Web 3.0 applications are being potentially explored by business leaders who are willing to pace up their stride towards digital transformation
Web 3.0, also known as the Semantic Web, is the third iteration of the internet where online activities and data would be represented by crypto wallets and websites hosted through decentralized applications (dApps) to leverage open-source, trustless, and permissionless blockchain networks.
Latest Fintech News: J.P. Morgan Private Bank Adds Two Billion-Dollar Advisor Teams to Its New York City Business
Multiple approaches from leaders in terms of open banking for their digital payments, edge computing coupled with web 3.0, AR-enabled devices, and others employ new decentralized projects in companies across industries. By utilizing distributed, peer-to-peer platforms, and adopting high-speed communication technologies, business leaders will explore the widespread significance of web 3.0 in their areas of expertise.
The Web 3.0 Market Research Report offered by GlobalData Plc highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet access across various domains, which is anticipated to unlock new possibilities for enterprises across industries such as financial services, gaming & sports, media & entertainment, retail, and technology, among others.
Key Findings
- The development of web 3.0 will be fueled by the need for a stable and secure decentralized network and superior advancements in AI to name a few.
- Patent filings and grants soared in web 3.0 between 2016-2021 backed by corporations such as IBM and Microsoft.
- Web 3.0 is witnessing the branching out of the crypto VC funding to support startups focused on web 3.0 applications such as cloud-based payment solutions, NFTs for gaming, internet privacy, enterprise crypto staking, DAOs, and the decentralization of social networks, data storage, live video streaming, and learning platforms.
Latest Fintech News: Flexa to Acquire Drop Party to Deliver Custom Marketing Experiences for Merchants
Emerging Concepts in the Web 3.0 Market
- Blockchain as a Service (BaaS)
- Web 3.0-backed crypto assets
- Highly secure data fabrics
- Low-Code and no-code web3
- Towards web 4.0 and web 5.0
With the advancement of web 3.0, data fabrics emerge. These are a type of data architecture that connects multiple technologies and users to create flexible and accessible platforms. Secure data fabrics create a safety mesh of data in severely restricted access networks providing an additional layer of security on web 3.0.
Web 3.0 Market Segmentation by Application
- Open Banking
- AR-enabled Web 3.0
- P2P transaction model
- Functional digital twins
- Standards & protocols
Web 3.0 converges various digital technologies like AI, cloud, and big data. Both established and new organizations are already starting to establish standards to enable interoperability across use cases. These organizations need backup from regulatory entities to create standards and protocols for the implementation of web 3.0.
Leading Investors in the Web 3.0 Market
- Paradigm
- Coatue Management
- Animoca Brands Ltd
- Meta Investments
- Insight Partners
- Franklin Templeton L.L.C
- Dragoneer Investment Group LLC
- The Oxford Endowment Fund
- Altimeter Capital Management LP
- Tiger Global Management LLC
- Qatar Investment Authority
- GIC Investment Ltd.
Latest Fintech News: Western Union Integrates Mambu Into Its New Digital Bank Platform in Europe
[To share your insights with us, please write to sghosh@martechseries.com]
