3. Web3 progress
Web3, also known as the decentralized internet, has seen significant progress in 2023. The global Web3 market was worth approximately $3.2 billion in 2021, and this is projected to continue growing in the next decade as adoption of new technologies built on blockchain increase.
Web3 is a vision for a decentralized internet powered by blockchain technology. It promises a future where users have control over their own data. Some consider this to be the internet of the future; in 2023 it is poised to continue being an important topic in public discourse.
Here are some expected Web3 developments in 2023:
- Changing policy landscape: There has been much discussion of regulation and policy approaches for the Web3 industry throughout 2022. Heading into 2023, it is likely this will continue with more concrete policy taking shape globally.
- Rise of decentralized social media: One of the critical pillars of Web3 is the concept of decentralization – the idea that there won’t be middlemen managing things on the internet as we have now with big tech. This will probably mean a rise in the popularity of decentralized social media.
The idea behind Web3 is that technologies like blockchain, cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) give us the tools we need to create online spaces that we truly own, and even to implement digital democracies.
In conclusion, Web3 is not just a trend; it’s a new reality that’s shaping how we interact with digital content. It’s an exciting time to be part of this digital revolution.
