New York, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Web 3.0 Blockchain Market Size, Share & Industry Trends Analysis Report By Application, By Blockchain Type, End Use, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06364823/?utm_source=GNW
Web 1.0, or the initial version of the internet, was a simple read-only version. It did not provide users with much capability or flexibility.
Users were only permitted to read content from the websites. The second-gen of the internet, or Web 2.0, as well as the current stage of the internet, allowed for a bit more flexibility. Web 2.0 gives consumers the ability to not only read, but also write, upload, publish, and receive text, picture, and video information over the internet. Therefore, Web 3.0 will likely be superior and far more sophisticated than the internet user is accustomed to today.
In other words, Web 3.0 refers to a new, enhanced, decentralized internet ecosystem independent of any type of central authority. Using blockchain technology, Web 3.0 can revolutionize internet usage. It can give the Internet an entirely new dimension. Individuals will be able to purchase, own, sell, and profit from the sale of their digital material in the form of NFTs. Once Web 3.0 is extensively used, many blockchain applications, such as smart contracts and decentralized applications (DApps), will gain popularity.
COVID-19 Impact Analysis
It is anticipated that the COVID-19 pandemic will have a good effect on the Web 3.0 blockchain business. Based on blockchain technology, Web 3.0 has changed the crypto landscape and digital payment infrastructure. The COVID-19 pandemic has emphasized the need for internet infrastructure, and countries throughout the world have begun adopting technology for smart contracts, digital identities, and digital exchanges. In addition, the increasing acceptance of Web 3.0 cryptocurrencies for speedier operations is expected to drive business expansion.
Market Growth Factors
An increase in flexibility of Web 3.0
The nature of the web 3.0 blockchain is decentralized. Consequently, all transactions are tracked and extremely transparent. Blockchain employs the technique of information traceability, which guarantees that data has not been altered. The Web 3.0 blockchain technology boosts the payment system’s transparency, as every transaction is recorded and irreversible, which is advantageous for users during audits. The capacity of web 3.0 blockchain technology to record transactions has a significant impact on internet surveillance and censorship. A transaction in cryptocurrency can occur in minutes or seconds which propels the adoption of the web 3.0 blockchain market.
Fast Technological Innovation in Web
Web 3.0 blockchain technology is fast evolving. It offers significant advantages to the end-user, including lower operating costs, increased speed, decreased cyber-attack risks, and individual data management. In recent years, significant technological advancements have occurred, including the integration of Blockchain with IoT and the use of blockchain technology in operations and logistics. Significant R&D is conducted to enhance the scalability of this technology, which may be exploited efficiently in sectors such as currency exchange, social media service, messaging applications, data storage, and browsing. Web 3.0’s continued expansion would generate enormous growth prospects in the foreseeable future and have an impact on a variety of industrial sectors.
Market Restraining Factors
Issues related to cybercrime
As all data is stored in a decentralized manner in web 3.0, there is a risk that an unauthorized user could upload and distribute malicious material. As web 3.0 is not governed by anybody, there is a possibility of cybercrime. There are controls incorporated in blockchain, yet it is still possible to disseminate offensive content without any authority to remove it. If anyone stores their photographs on a Web 3.0 website, these images may be compromised. Consequently, few individuals can wield central authority in web 3.0 which hampers the growth of the Web 3.0 blockchain market.
Blockchain Type Outlook
Based on the Blockchain Type, the Web 3.0 Blockchain Market is segmented into Public, Private, Consortium, and Hybrid. The hybrid segment witnessed a significant revenue share in the web 3.0 blockchain market in 2021. It due to the capacity to provide both permission-based and permission less systems is a crucial factor driving the segment’s growth. A hybrid blockchain is a blend of both public and private blockchains, where some portions are under the authority of the organization and others are visible via the blockchain.
Application Outlook
On the basis of Application, the Web 3.0 Blockchain Market is divided into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, and Others. The cryptocurrency segment procured the largest revenue share in the web 3.0 blockchain market in 2021. Rapid technological innovation developments, such as digitalization and automation, have increased to an increase in enterprise demand for high-performance bitcoin transaction services.
End-use Outlook
By End-use, the Web 3.0 Blockchain Market is classified into BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and Others. The BFSI segment garnered the highest revenue share in the web 3.0 blockchain market in 2021. The increasing need for Web 3.0 blockchain in the financial and banking industry for scalability, faster transaction speeds, and lower processing costs is a primary reason driving the segment’s growth. In addition, Web 3.0 blockchain-enabled transactions eliminate the requirement for third-party online payment to expedite financial communications.
Regional Outlook
Region-wise, the Web 3.0 Blockchain Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the largest revenue share in the web 3.0 blockchain market in 2021. A crucial factor contributing to the rise of the regional industry is the growing acceptance of Web 3.0 across a range of operating systems, including blockchain-based platforms. The fact that there are major blockchain solution providers in the region, such as Web3 Foundation and Helium Systems Inc., adds to the expansion of the region as well.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Web3 Foundation (Polkadot), Polygon technology, Protocol Labs (Filecoin), Alchemy Insights, Inc., Helium, Inc., Ocean Protocol Foundation Ltd., Kusama Network, Kadena LLC, and Terraform Labs Pte. Ltd.
Strategies Deployed in Web 3.0 Blockchain Market
Sep-2022: Polygon came into a partnership with Starbucks, an American multinational chain of coffeehouses. Through this partnership, the companies aimed to take customers on a Web 3.0 NFT ‘Odyssey’. Additionally, the entire focus of this new platform is acquiring and maintaining customer commitment, hence consumer experience is a focus area for this program.
Sep-2022: Polygon came into a partnership with Starbucks, an American multinational chain of coffeehouses. Through this partnership, the companies aimed to take customers on a Web 3.0 NFT ‘Odyssey’. Additionally, the entire focus of this new platform is acquiring and maintaining customer commitment, hence consumer experience is a focus area for this program.
Sep 2022: Polygon formed a partnership with ANKR, a utility token with more than one use case. With this partnership, Ankr with an Ethereum-based decentralized scaling platform arrived at the path of efforts towards improving the experience of Web 3.0 developers.
Aug-2022: Polygon partnered with Catheon Gaming, the fastest-growing integrated blockchain gaming, and entertainment medium. This partnership would sustain the launch of Catheon Gaming game titles, Onigiri and Cosmic Break, within their network.
Aug-2022: Alchemy took over ChainShot, a blockchain educational platform. This acquisition aimed to bring on and prepare Web3 builders Chainshot, a developer of a beginning Ethereum builder Bootcamp.
Jul-2022: Filecoin teamed up with Holon, a next-generation investment manager, and Web 3 data storage provider. Under this collaboration, the ESG report specifies a new benchmark for responsibility for sustainability shares.
Jul-2022: Polygon partnership joined hands with Nothing, a consumer electronics manufacturer. Through this collaboration, nothing has tapped the Polygon Technologyto deliver non-fungible tokens (NFTs) on its latest Android-based Nothing mobile device.
May-2022: Filecoin Foundation came into a partnership with Lockheed Martin, American aerospace, defense, arms, information security, and technology corporation. This partnership aimed to illustrate the InterPlanetary File System (IPFS) in space. Moreover, the partnership expects blockchain applications in space would decrease the latency between transmitting with nodes in orbit.
Apr-2022: Polygon partnered with AlmaBetter, a platform to educate and train students. Through this partnership, the companies aimed to launch Web3 education for modern-day professions by incorporating the best aspects of vocational schools, MOOCs, apprenticeships, and boot camps.
Feb-2022: The Web3 Foundation came into a partnership with World Economic Forum, a global non-governmental and lobbying organization. Under this partnership, Web3 Foundation would assist global executives and their communities understand the possible advantages of decentralization, and its underlying blockchain technology, for the world.
May-2020: Web3 Foundation introduced the initial version of Polkadot, a sharded protocol. The Polkadot permits decentralized blockchain networks to function jointly, seamlessly, and at scale. Moreover, Polkadot gives peer-to-peer applications, businesses, organizations, economies – entire digital societies, the agency mandated to form, govern, grow themselves, and interact without the necessity for the centralized institutions that are forced to put trust in today.
Feb-2020: Web3 Foundation formed a partnership with Coinbase Custody, the largest and most relied custodian for crypto assets. Through this partnership, the companies aimed to present a control solution for the Polkadot network. Additionally, with Polkadot genesis quickly approaching, are focused on sustaining high-quality integrations to confirm Polkadot is comfortable to use and dot holders are safe.
Scope of the Study
Market Segments covered in the Report:
By Application
• Cryptocurrency
• Smart Contracts
• Payments
• Data & Transaction Storage
• Conversational AI
• Others
By Blockchain Type
• Public
• Private
• Consortium
• Hybrid
By End Use
• BFSI
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• Pharmaceuticals
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Web3 Foundation (Polkadot)
• Polygon technology
• Protocol Labs (Filecoin)
• Alchemy Insights, Inc.
• Helium, Inc.
• Ocean Protocol Foundation Ltd.
• Kusama Network
• Kadena LLC
• Terraform Labs Pte. Ltd.
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Read the full report: https://www.reportlinker.com/p06364823/?utm_source=GNW
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