Development of Web 3.0 to bring new business opportunities, says MetaWave CEO

Many new business opportunities will come out along with development of Web 3.0, according to founder and CEO Rex Lin for MetaWave at a forum hosted by AI for Anyone, Anywhere (Taiwan Association for Development of AI Application).

MetaWave is a marketing platform for NFT (non-fungible token) business operation, providing Web 3.0-based NFT issuance, marketing media, talent training and R&D services.

Development of Web 3.0 will be in two directions, one is mutual combination between Web 2.0-based reality and Web 3.0-based virtuality, that is, mainstream operators of Internet services begin to develop blockchain and NFT business items to maintain their existing market share, the other is use of encryption tools for breakthrough in existing markets and link blockchain with scenarios of daily life, Lin said.

As International operators of Internet services such as Facebook and LINE have dominated global Web 2.0 market, they use data uploaded for sharing by users to advertise but do not allow such users to share revenues from advertising, Lin noted.

When DID (decentralized identity) technology under Web 3.0 becomes increasingly popular, ownership of personal data can return to aforementioned users and platforms can use such data via exchanges based on virtual currencies, Lin indicated.

Operators of Web 3.0-based platforms can find social groups that trust the platforms and promote their products using NFTs to save advertising cost, Lin said.

Web 3.0 can help enterprises in cross-domain digital transformation. For example, manufacturers interested in Metaverse-based competition can capitalize on their idle production capacities and integrate upstream and downstream resources to incubate blockchain items to reconstruct financial and information flows and logistics, Lin noted. However, their doing so has to be associated with their business goals and they have to capitalize on data to analyze and predict consumers’ behavior.

In particular, issuance of NFTs has to be based on consideration of whether the NFTs are influenceable in terms of social network and IP and have sufficient target audience as well as whether there are available resources and innovative potential, Lin indicated.

MetaWave has set up business offices in Taipei, Shanghai and Singapore. In response to the news report that China-based Alibaba and Tencent will cut personnel, Lin indicated that employees to be laid off by the two companies are expected to be software experts of good quality and thus can be absorbed by MetaWave or other Taiwan-based companies.