The global Web 3.0 blockchain market size is projected to reach USD 33.53 billion by 2030, expanding at a CAGR of 44.9% from 2022 to 2030. Web 3.0’s ability to legitimize blockchain technology’s decentralized nature for user access to decentralized applications is a key factor in moving the market forward. Web 3.0 gives users a view of the world based on what they search for, and users have full access to and control over their data on every website they visit.
Web 1.0 to Web 3.0: The Evolution of the Internet
There has been a lot of progress on the web over the past 30 years. The web has come a long way from its early days, in which it was primarily used for sharing text-based information, to the present day, in which we can share and interact with rich media content (such as audio, video, and still images).
However, Web 3.0’s rollout is still in its infancy, making it tricky to predict when it will be adopted. It may take a few more years to complete the upgrade from version 2.0 to version 3.0.
As a business-to-business software marketer, you could benefit from this movement and become an early adopter of Web 3.0 techniques. Begin learning about Web 3.0 by reading up on the basics of blockchain technology.
From Version 1.0 to Version 3.0
Web 1.0 (read-only web): Developed in the early 1990s, this web version only supported static HTML web pages that could be viewed in a web browser. During this period, efforts were made to get the word out and get the information into the hands of as many people as possible.
Web 2.0 (a read-write web): The second phase of the World Wide Web, commonly referred to as Web 2.0 (a read-write web), emerged in the late 1990s, emphasizing user participation and sharing. Because of the proliferation of tools like weblogs, encyclopedias, and social networking sites, internet users are no longer limited to merely consuming content; they can also produce and distribute their original material.
Web 3.0 (a read-write-interact web): The third iteration of the World Wide Web (a read-write-interact web) is currently underway. Its primary emphasis is on human-machine cooperation and communication. Semantic web, natural language processing, and machine learning are just some new technologies making the web smarter and more flexible. In light of this, Web 3.0 has been hailed as the Internet’s promising future.
What is Web 3.0?
Web 3.0, the third generation of the Internet, is a decentralized system allowing greater user control over their information and privacy settings.
Many improvements and new features have been incorporated into this next-generation version of the web. Topping the list are enhancements to privacy, security, and the overall user experience. Web 3.0 also facilitates the dissemination of information and its discovery by users.
What to Expect From Web 3.0 and Why It Matters
Web 3.0 aims to improve the web’s performance by using vast user data already available.
Users of the Internet will have quicker and simpler access to data. In addition, digital marketers can anticipate and capitalize on emerging trends in B2B marketing.
Discussed Below Are Some Prominent Features of Web 3.0:
Decentralization: Web 3.0 is distinguished by its decentralized nature, one of its most vital features. This means that any one entity or authority does not govern the Internet. Instead, the Internet is decentralized because users are solely accountable for their information and media.
The use of blockchain technology: Among the most significant innovations of Web 3.0 is blockchain technology. Blockchain is a distributed ledger that facilitates unhackable, verifiable, and immutable transactions. Blockchain is an emerging technology that can drastically improve the safety and efficiency of online transactions.
Enhanced Confidentiality and Safety: Web 3.0’s primary benefits are its increased privacy and security. Security improves when there is no centralized hub from which attacks can originate. In addition, with Web 3.0, each internet user has more control over who can view their information and how it is used.
What Drives the Growth of Web3.0?
Business, technology, and security considerations are all highlighted in the Web3.0 Blockchain Market Research Report. Revenue in the IT sector rose steadily during the COVID-19 pandemic, in contrast to the hospitality, automotive, aviation, and retail sectors. In addition, new markets opened up for IT due to rising consumer interest in cutting-edge developments like 5G networks, VR/AR systems, blockchain software, and AI/machine learning. Web3.0’s foundational technologies are those listed here.
To paraphrase, “Blockchain is ready to ultimately transform the next generation of web technologies,” because “it has been a proven technology that ensured the security of the crypto and NFTs to the next level.” Almost every industry, from banking to retail to e-commerce to media and entertainment to healthcare to information technology to government and energy, is likely to adopt Web3.0 blockchain.
Understanding the Disruptive Potential of Web3
The decentralization of business models is Web3’s defining characteristic. It represents a shift from the current internet paradigm (the name “Web3”) and a new beginning for internet users. Web 2.0 is a more centralized model in which user data such as identity, transaction history, and credit scores are captured, aggregated, and often resold. Web 1.0 began in the 1980s and was based on open protocols on which anyone could build, but user data was barely captured in this early stage. A small group makes all decisions about an application’s functionality and governance of people, and the resulting revenue is shared among the company’s management and shareholders.
In Web3, the focus returns to the end-users, which could destabilize the current system. Open protocols and standards may make a comeback. The goal is to disperse power so that large platforms and aggregators aren’t in charge anymore and instead have it reside in a network of blockchains and smart contracts that doesn’t require anyone’s permission to do anything. Web3 is not meant to be a secretive event but one that brings people together. Creators and users alike can benefit from financial incentives provided by ad revenue, which can be used to fund marketing and expand the user base.
Web 3.0 Blockchain Market Segmentation
Future Expectations for Blockchain-Based Websites in Web Version 3.0 (Revenue, USD Million, 2019 – 2030)
- Public
- Private
- Consortium
- Hybrid
Prospects for Blockchain-Based Web 3.0 Applications (Revenue, USD Million, 2019 – 2030)
- Cryptocurrency
- Talking computers
- Archiving of Financial and Other Data
- Payments
- Smart Contracts
- Others
Application Prospects for Blockchain Technology in the Third Generation of the Web (Revenue, USD Million, 2019 – 2030)
- BFSI
- The Retail and Web-Based Business Sector
- Arts & Culture (Media & Entertainment)
- Pharmaceuticals
- Tech & Telecom
- Others
Web3.0 Innovations: What Leaders Should Pay Attention To
Because of the established infrastructure for Web3, experts predict a growing demand for Web3 marketplace development.
Major progress has been made in cybersecurity and app development thanks to reward programs, typically administered by groups of ethical hackers such as HackerOne.
When web 3.0 developers complete a bounty, they receive cryptocurrency tokens as payment. This method is useful for sellers who need to fix bugs in their current or future Web3.0 applications but don’t have developers on staff or don’t want to devote extra resources.
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