24. February 2024

Interoperability: The Key to Unlocking Infinite Value in Web3

• The article discusses the role of interoperability in Web3 and the metaverse.
• It covers the potential impact that interoperable applications can have on users, brands, identity, and more.
• Thomas Webb, founder of Worldwide Webb, believes that interoperability could be a cornerstone for everything from e-commerce to self-sovereignty.

Discussing Interoperability in Web3 and Metaverse

The latest episode of NFT Steez featured Thomas Webb, the founder of the avatar game Worldwide Webb, discussing the concept of interoperability in Web3 and the metaverse.

What is Interoperability?

Interoperability is a feature of Web3 where products or services can work seamlessly across platforms with other products or services. At its most basic level, it involves creating a nonfungible token (NFT) since no one can control it besides the creator.

Potential Impact

Webb noted how he was amazed by what he’s seen from NFT communities and brands: they are able to create intellectual property (IP), show their loyalty through achievements and gain exclusive access to events and perks using token gates. He believes that these opportunities will lead to an increase in collaboration between tech companies as well as an influx in value for users.

Sectors Affected By Interoperability

According to Webb, sectors like e-commerce, creative experiences and identity/self-sovereignty will all be impacted by interoperability as it becomes more prevalent throughout Web3. He believes this integration could make almost every sector borderless — allowing users to achieve more than ever before with their IPs without any limitations due to platform or location.

Risks Associated With Interoperability

Despite its many benefits, there are still risks associated with implementing interoperable standards into existing platforms — especially ones where data privacy must be taken into consideration. However, these challenges aren’t impossible to overcome — so long as users remain aware of these issues while also reaping the rewards interfacing with new technologies has to offer them in return