It’s been an eventful year so far for the virtual digital asset (VDA) industry. Despite the fact that the cryptocurrency industry is going through a crisis, it seems that all is not lost. Web3.0 and metaverse are the two sectors that have registered growth. According to a report by Emergen research, a syndicated research and consulting firm, the global Web3.0 market size is expected to reach $81.5 billion by 2023. “The Web3.0 industry experienced further development in technology distributed ledger (DLT), smart contracts and digital asset management. More companies and organizations took advantage of the technology to increase security and transparency,” Shrikant Bhalerao, co-founder, Seracle told FE blockchain.

As the idea of ​​interoperability has caught the eye of many Meta rights, Shopify, Google, Instagram, Amazon, Microsoft, and Reddit, among others, seem to have begun experimentation around Web3.0, according to Vayner3, a company based on blockchain. “The new Deep Web3.o will help the community read, write, and provide authentic proof of that information,” added Bharat Patel, president and director of Yudiz Solutions, a blockchain development company.

Meanwhile, market analysts predict that 2023 will be a year of updating technologies such as the Internet of Things (IoT), artificial intelligence (AI) and augmented reality (AR). With the emergence of Layer-2 solutions and the development of enterprise-grade blockchain networks, we can expect to see more companies leveraging blockchain technology in their operations,” Bhalerao explained.

According to a report by Mckinsey and Company, a global management consulting firm, more than $120 billion has already flowed into the metaverse space in 2022. This is more than double the $57 million of funds pumped in 2021. However, much it will depend on the creation of business models as well as the availability of funds. “Trends in the Web3.0 space in 2023 would be determined primarily by capital distribution, talent focus, and macro market conditions,” added Karan Ambwani, India leader, dYdX foundation, a decentralized trading platform.

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