How Leading Big Tech Firms Embracing Web3 Technology?

Top 10 Tech Firms Investing in Web 3.0

• Meta

With Facebook rebranding itself with a new brand name, ‘Meta,’ it would be pointless not to mention the firm in this list of Web3 promoters. Meta’s chief, Mark Zuckerberg, has been quite vocal about his plans to convert the social media portal into a full-fledged Metaverse entity. The name change was a crucial step to reflect this gear shift. The spearhead aspires to create a more decentralized and interoperable web cluster for users.

Interestingly, Meta has been in hot waters for quite some time with its failed plans concerning its native crypto coin. The chain of controversies that hovered over the project compelled the firm to abandon the launch of its cryptocurrency. However, Zuckerberg has not given up on the plans and is open to exploring crypto space.

The company has filed several trademark applications related to the crypto realm with regulatory authorities. The applications involved plans for crypto exchanges, Metaverse wallet and crypto wallet solutions, tokens, crypto trading, blockchain software, etc.

• Twitter

The popular social media platform Twitter has actively participated in the NFT wave that has taken over the financial realm. Twitter serves as a platform where people can share and interact freely with other people. Recently, the portal has witnessed a significant rise in posts from crypto fans who shared their first trading experience with their followers. Non-Fungible Tokens gained insane popularity in 2021, and the craze for these digital collectables continues to grow in 2022 as well. NFTs represent real-world items and give users a right to own a share of something precious such as an art piece, merch, music record, etc.

Following the trend, Twitter allowed its subscribers of Twitter Blue to choose an NFT as their profile picture. The users with verified NFTs can see the digital assets appear on their profile in a hexagon shape. The facility is available for iPhone users and those living in the U.S, Canada, Australia, or New Zealand. Also, the portal has allowed this service for only those NFTs that are minted on Ethereum and stored on the OpenSea marketplace. The growing interest of Twitter in NFTs reflects its upcoming plans for further expansion in the field.

• Instagram

Earlier in 2021, Instagram chief Adam Mosseri shared the company’s plans to explore NFTs with an intent to expand the scope of Web3 technology. Zuckerberg has also announced introducing NFTs as a part of the Instagram ecosystem soon. Meta chief emphasized that over the next several months, they will be able to infuse NFTs into Instagram for seamless access to users. The company also plans to support the minting of NFTs within the ecosystem of the popular photo-sharing app. Web3 development is one of the core objectives of Mark Zuckerberg, and he is striving to achieve it via its social media portals.

• Spotify

Recently, there has been a rise in Web3-supported music portals. This has triggered the popular music streaming app, Spotify, to buckle up and enter the Web 3.0 space to sustain its position in the sector. The firm has opened doors for new talent by offering job positions for managers, engineers, and tech experts in the Web 3 realm.

Non-Fungible Tokens have been actively adopted by global music icons like Justin Beiber, Snoop Dogg, Grimes, Taylor Swift, and many more. The musicians are using NFTs to connect with their fans by offering them a chance to own their official merch and other creations designed by the artists themselves. These digital collectibles allow artists to monetize their work. It helps to avoid duplications and copyright issues. With music icons jumping into the NFT pool, it becomes quite likely that Spotify will delve deeper into Web 3.0 adoption in the near future.

• Alphabet

Alphabet, Google’s parent company, has been an ardent supporter of Internet evolution. The firm is actively exploring the potential of the Web 3.0 technology stack to gain an edge over its competitors. In February 2022, CEO Sundar Pichai shared his plans to integrate blockchain technology into the firm’s core ecosystem. The chief revealed that they plan to add more AR-supported features and blockchain resources to popular applications such as Google Maps. The team is also planning to infuse blockchain technology to strengthen the tech giant’s customer support services.

• Amazon

The e-commerce giant is taking some strategic steps to explore Web3 technology. With the launch of Amazon Managed Blockchain, Amazon has already gained the upper hand over its competitors. The fully managed service allows users to build, control, and manage scalable blockchain networks via open-source frameworks. It supports public and private blockchain solutions making it an enhanced version of other open-source projects. The service eliminates overhead expenses that customers pay for creating or joining a public network. Automatic scaling helps to execute millions of transactions quickly. The facility helps to manage certificates and invite new customers soon after the network starts running.

• Tesla

Tesla is quickly expanding its services within the Web3 domain. The leading e-vehicle company recently deployed blockchain technology for a particular purpose. The use case involved tracking cobalt from mine to battery by establishing a transparent, open, and global record setup. During the Bitcoin 2022 Conference, it was revealed that both Blockstream and Block had initiated the creation of a pilot crypto mine in Texas. The mine will have Tesla’s solar installation and batteries for power support. The program aims to show that BTC mining has the potential to fund renewable energy projects.

• Shopify

Leading e-commerce platform Shopify is also actively exploring Web3 technology. In 2021, the firm launched a beta version of its NFT-supportive marketspace that allowed users to mint and sell their digital collectables on multiple blockchain networks. The users were allowed to purchase NFTs using crypto. The team is also working to integrate AR features into its ecosystem.

• Block

Popular fintech company Block is set to initiate Bitcoin mining to mark its entry into the crypto space. The firm strives to make crypto mining more accessible and efficient for users. With this in mind, Block plans to create a permissionless and fully decentralized infrastructure for the gen-next. Block CEO Jack Dorsey, in an earlier post, conveyed that mining should be more decentralized to increase its resilience as a network. As mining rigs are expensive and hard to access, Block is looking forward to designing a new ASIC to make mining easier. In a partnership with Tesla, Block is willing to conduct crypto mining operations on deregulated power grids in Texas. The region has cheaper energy resources making it suitable for mining purposes.

• Sony

In 2021, electronics conglomerate Sony filed several patents supporting cryptocurrency use for e-sports in-game wagering. The patent application proposed support for both physical and virtual currencies for in-game betting. It revealed the firm’s plans to create a real-time channel for players to place wagers while playing e-sports games. The betting odds would be ascertained by AI depending upon a player’s game history. The company plans to expand the technology to consoles made by Microsoft or other firms’ VR headsets, AR headsets, laptops, computers, smartphones, portable TVs, etc.

Conclusion

Web 3.0 has been around for many years. Though, the concept gained wide scale popularity only recently. The decentralized web technology has managed to garner attention from top technology firms. These entities are investing money and efforts in exploring the potential of Web3 to unlock exclusive opportunities for growth and innovation. With the growing craze for decentralized tools and resources, Web 3.0 will likely move to new industrial and non-industrial realms. The trend to integrate Web3 tools has already started, with big and small firms joining the bandwagon. So, it is the right time for you to hone your skills in the sector and venture around to expand your earnings.

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