There is a lot of buzz around web 3.0. It is expected that 2022 will be the year when it finally comes into its own. Several start ups and large organizations are expected to come up with use cases for web 3.0 that will change the lives of people significantly.
It is often claimed that the buzz around web 3.0 is largely due to the growth of crypto. Just as crypto has enabled decentralized financial services, web 3.0 will enable the decentralization of the internet. The prediction is that web 3.0 will help bring together NFTs, DeFi and metaverse into a unified whole. This will greatly enhance interoperability.
Web 3.0 – Growth Prospects
So in a sense web 3.0 is a paradigm that opens up possibilities for crypto and blockchain. It would therefore be a mistake to view it only as a sub-set of crypto.
However, everyone in the crypto space agrees that web 3.0 is poised for enormous growth in 2022. The growth will also increase adoption within the community and increase the reach of crypto. Together with crypto currencies, DeFi and DAOs, web 3.0 will also give a boost to the growth of NFTs and the metaverse. All of this will help overcome many of the shortcomings of the traditional financial services sector.
The wider adoption is also dependent on more people in the community getting crypto-literate. The promise of wider adoption and growth in the sector will attract a lot of VC attention too. The two sectors that are likely to be most benefited in the immediate future are the gaming and trade finance sectors. Also, the very nature of the technology will help firms with a culture of innovation to leverage it to their advantage. Content creators and SM influencers known for their innovativeness are expected to drive this charge.
It is important that before any of this takes off, suitable decentralized infra and protocols for web 3.0 are established.