies to break into the metaverse – the metaverse is more of a “buzzword” to most firms but firms positioning themselves right now are more likely to succeed in the long run.
“I think it’s just a buzzword for them right now. They’re going around and taking notice but they don’t really know exactly how to get involved in a meaningful way, but the people who are starting to position themselves now are going to win in the long run,” commented Nilsson.
“Blockchain technology is the fastest growing technology in history, including the internet, so it’s incredible just how fast it’s going and it’s going to come much faster than people can envision.”
Sports teams and players have become a primary adopter of Web3 elements, with Nilsson citing her belief that sports will “pave the way for how we can unlock these special experiences,” notably with NFTs.
Iconic figures like Cristiano Ronaldo are entering partnerships with Binance for a collection of NFTs to engage with his fans, whilst sports teams such as the Los Angeles Lakers and Manchester City have enlisted cryptocurrency sponsorships recognising their current and future value.
But whilst adoption of these Web3 elements is accelerating, they must be met with caution, as a potential societal-altering shift as major as Web3 can often lead to early mistakes, especially due to the infancy it is currently in.
Nilsson explains: “We’re so early that there’s bound to be mistakes and missteps and that’s okay because we can shift and pivot.
“For me in this world and especially in the adoption phase, trust and transparency is everything, and if you don’t have that you will lose it all.
“People getting involved in companies that just want to figure out how to get the cash and how to capture users in traditional ways, it’s not going to work. We now have a long-term view and now allows people to be a part of the movement.”
Whilst risks are certainly at the forefront of any new venture, there is no denying that Web3 is picking up momentum in usage and adoption.
Meta made one of the first ground-breaking shifts into Web3 with its rebrand from Facebook, seemingly kick-starting a movement into the digital world. The question of ‘if’ or ‘when’ other companies follow their lead in the next decade, remains to be seen.