So far it has been an eventful year for the virtual digital assets (VDA) industry. Despite the cryptocurrency industry going through turmoil, it seems not all has been lost. Web3.0 and metaverse are the two sectors which has clocked growth. As per a report by Emergen research, a syndicated research and consulting firm, the global Web3.0 market size is expected to reach $ 81.5 billion in 2023. “The Web3.0 industry saw further development in distributed ledger technology (DLT), smart contracts, and digital asset management. More businesses and organisations leveraged the technology to increase security and transparency, “Shrikant Bhalerao, co-founder, Seracle told FE blockchain.
As the idea of interoperability has caught the fancy of many rights from Meta, Shopify, Google, Instagram, Amazon, Microsoft, and Reddit among others seem to have begun experimentation around Web3.0, as per Vayner3, a blockchain-based enterprise. “The new deep Web3.o will help the community to read, write and provide authentic proof of that information,” Bharat Patel, chairman, and director, Yudiz Solutions, a blockchain development company, added.
Meanwhile, market analysts predict that 2023 will be a year of upgradation of technologies such the Internet of Things (IoT), artificial intelligence (AI), and augmented reality (AR).”With the emergence of Layer-2 solutions and the development of enterprise-grade blockchain networks, we can expect to see more businesses leveraging blockchain technology in their operations,” Bhalerao further explained.
As per a report by Mckinsey and Company, a global managing consulting firm, more than $120 billion has already flowed into the metaverse space in 2022. This is more than double of $57 million funds infused in 2021. However, a lot will depend on the creation of business models besides the availability of funds. “The trends in the Web3.0 space in 2023 would be majorly determined by the distribution of capital, the focus of the talent, and macro market conditions.,” Karan Ambwani, India lead, dYdX foundation, a decentralised trading platform, added.