Report written by Nadežda Jakubková.
Now that markets are down, some have been looking at Web3 projects with incredulity, believing it was all just hype and that there’s no need to care about any of it anymore. That would be very wrong. Yes, we are indeed experiencing a crypto winter, and myriad projects promoting blockchain, crypto, or NFTs are long gone. But that doesn’t mean the Web3 world will simply disappear because some people have lost millions. If you want proof, just follow the money. According to Pitchbook's latest Emerging Tech Indicator (ETI), the Web3 & DeFi (Decentralized Finance) segment received the largest investments from venture capital firms in the five quarters leading up to the recent Q3 2022.
The technologies of Web3 are too powerful and revolutionary to simply fall into oblivion. Look at the current situation from a different perspective. Thanks to the crypto winter, we get to see which projects really do work and which ones don’t. That’s why now is the best time to dive in and learn both about the tech itself and from the mistakes of others.
Web3 technology tries to piece together a solution for the issue of ownership and centralization on the internet we are seeing now.
Web3 and Web 3.0 are merely concepts, albeit one less so than the other. As many of us own (or have owned) cryptocurrencies or NFTs, we have already participated in Web3.
This has been a preview. The full report can be accessed online by Nimdzi Partners.
This report has been researched and written by Nimdzi's Localization Researcher, Nadežda Jakubková. If you want to learn more about this topic, reach out to Nadežda at [email protected]
