Source: news.google.com
In the course of just one year, the cryptocurrency market it went from being an investment darling to a headache-inducing nuisance, particularly for the Web3 industry.
Web3, which includes modern concepts like blockchain and the metaverse, lost nearly $4 billion last year due to fraud that rocked some of the biggest players in the cryptocurrency world, according to Immunefi.
Despite the upheaval the industry has faced due to a myriad of reasons, including falling stocks and cryptocurrency founders accused of fraud, it still managed to cut its losses by almost half year-over-year.
Now, Immunefi expects Web3 to weather the hits to its reputation, forecasting the industry will grow from $3.2 billion in 2022 to $81.5 billion over the next seven years.
“Web3 is still a whole new world, full of unknown paths,” said Mitchell Amador, founder and CEO of Immunefi. “That novelty, by definition, brings a level of inexperience and danger to the game. Also, due to the very nature of the Web3 ecosystem, where the smart contract code contains large amounts of capital, the environment is much harsher compared to traditional Web2 applications.”
With Web3 still expected to make waves in the future of work, its challenges should serve as important lessons for leaders: invest in security, education, and training while incorporating modern tools.
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