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Web 3.0 Market to Hit $49.10 Billion by 2030: Cognitive Market Research

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The Global Web 3.0 Market size is valued at USD 3.34 Billion in 2022 and is projected to be USD 49.10 Billion by 2030, growing at a CAGR of 46.7% from 2023 to 2030, as per a recent report published by Cognitive Market Research. Web 3.0 infrastructure enhances the user experience by providing highly interactive advertising opportunities. Hence, companies are investing and raising funds to accelerate their Web 3.0 platform. For instance, Livepeer has raised $20 Million for a Series B extension, which will accelerate the growth of Livepeer’s Web3 infrastructure.

Major findings during the study of the Web 3.0 Market:

  • The Web 3.0 blockchain market is primarily driven by the benefits of decentralized systems to provide greater security, transparency, and privacy for users compared to traditional centralized systems
  • The Web 3.0 market is still in its nascent stages, but it is growing rapidly as more developers and entrepreneurs explore the potential of decentralized applications (dApps) and blockchain-based technologies
  • The ability of public networks ensures users across the globe to participate in the network without any restrictions. This attributes to the dominance of the public segment in the Web 3.0 blockchain segment. Further, Web 3.0 is widely used as NFT-powered business model, and large groups of investors are pouring their investments into the nascent Web3 ecosystem, further accelerating the growth of the market
  • In terms of end-use industries, BFSI held a maximum revenue share of 31.05% in the market. This can be attributed to the rising demand for Web 3.0 technology in high-speed transactions. It further helps in reducing processing costs in banking sectors
  • North America dominates the Web 3.0 market with the highest market share in 2022. This is owing to the wide usage of Web 3.0 in numerous applications such as artificial intelligence, blockchain, online payments, and others
  • Similarly, AI and machine learning have currently gained traction in U.S. organizations, with many either employing or planning to utilize AI use cases. In addition, investment in the United States has increased in recent years. Thus, by 2022, the North American artificial intelligence (AI) industry will have reached 24.9 billion US dollars, making it a large AI regional market. This increases the rate of Web 3.0 adoption in North America

View Detailed Report Description:

Web 3.0: by Type (Public, Private, Consortium, and Hybrid); by Application (Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, and Others); by End-use (BFSI, Retail & E-commerce, Media & Entertainment, Pharmaceuticals, IT & Telecom, and Others); by Region (North AmericaEuropeAsia PacificLatin America, and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030

Web 3.0 Market 2022:

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Global Web 3.0 Market

2022

Global Revenue (USD Billion)

3.34

CAGR – (2023-2030)

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46.7 %

Public Type Share

48.4 %

Cryptocurrency Application Share

29.7 %

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BFSI End-use Share

31.1 %

North America Web 3.0 Market Regional Share

34.8 %

What are the Growth, Drivers, and Restraints for the Web 3.0 Market?

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Driver:

Increasing demand for data privacy through the decentralized identity

Web 3.0, also known as the decentralized web built on an open blockchain network, is a vision for the future of the internet in which users have greater control over their data and online interactions. With the advancement in technology such as blockchain, it is possible to create decentralized applications (dApps) that operate independently of centralized servers. Moreover, along with greater control and privacy, Web 3.0 also provides Decentralized finance (DeFi). DeFi applications built on blockchain technology could potentially disrupt traditional financial systems by providing greater access and transparency for users. For cryptocurrency users, it offers the ability to invest, borrow, lend, trade, and take crypto assets permission without any hassle.

Restraint:

Lack of awareness about Web 3.0 blockchain:

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Despite the potential benefits of Web 3.0 and blockchain technology, many people and organizations are unaware of Web 3.0 blockchain and how it works. This lack of awareness can slow the adoption of blockchain-based solutions, as businesses may be hesitant to invest in technologies that need to be better by their customers. Moreover, the technical complexity of blockchain technology can also make it difficult for people to understand and use. This might hamper the growth of the Web 3.0 blockchain market.

Check the Full Report, including Global, Regional, and Country Level Analysis:

https://www.cognitivemarketresearch.com/web-3.0-market-report

Our free sample report includes:

  • 2023 Updated Report Introduction, Overview, and In-depth industry analysis
  • Included COVID-19 Impact Analysis
  • 250+ Pages Research Report (Inclusion of Updated Research)
  • Provide Chapter-wise guidance on the Request
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, Revenue Analysis, and SWOT Analysis (Free analysis of one company profile)
  • 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
  • Includes an Updated List of tables & figures
  • Cognitive Market Research Methodology

How COVID-19 Impacted the Web 3.0 Market?

The digitization process is being significantly accelerated by COVID-19, due to which several cryptocurrency businesses has emerged. The pandemic encouraged businesses to use digital platforms more frequently and to invest in digital solutions. Firms that did not employ any digital platform or channel prior to the pandemic inclined towards digital payments. Additionally, there is an increasing concentration of online sales among top businesses even though the percentage of online sales among firms for all sizes grew.

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Additionally, during the COVID-19 pandemic, artificial intelligence (AI) has made great strides, particularly in the area of predictive machine learning models for medical treatment. In many areas of COVID-19, such as diagnosis, public health, clinical decision-making, social control, medicines, vaccine development, surveillance, combination with big data, operation of other key clinical services, and care of COVID-19 patients, artificial intelligence has been employed extensively. All of the considerations mentioned above show that Web 3.0 usage is skyrocketing in the aftermath of COVID-19.

Recent Development:

Date

News

January 2022

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Livepeer has raised $20 Million from its new investor, Alan Howard:

Livepeer has raised $20 Million for Series B extension which will accelerate the growth of Livepeer’s Web3 infrastructure.

Web 3.0 Market Report Scope

  • Web 3.0 Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
    • Public
    • Private
    • Consortium
    • Hybrid
  • Web 3.0 Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
    • Cryptocurrency
    • Conversational AI
    • Data & Transaction Storage
    • Payments
    • Smart Contracts
    • Others
  • Web 3.0 Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)
    • BFSI
    • Retail & E-commerce
    • Media & Entertainment
    • Pharmaceuticals
    • IT & Telecom
    • Others
  • Web 3.0 Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
    • North America (U.S., CanadaMexico)
    • Europe (UK, FranceGermanyItalyRussiaSpainSwedenDenmarkLuxembourgNetherlandsSwitzerlandBelgium, and Rest of Europe)
    • Asia Pacific (ChinaJapan, Korea, IndiaAustraliaPhilippinesSingaporeMalaysiaThailandIndonesia, and Rest of APAC)
    • Latin America (BrazilArgentinaColombiaPeruChile, and Rest of LA)
    • Middle East & Africa (Saudi ArabiaTurkeyNigeria, UAE, EgyptSouth Africa, GCC Countries, and Rest of MEA)

List of Key Players in the Web 3.0 Market

    • Filecoin
    • Web3 Foundation
    • Zel Technologies Limited.
    • Livepeer, Inc.
    • Brunswick Corporation
    • Helium Systems Inc.
    • Kusama
    • Polygon Technology
    • Kadena LLC
    • Ocean Protocol Foundation Ltd.
    • Others

Related Reports on the Web 3.0 Market:

The global machine learning market is expected to reach USD 213.56 Billion by 2030 growing at a CAGR of 38.7%. Machine learning uses data and algorithms in order to imitate the way that humans learn. It is a branch of AI and computer science that is an important component of the growing field of data science. The rise in the adoption of technology platforms has spurred the market for machine learning. The increasing robotics sector has also accelerated the need for machine learning.

  • Global Metaverse is expected to reach USD 512.49 Billion by 2030

The global metaverse market is expected to reach USD 512.49 Billion by 2030 growing at a CAGR of 47.8%. Metaverse refers to a virtual world that is facilitated by the use of VR and AR. Rising awareness associated with gaming and entertainment has enhanced the market for the metaverse. Further, outbreak of the COVID-19 pandemic has accelerated the demand by changing the social behavior of people.

Other Related Reports:

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Blockchain

Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Blockchain

Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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