I will focus on three major trends that have captured my attention: Blockchain, AI, and the Metaverse. I firmly believe that these technologies will form the backbone of the future internet, and it is important to understand their significance and potential impact.
As a team, we have been fascinated by the possibilities of future technology. Recently, I've personally been reflecting on how the internet is evolving, with new and advanced technologies emerging at a rapid pace, which inspired this article.
What follows are my personal observations and conversations I’ve had, and while they may be subject to interpretation and discussion, I hope they offer a glimpse into the exciting possibilities of the future of the internet.
Technological innovation has often been referenced to follow Moore’s Law.
Moore's Law refers to the observation that the processing power of computer chips tends to double every two years. This steady increase in computing power has led to a period of rapid innovation over the past decade, at a pace that many people find difficult to keep up with. So the purpose of these articles is to provide insight into how the world of technology is evolving.
In particular, I will focus on three major trends that have captured my attention: Blockchain, AI, and the Metaverse. I firmly believe that these technologies will form the backbone of the future internet, and it is important to understand their significance and potential impact.
I will write separate articles about each of these topics separately, but I have given a brief overview of each below.
Without going into too much detail on the specifics, the Blockchain is a secure and transparent digital ledger or database that is not owned by any one person or organisation. It serves as the foundation for a wide range of applications, such as cryptocurrency, Dapps, NFTs, and more, which I will explore further in a future article.
Picture the blockchain as the tracks that provide the foundation for the decentralised web, much like the rails that a train runs on. In contrast, our current version of the internet is built on a centralised infrastructure, so it is controlled by a central authority, which can limit its potential for innovation and growth.
The blockchain is shifting power to consumers and users, rather than large corporations, by increasing trust and transparency, enabling new business models, supporting digital currency adoption, and empowering consumers. As a result, it has the potential to revolutionise the way consumers interact with products and services.
Artificial intelligence (AI):
I’m sure most of you have heard of Chat GPT over the last six months, it has become massively popular in the tech world, with one billion users as of March 2023, representing roughly 19% of active internet users .
AI, the technology that powers Chat GPT, has been around since 1956 but has become much more sophisticated in recent years, in line with Moore's Law. The launch of Chat GPT has had a significant impact on how people use technology in their daily lives, using it as a tool to enhance efficiency. The open-source API has created an innovative ecosystem that allows for the development of even more powerful tools, such as Agent GPT or Auto GPT, which I will cover in more detail in further articles.
Overall, AI is shifting consumer behaviour towards using tools that streamline their lives. The book "Life 3.0" envisions a future in which humans trust AI to know them better than they know themselves, where humans rely on AI to make more decisions for them every day. While this may have seemed far-fetched before Chat GPT, it's now something that many people can imagine.
I like to think of the Metaverse as an interactive extension of our current web usage, enabling users to create more detailed and immersive digital identities.
As an example, 59% of the world’s population uses social media , which allows people to build digital personas in a way that they want to be perceived, and the Metaverse will take this concept further, enabling users to create digital characters that reflect their personalities through their clothing, interests, and interactions.
Although some are concerned that the Metaverse will replace human interaction, I believe it will enhance our current online experience while in-person interactions remain important.
Metaverse technology still has a long way to go before it becomes usable for the everyday person (I always think of Mark Zuckerberg’s selfie in the Meta Metaverse 😅), technological advancements will eventually make it more accessible to the general public. For now, we can look forward to what this new technology has in store.
The future of the internet:
I firmly believe that the future of the internet will revolve around the integration of blockchain, AI, and Metaverse technology.
For instance, imagine being able to enter your favourite store's Metaverse and try out products in an interactive and immersive manner. AI could then recommend personalised products based on your preferences and past purchases. Finally, you could make your purchase using cryptocurrency. While this scenario may seem far-fetched, I believe it's where we're headed.
What does this mean for brands?
Many brands have already been experimenting with this technology, for example:
- The makeup brand, NYX is launching an online beauty “incubator” in the form of a community (or DAO) called GORJIS
- H&M launched a clothing line inspired by the Metaverse, that includes both physical garments and virtual pieces to wear digitally
- Tiffany & co launched an exclusive collection of jewellery in partnership with Crypto Punks, one of the original blockchain communities
- Slack are integrating Open AI’s API into their app to enhance user experience
- Starbucks uses AI and the blockchain through their rewards program. Loyalty points are tracked on the blockchain and its mobile app captures data that AI utilises to build better brand experiences.
If you're a traditional brand, it's critical to stay ahead of the curve and not fall behind your competitors who may be adopting new technologies. While there's no need to make drastic changes, experimenting with new ideas and remaining aware of emerging trends can help you maintain your market share. It's important to stay agile and adaptable, especially in a rapidly evolving technological landscape.