Top 2023 Web3 Technologies

 

Web 3.0 (or Web 3) was first proposed by Ethereum co-founder Gavin Wood in 2014, and the concept attracted attention from cryptocurrency advocates and major technology firms in 2021. Due to the fact that Web3 is continually developing and being defined, no single, definitive definition exists. However, investor Packy McCormick has defined Web3 as "the internet owned by the builders and consumers, managed using tokens."

 

The concept of Web3 can be confusing and nebulous, so to help clarify things, let's take a quick look back at the history of the internet. First Generation Web, or Static Web (around 1990–2005). It consisted of pages that could only be read, with little in the way of user interaction. There was a lack of original content and it was difficult to locate the necessary details.

 

Introducing Web 2.0: A Redesigned, Interactive World Wide Web ( from around 2004 ). consisting entirely of brand-new, web-based software. Companies like Google, Apple, Amazon, and Facebook account for a disproportionate share of total value creation. Web3 aspires to a more egalitarian version of today's online and digital works by providing producers and users with a means to monetize their activity and contributions through Web3 platforms. In the case of PIXIE, a cryptocurrency-based alternative to TikTok and Instagram, all user interactions are rewarded in the form of PIX, a cryptocurrency.

 

Using advanced search and analysis tools, people can develop and share their own personal networks of linked content on the Semantic Web. Search and analysis tools in Web3 would put more emphasis on semantics and context.

 

Web3 will be decentralized, meaning that all applications and services will be supported by a distributed approach rather than a centralized one, in contrast to Web 1.0 and Web 2.0, when governance and application were mostly centralized (think Facebook/Meta). Some in the IT industry refer to Web3 as an extension of 3D graphics or the metaverse because of the possibilities it presents for bridging the gap between the real and virtual worlds. The gaming industry, the medical field, the real estate market, and even the online retail sector are all benefiting from these ground-breaking uses of the technology.

 

Important Web3 developments for 2023

We see more and more businesses utilizing this technology to turbocharge their brands, much like Web3, which has embraced these capabilities and is using blockchains, cryptocurrencies, and NFTs to return ownership to its consumers.

 

Organizations in the business world are going to put more effort into ensuring data security

Users can benefit from Web3 in a number of ways, including data ownership, openness, and fewer intermediaries, but there are new security issues to be aware of. Attacks like rug pull, ice phishing, and crypto-jacking are all examples of how smart contracts may be hacked.

 

Because of rising crypto losses, blockchain security will remain a hot commodity. A report from the FTC in 2022 stated that over 46,000 people had lost over $1 billion to cryptocurrency fraud between 2021 and 2022. The prominent crypto market maker Wintermute was recently hacked, losing almost $160 million. This makes Wintermute the most recent company to experience a breach in the sector. Growing industry investments reflect the trend of more and more startups focusing on Web3 security, data, monitoring, and storage solutions in response to rising industry concerns.

 

Series A funding brought in $24 million for Immunefi, which is a bug bounty and security services platform for DeFi. Earlier this year, CertiK, a renowned Web3 security startup, raised $88 million in a Series B3 investment transaction. Security business Holborn, which has clients in both the blockchain industry and the traditional financial sector, has raised $90 million in Series A funding. Investment and focus on making Web3 experiences as secure as feasible can help decrease fraud and encourage businesses to spend money on Web3-related projects.

 

Market growth will be fueled by Metaverse investments and M&A deals

Funding for metaverse-related ventures and metaverse M&A agreements will keep the Web3 industry thriving. More than $120 billion, or more than twice as much as the $57 billion invested in 2021, has been put toward developing metaverse technology and infrastructure in just the first five months of 2022. 

Several factors fuel the curiosity of both investors and companies:

- The use of mixed reality (MR), augmented reality (AR), and virtual reality (VR) to bridge the gap between the virtual and the actual world is gaining popularity (VR).

- Manufacturing (via digital prototypes), hospitality and tourism (by previewing and improving customer experiences), and healthcare are just a few of the businesses that could benefit from Metaverse (e.g., accelerate disease assessment and treatment).

- Increasing numbers of people are using it for gaming, content creation, socializing, studying, and developing their skills.

- Improve both your online store's operations and your customer's overall shopping experience.

 

As a result, a wide range of consumer brands like Meta, Gucci, Nike, Starbucks, and Adidas are making forays into the metaverse to test out new strategies for enhancing their customers' online experiences. In order to provide its consumers with access to unique experiences and rewards, Starbucks plans to introduce a Web3-enabled loyalty program and a non-fungible token (NFT) platform.

 

Growth in the metaverse and NFTs will bring forth additional opportunities for mergers and acquisitions (M&A), which will speed up the process of creating immersive experiences and aid in the formation of large-scale communities supported by interesting material. Betting on video games is a major industry. The last 18 months have seen $77bn in Metaverse M&A, with purchasers mostly interested in the gaming, AR/VR, and 3D solution industries.

New services will be available to brands and investors to help make M&A transactions more. Take Acquire as an example. In the merger and acquisition (M&A) industry, Fi is a Web3 platform that provides assistance at every level of the process, including due diligence, business evaluation, and support.

 

Conclusion

Although Web3 is still in its infancy, the revolutionary potential of its cutting-edge technologies promises to change many aspects of business and daily life. Partially as a result of Crypto and NFT scams, Cybersecurity will be a major trend in 2023. Finding a middle ground between decentralization and regulation is another issue that will fuel discussion for the foreseeable future. Security breaches in smart contracts, for instance, pose serious legal concerns because such contracts are either unprotected or subject to different laws in different jurisdictions.

 

Nonetheless, with increasing funding for metaverse-related projects and M&A deals, the business is expected to continue expanding. More chances for brands to alter consumer experience, loyalty, and buying in the Metaverse, whose market size is expected to reach USD 824.53 billion by 2030 at a growth rate of 39.1 percent from 2022 to 2030.

You can get your Real-Time and Historical Cryptocurrency Data with a Finage free Crypto Data API key.

Build with us today!

Start Free Trial