3 Web3 innovations that could drive the crypto industry

The crypto industry is breaching barriers to innovation every day. After the traditional cryptos came to force with the DeFi and NFT boom, followed by what we now know as the Web3 economy. In its simplest form, Web3 can be dubbed the next generation of the Internet, which operates on the blockchain technology. So Web3 includes the likes of decentralisation and is fuelled by cryptocurrency.

At present, the Web3 is revamping the entire space of business, money, and the very idea of the Internet. This polarised world has primarily been dominated by geopolitical events like the Russia-Ukraine crisis to rising inflation.

With the world graduating from Web 1.0 to Web 2.0, many believe that Web 3 growth in the coming years will play an integral part in the world.

Related Read: 5 Web3 wallets that are hot favourites among crypto enthusiasts

According to the Global Web 3.0 Blockchain Market report, the Web 3 space was around US$1,231.54 million in 2020 and is estimated to grow at the rate of 45% to reach US$87,761.35 million by 2030. The Web3 market could further be accelerated with the growth of Metaverse, video gaming, DApps industry, AI, and machine learning. But critically, one of the essential developments that the Web 3 space could bring in is how much the users will have control over their data without depending on others.

So, let’s look at the top 3 Web3 innovations that could also propel the crypto industry.

Video Gaming

The growth of video gaming could get a new definition with the Web 3 development. In fact, today there are more projects, which are developing Web 3 games, and the future of gaming could be Web 3 entirely. The play-to-earn games could define the way we play games, and gamers today are familiar with in-app purchases in battle royale games, like BGMI.

The possibility of storing the tokens on a distributed ledger allows the games to be traded for crypto tokens, which can subsequently be converted into real money.

Metaverse growth

Web 3 could be the gamechanger of the metaverse industry. In Metaverse, the users can control their avatars thereby giving them complete immersive experience. With brands already harnessing the new virtual world, the Metaverse is expected to explode in the coming years. Currently, the global metaverse market size stands at US$100.27 billion and is expected to reach US1,527.55 billion by 2029, exhibiting a CAGR of 47.6%, according to Fortune Business Insight.

Related read: Will Metaverse host fashion shows in future?

With the leading brands, such as Meta, NIKE, Adidas, and Samsung all setting shops on the virtual platform, the concept of Metaverse–as-a-service has also gained momentum. The Metaverse-as-a service is tailormade for the crypto industry as it will help non-fungible tokens (NFTs), extended reality (XR), and artificial intelligence (AI) to the next level.

Wallet services 

Web3 could drive the crypto wallet industry, giving the users the freedom to carry cryptocurrencies on tap. Experts feel that Web3 is set to revolutionise the way we look at the crypto industry in the coming years.

Businesses around the world are transacting with Web3 in the form of payments or for trading. Today, the likes of PayPal and Square are showcasing their intent of offering payment solutions via crypto wallets, and this could further strengthen the space and the crypto space in general.

Conclusion

Going ahead, Web3 will have a significant role in the crypto and blockchain industry by rewriting the existing rules. It could bring in more opportunities that are not just limited to trading of NFTs or Metaverse, but it could, in fact, redefine the way we look at cryptos in the future.  

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