Web3 is at an inflection point where online assets will start staying online: Survey

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Web3 is at an inflection point where online assets will start staying online: Survey
Web3 is at an inflection point where online assets will start staying online: Survey Canva
  • Around 55% entrepreneurs believe that metaverse and Web3 is a ‘good opportunity’ for Indian startups.
  • 100X.VC report noted that 28% of respondents did not have any opinion on the same.
  • Metaverse is the digital version of our physical reality, whereas Web3 is the decentralized form of the World Wide Web.
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Roughly one in two entrepreneurs believe that metaverse and Web3 is a ‘good opportunity’ for Indian startups, as per a recent survey carried out by early stage investment firm 100X.VC.

While 55% were in favour of this trend, 17% believe that Metaverse and Web3 would not be that big of a deal with Indian startups. About 28% of respondents did not have any opinion on the same.

Meanwhile, 100X.VC believes that the ecosystem is on the way to create a large digital economy built on blockchain, which will be disconnected from the physical economy in the next decade.

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“There’s rapid innovation and research happening in the space. With recent advancements in embedding in game physics on chain, the interoperable metaverse come closer to reality. As DeFi primitives mature, and an on-chain universe with immutable laws of physics is created, we will see users having separate lives, and economic activities online. This is the inflection point at which money and assets which are online start staying online,” the survey said.

Metaverse — which does fall under Web3 — is the digital version of our physical reality. It is both 3D and interactive, which makes all virtual conversations much more engaging for the customers.

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Big corporations like Microsoft, Apple and Google have been chasing their metaverse dream. Facebook, on the other hand, has also gone to the extent of changing its name to Meta to showcase its seriousness towards the new technology.

Web3, on the other hand, is the new iteration of the World Wide Web that incorporates concepts like decentralization, blockchain technologies and token-based economics. Experts believe that Web3 can take away control from companies like Facebook, Google, Microsoft and other such big giants, to make space for smaller space and more individuals as the technology is owned by users and not by any centralized entities.

According to a report by global cryptocurrency exchange KuCoin, cryptocurrency, metaverse, and NFT (non-fungible tokens) are the most popular and desired fields for a Web3 career.

The report also noted that the Indian Web3 professionals are young, of whom 80% are under 30 years of age, significantly younger than the global average.

“Web3 has been one of the most trending terms in the 2022 tech scene and it will be the next iteration of the internet based on blockchain technology. The findings of our Journey into Web3 survey reveals the bright Web3 future in India with heightened interests from a diversified talent pool. We’re optimistic to see more women-led communities in the near future which will boost the comprehensive Web3 ecosystem in India,” Johnny Lyu, CEO of KuCoin, added.

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