While the metaverse proposes exploring a parallel world and the cryptocurrency to free itself from state tutelage, the commercial prospects offered by Web 3.0 must face the difficulties of entering markets that are still in the making. Between economic uncertainties and promises from Eldorado, only the most experienced with technology will initially be able to find their way.
E-commerce, gaming, luxury, advertising,… the metaverse-invested sectors are multiplying and cryptocurrency transactions are on the rise. These activities, in growth, supported by pioneers, are picking up. Should we get started? Reply with some specialists who hire the bright future of the new webwithout denying its weaknesses.
Blockchain, cryptocurrency, metaverse… Web 3.0 is making headlines. What is it about ? From the 3rd generation internet, which follows that of Web 1.0 (the display of information) and that of Web 2.0 (interactivity and social networks owned by GAFAM). This opens the era of a decentralized internet, based on the blockchain that gives power back to internet users. Basically, in an immersive virtual world – the metaverse (contraction of the meta-universe) – people interact through avatars, consume Notes (non-fungible tokens or digital files that are linked to a certificate of authenticity and stored on a blockchain) and pay them in cryptocurrency. A tempting program! One of the most advanced use cases, points out Ivan de Lastours, blockchain/crypto lead at Bpifrance “cryptocurrency exchanges, the supply chain (thanks to the traceability of parts that the blockchain improves), processes between banking institutions, health or even customer relationships”.
New customer experience and new transaction methods
Web 3.0 would therefore offer unprecedented business opportunities. Companies with a strong technological anchorage seem to want to take the plunge. Aware of the stakes, the giants of the web are mobilizing. Mark Zuckerberg changed Facebook’s name to Meta (short for metaverse) to take his company to Web 3.0, Microsoft provides tools to build the metaverse (Office 365 and Teams) and announced a desire to develop a video game offering. Brands (Gucci, Warner Music, Carrefour, Ubisoft, etc.) flock to the doors of platforms (Decentraland or The Sandbox in particular) to offer virtual plots and open outlets. Gaming, retail, real estate, culture… many sectors are involved. Paris Design Week 2022 made it the leitmotif of its program at the start of the school year. In March, a Metavers Fashion Week was organized in response to the World Fashion Weeks that physically took place in New York, London, Milan and Paris.
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The dream seems within reach of the screen (or virtual reality headset)! The VivaTech 2022 show was a testimony to the many initiatives and experiments currently underway. Purchase and try on virtual clothes through start-up DressX for LVMH, real work environment remixed in 3D to immerse candidates for recruitment at Adecco. On July 12, François Villeroy de Galhau, the governor of the Banque de France, gave a groundbreaking speech on central bank digital currencies (MNBC) at the Europlace international financial forum in Paris, in which he a second phase of experimenting with the eurodigital future… On the start-up side, fundraising announcements have followed each other for months. Kaiko, a provider of crypto-financial markets data, announced a $53 million raise in Series B in June to continue its international development. Arianee, the Parisian company that makes NFTs that give luxury products a digital identity, raised $20 million in May for the same reasons. Many young shoots are positioning themselves, but so far they are only in the start-up phase. At the end of June, Omi, modeling software, raised 6 million euros to support brands in the metaverse by developing 3D technology to automate the creation of photo and video content and enable them offering experiences of e-commerce and shopping 3.0. Request Finance has raised $5.5 million to mainstream cryptocurrency payments into businesses. Examples among many others! “We invest in startups like APLO (prime broker that places orders for institutional clients in cryptocurrency and tokens)”, says Mathieu Viallard, managing partners of the Axeleo Capital fund. The selection criteria remain traditional: quality of managers, experience, implementation plan. “We look for technologically sound projects and pay attention to the risk of vulnerabilities, because the most vulnerable are hacked”he adds.
sources of concern
If all the positive signals, which are likely to reassure entrepreneurs, multiply, they must be relativized with more negative signals. Thus the resignation of Vivek Sharma, who joined Meta in 2016 and took over management of the virtual reality platform Horizon Words (virtual collaboration space) in 2021. On the Internet, critics of the metaverse are merging, according to Zuckerberg. The possibility that a giant of the Internet will take over this universe casts doubt on the foundations of decentralization… By the same principle, the debate between the eurodigital potential and bitcoin has already been launched. Competition between cryptocurrencies, price variations, number of intermediaries regularly disrupting the sector.
Another obstacle is the technical level required. “Yes, Web3 opens a new business field, but imposes new codes, in a complex technical, economic and regulatory environment”, admits Ivan de Lastours. An Eldorado that is as stimulating as it is demanding. For the time being, the market seems to be reserved for enthusiasts of technical schools, legal and financial courses. To date, there are very few specialized training courses. Some Grandes Ecoles offer master’s degrees. In Paris, the “Metaverse College” (Collège de Paris group) opens at the beginning of the school year. “The little brother of the Digital College (3,000 students) in La Défense, the Metavers College aims to train young people in the professions of XR developer, 3D designer, metaverse project manager, … Our goal is to remain flexible and to meet the needs of an ever-changing industry“says Ridouan Abragi, the director. The first promotion should bring together only about fifty students, selected from the Bac +3 level. In companies, the recruitment of specialized profiles will have to wait.
Energy efficiency at stake
” Lhe blockchain and its metaverse require significant energy consumption (associated with data centers, servers, broadband, etc.), but things are changing. Interestingly, the second largest cryptocurrency in the world, Ethereum, has begun the transition, which could allow it to reduce its carbon footprint.” notes Pierre Jacob, director at Magellan Partners. “Other blockchains evolve and compete by ensuring less energy-intensive protocols. Using the metaverse, in turn, makes it possible to reduce energy consumption in other areas (transportation). “, he continues.
Finally, the business models still need to be defined. Many start-ups base their project on commission. At Lyzi, a crypto payment application (bitcoin, ethereum, etc.), Damien Patureaux, CEO and founder, explains that he relies on several models: “In B to C, we are compensated on flows by charging a service fee (from 1 to 3%) on the payment in crypto made by the user, and we take 0.2% on trading activities (purchase – sale of bitcoin) “. The model differs in B to B. “We offer a tailor-made quote and charge both deployment costs and usage costs, either in the form of a subscription or in commission.“, he confides. The different formulas coexist.”We build technology, we learn by walking“, he slips. This entrepreneur welcomes the Time-to-market: “In 2019 we looked like aliens, but today the brands ask us, the trend is there, despite the crashes, the speculation and the variation in prices”. Only drawback, the arrangement. “The PSAN – publisher’s comment new status imposed by the legislator on digital asset service providers – put an end to profit-generating activities”, he is sorry.
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A start of regulation
At the beginning of July, Europe approved two preliminary texts to regulate the sector: MiCA (Markets in crypto-assets) and TFR (Transfer of Funds Regulation), the first for regulate market players, the second to combat money laundering. As we can see, in Web 3.0 many legal questions remain unanswered. For example, who should regulate these new territories?
These questions however, should not slow down the movement. In France, Ivan de Lastours assures him: ” Bpifrance supports Web 3.0 like many innovative sectors, that’s how more than 160 startups in the blockchain sector have been funded because yes we believe in it, in addition, 220 million electronic cryptocurrency wallets have been created in the financial sector, we can estimate there are 150 million registered users worldwide, the sector exists, even if it is not yet so impactful on a societal level “. In its infancy, the crypto industry in France weighed more than 1.2 billion euros in terms of fundraising according to the study “Crypto in France, structuring and adoption by the general public” conducted by KPMG France for ADAN (association for the development of digital assets ) It would be at the root of the creation of more than 1,100 direct jobs (i.e. a growth of almost 60% over a year), 80% of which in France, and realistic forecasts would increase this base to more than 2,400 direct jobs bring 2023 (ie 120% growth) A growing eldorado.
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