Concept hype will become a past, and Web3.0 will move to the “+” era of practical application in 2023

In2022, a lot of crazy things happened in crypto industry and NFT field, I believe the most mind-blowing director can’t direct such a movie, but between the ups and downs, the influence of Web3.0 in terms of user base, capital investment, talent inflow and application development is increasing daily.

This is not aimless, all speculation has a data basis.

User base:
Data from cryptocurrency payment company TripleA shows that there are more than 320 million cryptocurrency users worldwide in 2022, which is equivalent to 4.2% of the global population. Under vertical comparison, we can find that the user base of the global crypto industry in 2022 is very close to the user base of the Internet in the late 1990s.

Meanwhile, based on the current CAGR of crypto industry users, we can calculate that the number of global crypto industry users is expected to exceed 4 billion around 2030, which is close to the number of internet users in 2021 under the horizontal comparison.

When the user base reaches more than 4 billion people, it represents a fully mature network ecology of the crypto industry, and only a mature application ecology covering all aspects of life can support such a huge user base, which is complementary to each other.

Capital investment:
We have all heard the saying “the development of the industrial revolution cannot be separated from the accumulation of primitive capital”, capital is a powerful driving force for every technological explosion, according to MoneyTree statistics, from 1995 to 2000 the amount of venture capital investment has doubled 13 times, from $7.64 billion to the amount of investment also doubled more than four times. The three industries with the strongest gold-sucking ability are software, communications and network facilities.

These three industries determine the Internet’s infrastructure, application development and interaction cap, respectively, and are the three core pillar industries of the entire Internet development.

In a horizontal comparison, we can find that Web3.0 is retracing the path taken by the Internet in terms of capital investment.

In terms of venture capital investment, the total amount of Web3 venture capital investment in 2021 exceeded $33 billion, more than the sum of investment in all previous years. 2022 venture capital investment in the cryptocurrency sector maintained last year’s momentum in the first two quarters, and although it fell in Q3 and Q4, the amount of VC investment in Q3 was still more than 1.8 times the highest investment in 2020.

(Source: Pitchbook, Galaxy Digital, Coin Metrics, VC investment amount vs. bitcoin price trend)

In terms of fundraising, cryptocurrency funds are already raising more money than last year. 2022 cryptocurrency funds raised $37.7 billion, which is already 1.54 times more than last year. And the fundraising volume in 2021 is 15 times more than in 2020.

(Data sources: Galaxy Vision Hill, VisionTrack, Galaxy Digital, Blockchain Fundraising Trends)

Talent Inflow :
The inflow of talent is the best driving force for sustainable industry growth, and according to a report written by Business Insider 2022, prominent executives and developers are leaving established companies for crypto, blockchain and other decentralized projects.

The talent flow covers well-known internet giants including: YouTube, Amazon, Meta, Google, Netflix and more.

Analysts at Web3.0 recruiting firm CryptoRecruit believe that the Web3 industry is most attractive to young people because they missed out on the internet, and Web3 is the most likely to be the next opportunity to match the Internet in terms of its current stage of development, time window and growth potential.

Application Development
Before 2022, Web3.0 is still in the wild growth stage, at that time, Web3.0 does not have any actual landing or landing possible applications, more for the concept of the hype, we do not discuss such a thing is right or wrong, but every new technology in the early stage, will go through such a stage.

Just as in the beginning of the development of the internet, engaged in the internet industry not only by the whole body will be identified as hobo, and even be identified as fraud, the early internet practitioners I believe have experienced this also stage.

And from 2022, with the entry of enterprises in various fields, Web3.0 is ushering in the practical application of the “+” era, in which the Web3.0 ecological field in the forefront is NFT, we can call it “NFT +”. We can call it “NFT+”.

We can roughly list some of the companies that entered.
Starbucks announced the launch of Starbucks Odyssey, an NFT membership program that allows consumers to participate in the Odyssey series of journey activities

Nike launched the Swoosh platform and said it will offer NFT products through the platform. At the same time, Nike NFT will be tied to specific real-world benefits, such as access to limited-edition products, or the opportunity to chat with professional athletes.

Visa and Master card joined forces with different Web3 companies to develop cryptocurrency debit cards.

Marvel announced plans to sell NFT through the VeVe marketplace and to tie NFT interests to future open meta-universe wants.

Gucci’s official Twitter feed announced that some of its U.S. stores will add a new crypto asset payment method, ApeCoin (APE), the native Token of Bored Ape Yacht Club (BAYC boring ape), the leading NFT project.

Tiffany has officially announced the launch of its new NFT project NFTiff for creating custom pendants and NFT digital artwork similar to the final jewelry design.

The rise of each technology wave always has a hot event as the opening, with concept hype overload, technology development turnaround, and ecological application landing, which is the process of “new industry development cycle”.

Web3.0 is now in full swing without the continued investment of pioneers in the underlying technology and infrastructure over the past five years. On the way to We3.0, it still needs a lot of talent, time and capital accumulation.

With in 2023, the hype will calm down and be replaced by real value creation.

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