Web3 Projected to Soar at USD 27.42 Billion by 2027
TL;DR:
- Web3, the third era of the internet, is set to disrupt various industries with remarkable potential growth projected, reaching USD 27.42 billion by 2027.
- North America plays a leading role in the Web3 revolution, contributing around 40% to global market growth during the forecast period.
- Significant investments are driving Web3 growth, such as Animoca Brands’ USD 30 million contribution to the Web3 payment application HI Protocol and the Blockchain Founders Fund’s USD 75 million raise.
- The BFSI sector is pivotal in Web3’s evolution, with blockchain technology making waves in financial credit services, lending, borrowing, and secure credit history verification.
- NFTs are gaining prominence, being used to tokenize assets like diamonds and fine art, ushering in new opportunities for trade and investment.
Web3, often dubbed the third era of the internet, is poised to disrupt traditional paradigms across industries.
In a recent report by Technavio titled “Web3 Blockchain Market Forecast and Analysis 2023 – 2027”, the projected difference in potential growth between 2022 and 2027 is nothing short of remarkable, reaching an impressive USD 27.42 billion.
Furthermore, the report underscores North America’s leading role in the Web3 revolution, with an estimated contribution of approximately 40% to the global market’s growth throughout the forecast period.
Web3 Growth Driven by Significant Investments
One standout investment is Animoca Brands’ USD 30 million contribution to the Web3 payment application and protocol HI, operating on the Ethereum side chain, HI Protocol.
This protocol represents a Web3 financial application, illustrating the diverse applications of blockchain technology in Web3.
Additionally, the Blockchain Founders Fund raised an impressive USD 75 million in February 2023.
This fund plays a pivotal role in promoting blockchain and Web3 technology, driving innovation and accessibility within the market.
The Role of BFSI in Web3
The BFSI (Banking, Financial Services, and Insurance) sector is set to play a significant role in Web3’s evolution.
Blockchain technology is already making waves in this sector, especially in areas such as financial credit services, lending, borrowing, and secure verification of credit histories.
The Reserve Bank of India (RBI) has also stepped into the Web3 arena, introducing the Digital Rupee-Retail segment in December 2022.
This segment treats digital currency on par with traditional currency, signifying a pivotal shift in the financial landscape.
Understand NFTs and Their Role
Tokens are gaining traction among investment institutions for tokenizing securities, bonds, and various assets.
Notably, NFTs are being employed to tokenize physical commodities like diamonds and fine art, opening new avenues for trade.
Tokens are gaining traction among investment institutions for tokenizing securities, bonds, and various assets. Notably, NFTs are being employed to tokenize physical commodities like diamonds and fine art, opening new avenues for trade.
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