In this exclusive executive interview, Toni Witt interviews Anoop Nannra, Co-Founder and CEO of Trugard Labs. The two discuss the differences between Web 3.0 and the Metaverse, the adoption of these technologies, and CXOs should view their future strategies.
01:15 — The difference between Web 2.0 and Web 3.0 is that Web 2.0 was about “enabling creators to build amazing things and generate a sense of economic freedom,” whereas Web 3.0 takes that to a whole other level. The full scope of Web 3.0 is a reflection of how to enable complete ownership and control of a business. The real potential of Web 3.0 will come out when “self-sovereign identity becomes a major push,” something that still has a steep learning curve.
03:04 — Web 3.0 can be described as an umbrella term. One way to think about the concept is as a revolution moving towards decentralized, stateless, and trustless databases, instead of centralized providers. Toni asks Nannra about the strategy that major cloud providers are taking in considering Web 3.0 as a movement towards decentralized databases.
03:59 — Web 3.0, decentralization, and blockchain technology break the mold. The cloud can be considered as the antithesis of blockchain and decentralization. Nannra predicts that cloud hyper-scalers will double down on how they attract more developers who will meet the needs of decentralized and blockchain developers. This leads to the question of how these hyper-scalers will build out their own blockchain services. The primary job of cloud providers is to make it simple for people to build their own capabilities.
08:16 — Nannra argues that we have been living in the Metaverse for a long time, and anyone who has played video games has been a part of it. The difference between Web 3.0 and the Metaverse is that Web 3.0 is built on the premise that it has a very strong model of self-sovereign identity. The notion of complete asset portability between environments is going to be really critical within the Metaverse moving forward. According to Nannra, the Metaverse has not yet reached a level of portability that is necessary for broader Metaverse adoption.
11:21 — At Cloud Wars Expo, Nannra took the stance that it is too early for businesses to approach the Metaverse and take advantage of underlying trends within the space.
11:41 — The Metaverse is the first implementation of a frictionless immersive experience, although the world is still in the building block stages. The long-term goal of any Metaverse environment should enable anyone to be a market maker and define the economics of what they produce. There should be countless business models in the Metaverse, but Nannra feels that it is too early for businesses to fully emerge in that space.
15:00 — Organizations face challenges in their approach to technologies, such as the Metaverse, because the learning curve is too steep. The awareness and education on these technologies have not happened yet for Fortune 500 companies. Most of the funds dedicated to the Metaverse are around marketing, which means organizations need more time to become educated on them. Nannra suggests that we will be in a good spot once leaders in the Metaverse space explain the risks and onboarding process to interested customers. Currently, the Metaverse is still a very technology-driven space and its adoption are still quite low.
Want more tech insights for the top execs? Subscribe to the CXO2 channel: