Katrin Zimmermann explores how automotive companies can prepare for long-term success in a web3 world
Last month, Mercedes-Benz sold a very rare 1955 SLR Uhlenhaut Coupe for US$142m, making it the most expensive car in history. Someday, that record too will fall, and it’s reasonable to ask whether it will be broken by a physical or digital mobility design object.
It’s no secret that the metaverse and web3 are on their way, taking early shape now and on course to influence all industries—including the automotive sector. According to a whitepaper by JP Morgan, which recently opened a bank in the metaverse known as Onyx Lounge, “the metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over US$1tr in yearly revenues.” NFT sales alone eclipsed US$17.7bn in 2021.
The influence of the metaverse, and web3 more broadly, stand to impact all facets of the auto industry, including manufacturing, product customisation, community, and brand loyalty. Additionally, these technologies will enable a myriad of new opportunities for the digital and physical worlds to converge. Even grander still, such shifts will bring to the fore existential questions on where responsibilities lie between individuals, the auto sector, and web3 developers when it comes to sustainability and ethical operations.
Continue reading… “How will the metaverse shape the future of the automotive industry?”
