Global tech giants intensify efforts to gain market share in metaverse - surge in tie-ups with blockchain companies

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Metaverse is the new frontier in the world of technology offering a humongous potential for exploration and development for the futuristic globe. The exciting and untraveled journey of the metaverse has grabbed attention across countries in terms of importance to rapidly develop their Web3 strategies to harness the benefits over the coming years. The tech giants, hence, are investing and working together to develop and explore the trending technology and make a gradual progression into the world of the metaverse.

TechInsight360 expects strategic alliances to grow significantly over the next three to four years fostering the fast-track evolution of the new technology. The growing competition in the race of acquiring a market share and dominance in the Web3 and metaverse world will drive more collaborations between technology companies. Moreover, the partner companies of the tech giants accessing the cloud infrastructure with Web3 technologies will eventually increase the exposure and adoption of the metaverse to a larger number of businesses over the coming years.

There has been a considerable rise in partnerships between global tech giants and blockchain companies to develop Web3 strategies. Competing to increase their Web3 presence, tech giants such as Google and Amazon have announced a series of partnerships with blockchain foundations and labs. 

• Casper Labs is the latest addition to Google Cloud’s growing roster of partnerships with blockchain companies. The partnership will include moving over a part of Casper’s blockchain infrastructure to the Google Cloud servers along with adding its clients including government agencies and large businesses to Google’s customer portfolio. Google Cloud recently also announced its partnership with Tezos Foundation, an open-source platform operating on proof-of-stake blockchain technology.
• Amazon also entered into multiple partnerships with some of the leading blockchain companies such as Ava Labs, Chainlink, and VeChainThor to name a few for accelerating blockchain technology adoption. 

APAC region is among the leading regions in terms of growth in the adoption of blockchain and tech counterparts in these countries are also on a spree of partnering with various blockchain companies to develop their Web3 capabilities.

• Tencent and Huawei, the Chinese big techs, also announced their foray into the metaverse and Web3 space. Tencent entered into tie-ups with Ankr and Avalance to name a few to foster Web3 adoption in the country. The company, in addition to its plan to introduce a series of API blockchain services, also released a new product called metaverse-in-a-box that aims to provide strong technical support to businesses with Web3 initiatives.
• Huawei Cloud joined the race as well with the launch of Web3 and Metaverse alliances with many blockchain players for the integration of blockchain into its cloud services. The company announced the first batch of alliance partners featuring Deepbrain Chain, Polygon, Blockchain Solutions, and Morpheus Labs.

Japanese Tech giant, Fujitsu, is partnering with nine resident companies such as global bank Mizuho and automobile manufacturer Mitsubishi to boost the Web3 strategy of Japan. The partnership is aimed at creating an interoperable metaverse structure called RYUGUKOKU for the expansion of the Japan Metaverse Economic Zone. Acting as a catalyst to the country’s efforts to boost Web3 services, Fujitsu launched a Web3 Acceleration Platform in February 2023 designed to offer service APIs built on blockchain and high-end technologies. The platform aims to help universities, start-ups, and partner companies to develop new Web3 services and applications along with access to the company’s Computing-as-a-Service applications. The platform is expected to be accessible to partners in Japan from March 2023.

In addition to the digital natives of the region pioneering in advanced technologies, there has also been a considerable amount of investment pouring from the governments for the development of metaverse projects in countries such as Japan and South Korea in the past few weeks. Moreover, China and South Korea followed the U.S. in terms of global patent applications related to the metaverse. One of the important factors for a faster pace of metaverse into the mainstream in the region is the growing interest from the consumers towards the new technology. A recent consumer survey by Yahoo on metaverse revealed that more than 73% of the consumers in the region were aware of the virtual world of metaverse.

There is a growing consciousness among institutions and companies about the space for disruption and its potential to impact various industries. Web3 enterprises and developers are, hence, aiming to reinforce the technological tools and infrastructure for acceleration in the product timelines. Tech giants across the world are focusing on laying a strong foundation to provide offerings that can support blockchain developers to build and enhance their products and services.

Rapid progression in the evolution of the metaverse space will be revolutionary for the growth of various industries given the potential of the trending technology to disrupt the customer experience. The increased focus of global big techs in laying the foundation for space is an optimistic sign for the growth of the industry.