Web3 and the Metaverse: The Economic Restructuring of Next-Generation Internet Platforms

Deloitte Insights recently released a report titled "The metaverse and Web3: The next internet platform," pointing out that Web3 and the metaverse are not fleeting technological hype, but are becoming the next application layer of the internet. As users' digital behaviors continue to deepen, from social interaction and gaming to virtual asset trading, a new internet architecture is taking shape that emphasizes user autonomy, data portability, and interoperability of digital assets. For the global digital economy, this may signify a structural shift from the Web2 era dominated by centralized platforms to a Web3 era driven by protocols and ecosystems. Based on this report, this article analyzes the profound implications of this shift for business models, platform competition, data regulation, and the global digital economy.

Event Background: The Evolutionary Pressure from Web2 to Web3

Over the past four decades, the internet has fundamentally transformed the way human society connects. However, as the Deloitte report points out, the success of the Web2 era has also brought numerous challenges: lack of standardization and interoperability between services and systems, increased market fragmentation, less intuitive user interfaces, and governance difficulties for content and experiences. At the root of these problems is the fact that a few centralized platforms have amassed massive amounts of data and network effects, forming "walled gardens" that limit innovation and user autonomy.

At the same time, user behavior has already undergone dramatic changes ahead of technological architecture. People have become accustomed to modifying their appearance with augmented reality filters, socializing through virtual avatars, buying virtual clothing, and even attending concerts in large game worlds. Enterprises have also begun using VR and AR for remote collaboration and training. Generation Z regards gaming as their favorite form of entertainment. The Deloitte report cites a survey finding that in nine markets, more than half of people would prefer to spend their time online rather than in the real world. These behaviors have given rise to demand for larger-scale shared immersive experiences, a digital goods economy, and digital identity solutions with stronger user control.

It is in this context that Web3 and the metaverse become potential technological paths to respond to these needs. The decentralized identity, data ownership, and digital asset transfer mechanisms advocated by Web3 are expected to provide a foundation for interoperability in the metaverse, enabling users to move seamlessly between different virtual worlds and truly own their digital assets. Deloitte believes this is not merely a technological upgrade, but a redesign of the internet's underlying architecture, drawing on lessons learned from forty years of connectivity and digital interaction.

Digital Economy Analysis: Redistribution of the Value Network

The core significance of Web3 and the metaverse for the digital economy lies in their potential to redefine the basic unit of value creation and distribution. In the Web2 era, value was mainly generated through platforms' aggregation of user attention and utilization of data assets. Platforms monetize through algorithmic recommendations, ad auctions, and subscription services. Although users contribute content and data, they do not directly receive corresponding economic returns.Web3, in contrast, leverages technologies such as blockchain, smart contracts, and non-fungible tokens (NFTs) to endow digital assets with scarcity, verifiability, and transferability. Users are no longer merely "products" on platforms but may become holders and traders of digital assets. This shift may give rise to an economic model of "users as owners," in which network effects are no longer fully controlled by platforms but are jointly governed by protocols and communities. For enterprises, this means the focus of competition may shift from "acquiring user data" to "providing interoperable infrastructure and services," because users will have significantly greater control over their own data.

Furthermore, the rise of the metaverse will create new demand scenarios. For example, virtual real estate, digital fashion, immersive content production, and virtual collaboration tools will all become new growth points of the digital economy. Deloitte points out that many TMT companies have already positioned themselves in this area: telecom operators are expanding connectivity services, technology companies are providing infrastructure, and media companies are exploring interactive content. These investments will further accelerate the convergence of the digital and physical worlds, driving "mixed reality" to become a new productivity tool.

Business Model Observations: From Ad-Driven to Ownership-Driven

The mainstream business model of Web2 is built on advertising and subscriptions, with the core being to extend user dwell time as much as possible and to utilize user data in a refined manner. Web3, in contrast, may introduce a business logic centered on "digital ownership." In this model, digital assets purchased or created by users (such as virtual equipment, artworks, and game items) can circulate across platforms and even appreciate in value through secondary-market trading. Platforms can then charge transaction fees or issue platform tokens to incentivize ecosystem participation.

A key feature of this model is "composability": different applications and services can call upon one another, forming an open ecosystem network. Enterprises no longer need to build a complete platform on their own; instead, they can participate in value creation as part of the protocol layer, application layer, or service layer. For large technology companies, this is both a threat and an opportunity. The threat is that their existing network effects and user lock-in may be weakened; the opportunity is that they can leverage their existing user scale and technical capabilities to become important infrastructure providers in the new ecosystem.

The Deloitte report specifically warns that if enterprises wait too long, a new wave of metaverse and Web3-native disruptors may reshape the landscape. Historical experience shows that every architectural upgrade of the internet has been accompanied by a change in leading enterprises. Therefore, exploring and experimenting with these new technologies is crucial for enterprises to maintain competitiveness in the future digital economy.

Market Competition Analysis: Who Will Benefit and Who Will Be Challenged?Market competition in Web3 and the metaverse will differ from traditional platform competition. In the Web2 era, competition mainly occurred at the platform level, such as Google vs. Apple, Facebook vs. TikTok. In the Web3 era, competition may occur between the protocol layer, the application layer, and the infrastructure layer.

Beneficiaries may include: tech giants that have positioned themselves early, such as Microsoft, Google, and Apple, which own cloud services and hardware ecosystems; as well as native Web3 companies that have been building decentralized applications (dApps) and digital asset markets since day one. In addition, gaming companies, due to their natural understanding of virtual worlds and digital assets, may become early leaders. Telecommunications and semiconductor companies will also benefit from the growth in network and computing demand.

Companies facing challenges include: existing platforms that rely on data monopolies and closed ecosystems. If they are unwilling to open up user data and digital assets, they may face user attrition and regulatory pressure. In addition, traditional financial services may be impacted by decentralized finance (DeFi), although DeFi itself also faces regulatory uncertainty.

Notably, Deloitte emphasizes that the metaverse is not a single entity, but an ecosystem composed of many interconnected "worlds." This means that collaboration and standardization will become crucial. If companies can take a dominant position in the development of interoperability standards, they will gain a strategic advantage similar to that of platform standards in the Web2 era.Although Web3 and the metaverse experienced conceptual hype and market price fluctuations in 2021–2022, Deloitte's view is that this represents a long-term structural trend. The report argues that these technologies will drive revolutionary progress and breakthroughs, potentially shaping new forms of communication, innovation, prototyping, and community. This is intertwined with trends such as the proliferation of artificial intelligence, the rise of the creator economy, and the growing awareness of digital sovereignty.

One notable trend is the emergence of the concept of "digital sovereignty": both countries and enterprises wish to maintain autonomy and control over certain digital infrastructures. Web3's decentralized nature may weaken individual countries' control over core Internet resources, but it may also lead to "geotechnological fragmentation," with different regulatory jurisdictions forming their own Web3 ecosystems. This will pose challenges to the globalized operations of multinational enterprises.

In conclusion, Web3 and the metaverse are not isolated events but the inevitable direction of Internet evolution. They will deepen the integration of the digital and physical worlds and change the way value is created and distributed. For corporate decision-makers, beginning now to understand, experiment with, and participate in this transformation is key to avoiding marginalization in future competition.