Steve Smith talked with Insider Intelligence about how social media companies can build financial trust and what open banking can do for web3.

Increased contactless payment appetite and new eligible devices, like Timex’s smartwatch line, will drive growth, and the deployment of Web3 could multiply opportunities. Almost 84% of US households will have connected TVs in 2022, per our forecast, opening the door to shoppable TV. NBC, for example, just launched a series of livestream shopping shows, which could grow spending in the category.

The news: Mastercard partnered with several nonfungible token (NFT) marketplaces and web3 specialists to make it easier for customers to buy NFTs, according to a press release. Here’s how it works: Public awareness of NFTs—which certify ownership of virtual assets and are stored on a blockchain—is growing, but purchasing them can be difficult.

More importantly, if Web3 actually rolls out as envisioned, people will have control over their data. That means they could share their location or biometric data and earn money for it. It’s unclear whether this will take off, but there are companies working on the idea. Will people embrace the metaverse and Web3?

WPP created The Metaverse Foundry in February, which is focused on generating content for Web3 worlds. Approximately 700 creatives are involved in the initiative. Wendy's, Pizza Hut, and Pfizer are among the brands working with the Foundry. What it means: Consumers will spend more and more time in virtual worlds.

For banks, the promise of the decentralized, web3 metaverse is also the promise of blockchain. Aside from the blockchain’s role in powering and securing digital assets, it has broad applications in banking—for clearing and settlement, payments, trade finance, identity management, and syndicated loans, among other things.

But as some of the dust settles and the market cools, many are wondering about NFTs’ longer-term potential and their place in the nascent metaverse and web3, the anticipated evolution of the internet from a centralized, server-based model to a decentralized, blockchain-based system. See how brands are incorporating NFTs here. 3. NFT interest is strong in China, but regulations complicate the market.

But as some of the dust settles and the market cools, many are wondering about NFTs’ longer-term potential and their place in the nascent metaverse and web3: the anticipated evolution of the internet from a centralized, server-based model to a decentralized, blockchain-based system. What are NFTs, and how do they work?

One of the bigger buzzwords in technology right now is Web3, a vision for the internet based on blockchain, which distributes ownership and control over data. Although notorious in climate circles for its enormous use of energy in mining cryptocurrencies, blockchain actually has some real potential for sustainability issues.

It also plans to push “crypto as an app platform,” which entails investments in Web3 applications—Web3, it said, “represents a decentralized, community-governed internet with modern functionality.” This means simplifying its Coinbase Wallet and adding features to it, and launching a non-fungible token (NFT) marketplace called Coinbase NFT.

Web3. Web3 is a buzzy term right now. Essentially, it’s a vision of the internet where ownership is more distributed, although it is usually also tied in with cryptocurrencies. In the case of location data, distributed ledgers or blockchains could create a foundation for each user owning the location data they produce.

It’s still too early to see the long-term impact of nonfungible tokens (NFTs) and Web3 innovations. Numerous apps are exploring selling NFTs or virtual property. There are also several “crypto games” that let gamers earn blockchain-based currencies. “We haven't seen that take off on mobile,” Sydow said.