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Web 3.0 has been hit hard by last year’s bear market. Web 3.0 is a term first coined by Ethereum co-founder Gary Wood during the coin’s launch back in 2014. Since then, the market for this type of technology has grown as the adoption of cryptocurrencies rose as well.
According to Straits Research, the market for Web 3.0 is expected to grow by 45% in the next 10 years, which is an extremely bullish prediction for the industry.
What Is Web 3.0 And What Are Its Benefits
The advocates of this idea say that this technology is the evolution of the internet from Web 2.0 infrastructure. The core difference between Web 3.0 and Web 2.0 is how the latter uses blockchain technology to create a decentralized and trustless system of web services.
While Web 2.0 gives us the ability to create and share content with other people, we don’t necessarily own our data. Big tech companies have been under fire recently because of privacy concerns. Just recently, Facebook parent company Meta settled a $725 million data privacy class action lawsuit.
With tech companies selling your data for personalized ads, the new technology’s promise of privacy and data ownership is certainly a new way of browsing the internet.
Is The Expectation Too High?
As great as this all might seem, some people are not sold on the idea. NFTs, a core part of the Web 3.0 ecosystem for example, have not seen that much utility and have been rife with scams.
Although Web 3.0 has the capability to revolutionize the way we use the internet, the technology is still in its infancy which means there are a lot of kinks to be ironed out in the next decade.
Image: CIO Business Review
But with tech development happening at a very fast pace, the future growth of Web 3.0 might follow a faster timeline than previous technologies. For this future to become reality, however, this type of technology and the entire crypto space need to survive the current global bear market environment.
Crypto total market cap finally breaks past the $700 billion mark and now at $811 billion on the weekend chart | Chart: TradingView.com
With governments around the world building regulations on crypto, Web 3.0 development and its adoption is expected to skyrocket in the next couple of years. And as the years go by and a new market environment forms, it remains to be seen what Web 3.0 will bring on the table in the coming years.
Meanwhile, the growing competition between this type of ecosystem and other related protocols should drive innovation forward as the technology behind the core tenets of Web 3.0 matures.
-Featured image: Department of Product