Global Web3 Market Expected to Reach $67.92 Billion by 2032
A research report published by Spherical Insights & Consulting found that the global Web3 market size was valued at $1.82 billion in 2022. According to the report, this number is expected to reach $67.92 billion by 2032.
Web3: The Next Era of The Internet
Author and Managing Director at Ninepoint Partners investment firm Alex Tapscott believes that Web3 has created a new asset class from scratch. He notes that the mainstream wouldn’t understand this just by reading popular business press. Tapscott’s recent book, Web3: Charting the Internet’s Next Economic and Cultural Frontier, provides real-world examples that explain how entrepreneurs and enterprises are leveraging Web3.
What Exactly is Web3?
In order to help readers understand the concepts behind Web3, Tapscott explains the different eras of the Internet. He describes how Web1 served as a platform for sharing digital information, while Web2 allowed for social networking and e-commerce. Tapscott goes on to explain that Web3 was developed in 2020 to represent the “Internet of value.”
Real-World Business Use Cases
Tapscott’s book explores various real-world use cases of Web3. For example, he highlights tokenized assets as building blocks for Web3, with major corporations like Nike and Microsoft already using them for business purposes. Tapscott also discusses how Web3-native organizations, such as distributed autonomous organizations (DAOs), are transforming business and disrupting traditional enterprise.
The Importance of Tokens
Tapscott points out the importance of tokens in Web3, explaining that they are programmable, self-custodial, permissionless, and can be collateralized or uncollateralized. He emphasizes that tokens are the defining tools of Web3 and their value relies on blockchains. Tapscott also discusses the various types of tokens that may be killer assets for Web3, including stablecoins.
Gaming and The Metaverse
Tapscott delves into the topics of gaming and the metaverse in his book. He explains how the metaverse is about creating new shared realities and securing rights and privileges against centralized entities. Tapscott also highlights how Web3 has enabled gamers to own their in-game digital assets, fostering a sense of community and collaboration among players.
Helping Readers Understand Web3’s Value
Overall, Tapscott’s book provides an easy-to-understand view of Web3, breaking down complex concepts for a non-technical audience. While there are challenges to adoption, Tapscott believes that Web3 is the internet’s next economic and cultural frontier.
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