With Web3.0 and blockchain expected to be adopted in next couple of years, businesses aim to use to ramp up offerings. From data management, security, decentralisation, network protocols – these are some of the areas where the focus may reside. “Besides the ability to bring digital innovation, Web3.0 and blockchain can create employment opportunities. Moreover, creators will be able to earn directly as opposed to tying with any platform. With artificial intelligence (AI) capabilities backed by blockchain, creators will get the opportunity to own and earn from user-generated content,” Amanjot Malhotra, country head- India, Bitay, a cryptocurrency exchange.
According to insights from Brand Essence, a market research firm, the global Web3.0 based blockchain market was valued at $3.42 billion in 2021 and is expected to reach $41.98 billion by 2028, with a compound annual growth rate (CAGR) of 42.5% over the forecast period. The report also states that decentralised blockchain networks can replace centralised servers, and protect systems from internet hacks and leaks.
Furthermore, the combination of Web3.0 and blockchain can help venture capitalists benefit from sectors such as e-commerce and fantasy sports. “Companies have started to make use of blockchain with regard to play-to-earn (P2E) games, creator-driven art non-fungible tokens (NFTs), management of ownership, facilitate transfer of ownership, create unique experiences for customers, among others,” Ramkumar Subramaniam, co-founder and CEO, GuardianLink, a NFT platform, told FE Digital Currency.
Moreover, development of new set of business models are expected to arise. “Blockchain technology has found applications in banking and financial services, supply chains, agriculture, and land ownership records in different countries. Through the decentralised, anonymous tracking and transactions of digital currencies, Web3.0 based blockchain can help benefit investors across different geographies,” Reggie Raghav Jerath, founder and CEO, Gather Network, a Web3.0 and blockchain platform, stated.