Web3 — The new Internet: Democratizing ownership models

What is Web3?

Have you previously been asked to use your Google, Twitter, or Facebook login details to sign-up to a new platform, order food, or book a plane ticket? The primary goal of Web3 is to promote decentralization and to remove dependency and reliance on these Big Tech companies who currently have full control over our data and our access to the Internet. In this blog, we will cover the evolution of the Web, the role blockchain technology plays, and talk about some of the main use cases that Web3 offers.

How is blockchain technology enabling Web3?

So how are we now able to ‘own’ parts of the Internet? Rather than dive into the technical aspects of what blockchain is, we want to highlight the key characteristics of public blockchains [1] that allow for Web3 to be possible.

What use cases can be built on Web3?

Web3 can be the infrastructure on which you can build pretty much everything happening in the real world. We will cover a few key themes here and aim to dive deeper into some of the most exciting areas of Web3 in subsequent publications.

Source: DeFillama, March 25th 2022
Source: BondAppetit.io, November 2021
Source: Cooper Turley, June 2021
Source: Dune Analytics @hildobby, March 21st 2022
Source: Axie Infinity, March 2022
Source: Sotheby’s in Decentraland
Source: Map on The Sandbox

State of Web3

While the idea of Web3 has been around for a while in the crypto community, it has just recently started to gain significant traction. We have started to see a large migration of developers moving from Web 2.0 to Web3. A report from Electric Capital [16], a VC firm investing in Web3, analyzed data from nearly 500,000 code repositories and 160 million code commits across Web3 and found that over 34,000 new developers committed code to Web3 projects in 2021 — which represents a significant increase over the last few years [17].

Source: Cointelegraph, February 2022
Source: CB Insights, February 2022

Looking ahead

The potential of Web3 is limitless. With the advent of blockchain a new era has emerged in the Internet. As such, with all of the human and financial capital inflows into the space, incredible use cases have started to gain mainstream adoption. NFTs have seen incredible growth with total sales passing $22 billion in 2021. With the introduction of DAOs, we have witnessed the creation of a new way to organize and work together. Web3 has the potential to put the power back in the hands of creators and the Metaverse has turned from just a Ready Player One fantasy into something that could become a reality.

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