Following the hype fueled by Meta’s (formerly Facebook) pivot last year, the metaverse has been entering more organizations and steadily moving on an upward trajectory. With COVID-19 accelerating digital transformation, enterprises are now keener to adopt new technologies, even a nascent one like the metaverse. Having evolved from Neal Stephenson’s initial idea (from his 1992 novel Snow Crash), Web3 and the metaverse today offer several immersive opportunities that brands are keying into.
According to Gartner, “enterprises will experiment with the metaverse, connecting, engaging and incentivizing human and machine customers to create new value exchanges, revenue streams and markets.” The metaverse’s market value over the next seven years is likely to be massive, with McKinsey estimating it will reach $5 trillion by 2030.
But what are the underlying technologies that will power this new promise of a multi-trillion dollar immersive virtual world? Experts say it will be powered by a convergence of 5G, AR, VR, AI and blockchain — and many companies are on the quest to build into that tech stack.
One such company is MachineFi Lab — the core developer of IoTeX, a decentralized blockchain platform that enables interactions between humans and machines. Today, MachineFi Lab announced it released W3bstream, “a blockchain-agnostic infra with the power to disrupt the machine economy where innovation until now has remained stagnant,” according to the company’s press release.
Having previously built IoTeX, “MachineFi Lab is uniquely positioned to help connect the metaverse with real-life devices,” says Dr Raullen Chai, founder and CEO at MachineFi Lab. Chai said that “W3bstream connects the real world to Web3, serving as an open, decentralized off-chain computing infra that sits between the blockchain and smart devices.”
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