Web 3.0 a game changer in 2023

Web 3.0 is the third version of the internet that is expected to introduce a huge paradigm shift in the way we browse, shop, and interact on the internet. Its main highlight is personalization, collective ownership, and sharing of content. Web 3.0 will use both Artificial intelligence (AI) and Machine Learning to enable smarter, more adaptive applications.

Given the market gaps in Web2 and Web3 gaming, there are massive opportunities for decentralized gaming applications. There is also great potential for gamification across different industries utilizing the incentive models native to Web3.

We are batting for increased innovation and adoption of decentralised infrastructure, to offer more transparent and secure ways to trade and manage digital assets. With this, the Web3 industry worldwide is expecting accelerated crypto regulations across jurisdictions in 2023. However, it is evident that Web 3.0 will heavily emphasize decentralized applications and utilize blockchain-based technology.

Cryptocurrency and blockchain technology have gained popularity over the past few years, but it has also lost a lot of value in recent times. 2023 will be the year of the great reset for the crypto industry. While 2022 has been marred by controversy and crypto businesses adapting to the new market conditions, green shoots will start to emerge as trust is rebuilt with the crypto community and broader stakeholders.

With this Play-to-earn has endless potential. The esports market alone is projected to grow to $5.48 billion by 2029. Play-to-earn allows players to make money as they play, opening up the opportunity for more individuals than ever to earn a living from gaming. At the same time, with the large amounts of investments into the blockchain gaming industry (more than $3 billion in 2022), we will see increasingly higher-quality gaming projects.

At the same time, Government regulations seem impossible for truly decentralised protocols. This is why Indian and global Web3 stakeholders are not asking for regulating decentralised networks.

Unsurprisingly, investment into blockchain-based businesses has dried up in 2022. Capital raises into blockchain projects have mirrored the price of cryptocurrencies, climbing steadily throughout the pandemic years.

There is a need of urgency to secure client experience involves scrutiny on the quality of proof of reserves audits – assessing for both the liabilities and assets of custodians - as well as other innovative solutions that transparently, yet securely, allow custodians to prove their client’s assets are not being used for any additional purposes without client consent.

Web 3.0 is expected to maintain transparency that helps in reaping long-term benefits by building new connectivity for clients and businesses in the B2B sector. This can be easily achieved by customer involvement, experience, and feedback ensured by Web 3 technology.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA