The definition of Web3 hangs in the air and is repeated all the time, but few people think about how important this concept is in today's world. Why is the number of developers of the decentralized Internet growing every year, and why are all the largest corporations in the world trying to invest in this segment, both directly and indirectly?
The World Wide Web (WWW) concept emerged in the 1980s and was represented by the peer-to-peer sites that characterized the early Internet era. By now, it has become clear that there are several problems that the existing WWW fundamentally fails to address. These are censorship, centralization, lack of secure data storage, and a financial component.
Web3 developers worldwide are trying to enrich the industry, so the move to decentralized services is one step toward solving existing problems on the Web. Several features of Web3 contribute to this:
minimization of censorship for content, only the user has access to information;
the use of blockchain as the underlying technology;
artificial intelligence and 3D graphics;
decentralization of data storage, no central server;
the use of cryptocurrencies to build a financial model.
The development and implementation of Web3 standards in many services provoke an avalanche-like growth of capitalization and financing of this development segment. It's evidenced by statistics in the area of development funding and the overall volume of interest in the segment.
Web3 projects and developers are attracting a large amount of funding to match the speed of the segment's development. At the end of 2022, for example, 440 Web3 companies were able to raise more than $4.51 billion, and more than 130 Web3 venture capital funds are already operating in the United States.
The total capitalization of the entire segment is nearly $25 billion, according to CoinMarketCap.
Developers' activity in the area of Web3 services is also impressive. The number of active developers who are engaged in creating the architecture of Web3 projects by 2022 has reached nearly 18,500 workers. They are working daily to create market objects, and at the moment, this is a historical maximum in development activity.
Many analysts agree—at this point, the peak of the demand and activity of development services Web3 has not yet passed. There remain many opportunities for further development. If the pace of development is maintained, then in just a few years, we will see the financial indicators of this decentralized segment update.
A complex of factors provoked the growth in the number of developers in the Web3 segment. These can include:
The increased use of Metaverse and the tokenization of the alternative digital reality economy. The boom in interest in Metaverse has created an increased demand for product development. This trend will continue to strengthen as research shows that interest will continue, and by 2026 about 2 billion people worldwide will use Metaverse at least once a day for 1 hour.
Web3 earnings are higher than the market average. According to developer earnings statistics, Web3 offers high rates for users, averaging between $70,000 and $350,000 per year. Meanwhile, the highest earnings in the world for Web3 developers are provided in California, USA.
Regulatory approval for the development of the industry in different countries. A positive factor for Web3 development is the ability to create an ecosystem with the support of regulators and legislators in certain countries. These territories become true crypto-hubs, introducing and promoting Web3 development. Examples of this positive attitude are Dubai (positioning itself as a center of crypto-industry and blockchain development), India (investing $150 million in Web3 development and development in the form of venture funding), and Singapore (practical implementation).
Obviously, the growth in the number of developers in Web3 will not pass without a trace and will bring certain changes not only in blockchain but also in many other areas of life.
We can see the first results of the impact of increased attention to development already now. If a year ago the number of tokens in the segment was minimal, now many projects have released their tokens on the market, symbolizing the growth of companies' capitalization.
The level of education is increasing. This is a new type of development, requiring professionalism, skills, and education to implement the chosen level of applications
A distinctive feature of Web3 is decentralization. Users don't transfer information to third-party services; data is managed solely from their own accounts. The Web3 sector and cryptocurrencies are making the market fairer and more democratic.
The growth of developments also affects the diversity of service offerings, which offer great opportunities for users. For example, at the moment, there are already many alternatives to centralized platforms.
Popular services Web3 are implemented mainly in several areas:
Social networks (Join Circle, Steem, Peepeth);
Streaming services (Audius, Odyssey project, DTube);
Email (Mailchain, LedgerMail);
Search engines (Brave);
Cloud storage (Functionland);
Domain Names (Handshake.org and Unstoppableomains.com);
Job Search and Remote Work (Ethlance, Freelanceforcoins. CryptoTask).
Every day, the number of services that integrate Web3 standards in their services is increasing. This is a logical continuation of the evolution of mankind's online life, and perhaps this level of Internet development will become a priority in the near future.