If we go by the 2022 report shared by FICCI-EY, by 2032, blockchain and Web 3.0 are likely to add an astonishing $1.1 billion to India’s GDP. In this article, we take a look at the Web 3.0 components that will bring about the change.
Many of the readers are sure to be avid internet users. They’d be aware that Web 3.0 is the technology that is transforming the internet. Web 3.0 is just like a buzzword, the next big thing in computers.
Terms like NFTs, metaverse, and crypto are also fast becoming household names.
It is noteworthy that Web 3.0 has been built on decentralization. Over peer-to-peer networks, Web 3.0 boosts privacy and utility for users, as powered by digital contracts. The operation of Web 3.0 is not powered by Big Tech, but it is going to become the next phase in the Internet ecosystem. Web 3.0 is all set to transform the digital revolution’s future.
What is Web 3.0 all about?
In a few people’s opinions, the origins of the term Web 3.0 lie in 2006. John Markoff, a reporter with the New York Times was the first to coin down this term.
When Markoff wrote Web 3.0, he was referring to third-generation Internet-based services that were likely to take over. These services, altogether, would form what we know as the intelligent Web.
But there is another section of people as well who believe that Gavin Wood was the first one to coin the term in 2014. It is noteworthy that Wood is the founder of Ethereum.
For a long time, Web 3.0 has been known as Semantic Web. The three pillars of the Semantic Web are:
- A blockchain that facilitates decentralization
- ML (Machine Learning) and AI (Artificial Intelligence) that sort data intelligently such that the finest of choices are available before the users
- The third pillar of Web 3.0 is IoT or the Internet of Things which brings more interoperability into the picture. Herein, in workplaces and homes, smart devices are connected to the internet.
Augmented Reality (AR) and Virtual Reality (VR), the frequently spoken of elements are also included in Web 3.0. Metaverse has a huge potential in today’s world and so do NFTs as digital assets. This keeps the outlook regarding the future positive. The future will not just be more exciting than the present, but it will bring forth more opportunities as well.
If we take a look at the 2022 report by FICCI-EY on the media and entertainment industry, virtual lives and avatars are to become more prevalent in India in the years to come. By 2025, in Metaverse, India is likely to have over 50 million avatars. This makes the metaverse an incredible opportunity for virtual commerce.
When we perceive the bigger picture, we see that we see that as Web 3.0 comes across widespread adoption, the focus will shift toward three critical things.
First and foremost, the relationship that consumers share with brands will transform. The tech stack of Web 3.0 is deep. This aids brands in creating efficient customer journeys.
Just as an instance, when AR technology teams up with geolocation, it aids with the generation of 3D maps that will simplify locating businesses for consumers.
Another interesting possibility arises when you play your preferred games or watch the most liked shows. 3D versions of your favorite characters will leap out of the screen.
The same FICCI-EY report has also specified that metaverse will amplify niche sports. Games will develop more quicker.
Beyond sports, as Web 3.0 develops, it can disrupt a host of industries. Web 3.0 withholds within it the potential to make or break brands.
If we consider the case of our personal lives; automated workplaces, homes, and public spaces, as bought to us by IoT and connected devices will deliver a whole lot of comfort in our lives. The sky is the limit.
Metaverse market size in India is $2.4 billion
As per industry experts, amid 2022-2030, the market is expected to reach $33.9 billion, recording a CAGR of 39.2%. This fact has been disclosed via a whitepaper that was released at ‘Entrepreneur Web3 Summit’, which took place in Bengaluru.
Now, when we take a look at the Indian Web3 market, it is expected to reach up to $1.1 billion by 2023. This will be a remarkable increase from its value in 2022, which stood at $0.0049 billion. For the Indian web3 market, CAGR will stand at 57% in the 10-year phase of 2022-2032, reports say.
Now, when considering Blockchain’s market size in India, the CAGR will stand at 47.3% from 2019-2025. The value reaches $4.3 billion from $0.28 billion in the phase.
Let us now take a look at the market for Non Fungible Tokens (NFTs) which has been fast finding acceptance. Amid 2022-2027, the market size will grow from $8.6 billion to $2.46 billion, experiencing a CAGR of 22.82%.
The stats for the NFT market in India are slightly different. The market size for NFTs in India, which stood at $3.3 billion in 2021, will reach $27 billion by 2028, recording a CAGR of 61.6%.
We can also take a look at the global market size of Web3 here, which is expected to grow to $82.72 billion by 2030 from the 2021 figure, which stands at $3.3 billion.
Strong growth will also be seen in the gaming industry. For the gaming industry, market size should reach $8.6 billion in 2027, up from $2.6 billion in 2022, experiencing a CAGR of 27%.
It is noteworthy that among the 8,700 Web startups located globally, 450 are in India.
From what we know of the Web3 technologies to date, they are all set to transform the internet. This will create a fair space for businesses and users alike.
Venture capitalists have now begun to invest in Web3 companies. It’s a factor that will accentuate the innovation and growth in this space. This information has been shared by the whitepaper mentioned earlier in the article.
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