The web is one of the primary pillars of digital transformation. The web2 changed the whole scenario of how the internet works, offered more interactive apps than user-generated content and provided users with free access to every type of content.
Web2 business models, however, were typically baked on the using the network effects to activate the market dominance and monetization of the data through centralized management. So, as a result, the companies like Google, Facebook, and Amazon have a huge market share in their respective segments.
However, web3 is about to break the norms and introduce a whole new world of decentralization and offer new business opportunities increasing the web3 technology market size. The Web3 & Web3 gaming market was predicted to grow approx. $2.9 Billion in 2021 and is expected to reach $23.3 Billion by 2028
|Web3 Gaming Market Size||Details|
|Market growth 2021-2025||$125.65 billion|
|YoY growth (%)||10.40|
Video Game Market Size & Share Growth Report, 2030
|Market size value in 2022||USD 220.79 billion|
|Revenue forecast in 2030||USD 583.69 billion|
|Growth rate||CAGR of 12.9% from 2022 to 2030|
Web3 Gaming Opportunities for 2023
- Free-to-Play (F2P) Games
- Hybrid Game
- Move to Earn
- Metaverse Games
- Crypto Game
- Virtual Games
Web3.0 Technology – The Introduction
The concept of web3.0 has been here for quite some time, but it slowly and gradually has caught pace and is offering digital transformation to almost every industry in the world. Web 3.0 is here to make technology and the internet more distributed, open, and available to everyone.
Web3 Market Size
The popularity of web 3.0 can be determined with the help of its market size. As a new digital transformation, it is huge for both businesses and individuals.
The web3 market size is expected to reach the size of 1.25t by 2026 in the global market. Which is already 15.5% of the global GDP, however, it grows 2.5x faster than that.
It is going to change almost every industry in the world from gaming to banking. So, with the states and the impacts that it has on the industry, it bounds countless opportunities with it. But, it’s about the future, how the web3.0 technology looks today. Well, let’s find out.
Global web 3.0 market size to reach USD 81.5 Billion
The Components Of The Web3.0-
There are three components in the web3 technology, which are the Web3 infrastructure, platforms, and applications.
To realize transaction and fully programmable layers and decentralized cloud services, Web3 infrastructure components employ peer-to-peer network principles with integrated monetary incentives.
Web3 platforms are based on platform business strategies, but with cohesive ownership to enable self-sovereign online marketplaces, global cooperatives and collaborations, and ecosystem development.
To acknowledge the self-sovereign identity and decentralized governance solutions, Web3 applications combine the creation of standards with inherent user empowerment.
These three components empower the whole web3.0 & metaverse technology. All of these components are also present in the centralized ecosystem. But, with web3.0 these components become more effective due to the transparency and the distributed environment.
The Future Of The Web3.0 Industry-
When analyzing the future of Web3, it is hard to get an idea of the possibilities it will unleash. In a very short time span, the world will have a more secure and efficient internet than ever before.
In the web3 industry future, blockchain technology will dominate everything including online transactions to the governance of services and goods. And it’s one of the most prominent as well as existing approaches that include how the users will interact with the internet.
Now, everyone relies on centralized services, which store the data and run the applications which create several vulnerabilities. These servers have become a persistent target for hackers. But thanks to web3.0 the world can finally have a new era, where the data can be distributed across the servers.
Instead of one specific server owned by an industry dominant company. However, the change from web2.0 to web3.0 can not be sudden as it can have unintended consequences. Web3.0 has to be implemented slowly and gradually to maintain its basic components and features.
Many websites, for example, rely primarily on ad revenue to provide free content. If all web traffic ended up going to Web3-based sites overnight, without competing from centralized sites, the internet could become overrun with fake news as well as personal information for sale.
To avoid this, companies such as Google are developing hybrids of traditional methods as well as blockchain technologies, in which users are compensated in micropayments every time they click or observe an ad that temporarily disconnects them from the decentralized internet.
Areas Of The Market Opportunity In The Web3.0
Web3 is on the verge of becoming mainstream. An entire sector has evolved centered on blockchain-based decentralized applications (dApps).
Users can expect to see even more creative uses of virtual money in the coming years. Which could have a significant impact on many people’s daily lives. Smart contracts, for example, allow parties to enter into agreements without the need for third-party arbitration, lowering the number of lawsuits.
Distributed storage is also worth mentioning. This eliminates the need for middlemen like banks or governments. In all of the benefits, one business opportunity that has clear success even at this point is the Web3 game market opportunity.
Web3 has drastically changed how the games have been. With the help of the blockchain now the games offer play-to-earn-like opportunities for their users. The games have become more attractive and offer users more than just gameplay. In most of the games developed over the blockchain, these types of games offer users NFTs. They can further exchange with the other players or can simply earn some money from it.
When trying to sum up with the web3 model, there are opportunities to monetize during the trade of within-game trade.
The Web3 In Next Five Years-
The further development for web3 seems very successful and bright. There are various projects underway that can help in the sharp progress of web3.
The web3 projects like the cryptos and Defi are the two experient and somewhat reality projects. These projects can alter the whole current scenario in every industry.
In the next 5 years, users can expect more reactive apps, native apps, and web3 apps to offer a more decentralized, secure, and transparent experience. All of these projects will also change the size of web3 industry which is now 1.25t, however, it is rapidly growing. With all of these different ventures of the Web3, still only the future can unleash what this technology withholds to deliver.