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The next crucial stage in the evolution of the world wide web is the emergence of web 3.0. This is an exciting development for tech users around the globe, as well as the companies that are working hard to be at the forefront of this new frontier. This article discusses web 3.0 with reference to Meta Platforms (NASDAQ: FB), Twitter (NYSE: TWTR), Nvidia (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD) and WonderFi Technologies (OTCPK: WONDF).
The web 3.0 space looks like it is gearing up for a boom. While the emergence of ground-breaking blockchain-related tech like cryptocurrencies and NFTs have set the stage, the last year has seen a number of heavy-hitting companies outlining their plans for the future of the online ecosystem.
For example, Meta Platforms (NASDAQ: FB) unveiled its metaverse project to the world in October last year, with founder and CEO Mark Zuckerberg taking us through the ins and outs. While reaction to this project has been mixed, it's a clear sign that the way people use the internet is on the cusp of great change.
According to an analysis released earlier this year by Prophecy Market Insights, the web 3.0 blockchain market is on course to account for $87.76bn by 2030. This amounts to a compound annual growth rate of 45.2%.
With this in mind, it's no wonder some onlookers are getting so excited about web 3.0 businesses.
This isn't just about cryptocurrency and NFTs. Developers can and have made a huge variety of technology using blockchain technology, including things like social networks, video games and search engines. These DeFi apps, or dapps for short, could play a huge part in the emergence of web 3.0.
Harnessing Web 3.0
While Zuckerberg is banking on the metaverse, WonderFi Technologies (OTCMKTS: WONDF) is embracing web 3.0 in an altogether different way. The business is seeking to make waves with its expansive platform, which represents an opportunity for users to enjoy a single point of access to crypto exchanges, wallets, decentralized finance (DeFi) apps, NFT marketplaces, blockchain games and more.
The company sees this as an important solution in a marketplace that is fragmented. This means crypto investors and DeFi fans will often have to keep track of multiple sets of account security details. They might also have a tricky time moving funds between different platforms.
WonderFi's plan is to offer users everything they need under one roof. This way users can easily compare the performance of their different investments, move funds from place to place and avoid constant identification checks.
As well as offering everything crypto fans needs in one place, WonderFi is aiming to draw in new users due to its emphasis on compliance.
This is a big topic in the world of cryptocurrency and decentralized finance, as governments around the world are starting to wake up to the reality that they will have to regulate this rapidly growing universe. For example, March saw US President Joe Biden sign an executive order that called for a whole government approach to digital currencies.
Web 3.0 businesses that go out of their way to ensure the highest levels of compliance are likely the best adjusted to deal with these legislative changes. At least, that's the feeling at WonderFi.
Compliance isn't slowing the company down though. It is a business which is growing fast, having snapped up BitBuy and Coinberry, two major players in the Canadian crypto scene, in the last couple of months. The business sees these acquisitions as a chance to consolidate its position at the apex of the Canadian market, as well as a key part of its preparation to take its business global.
While the influx of legislation here might represent a challenge to some businesses looking to expand overseas, WonderFi's strategy of embracing compliance might leave the business well placed to tackle the regulatory challenges of different geographies.
The hope is that its emphasis on compliance and convenience will make WonderFi the 'must have' platform in a variety of geographies around the planet, allowing the business to really take advantage of the explosive growth of web 3.0.
Staying in Touch with Web 3.0
Big tech players have been careful to keep up with web 3.0 in one way or another, and the influence of blockchain technology is clear to see in their work.
Some of the major businesses dipping their toes in the web 3.0 game include Meta Platforms. As previously noted, the social media giant has made much of its plans to build the metaverse, but its run-ins with web 3.0 projects have not always been successful.
Earlier this year the company cancelled its long-awaited Diem cryptocurrency and sold the project's assets to Silvergate Capital Corporation.
Meta is not alone among heavy-hitting tech stocks in its exploration of web 3.0 opportunities.
Twitter (NYSE: TWTR) is another giant of social media that is adopting elements of web 3.0 tech. For example, the platform has embraced NFTs after announcing in January that users on the platform would be able to use their NFT artworks as profile pictures.
Elon Musk is likely to takeover Twitter after the South African billionaire made a $44bn bid for the business. Musk seems to be very clued into all things blockchain and web 3.0, as his own Twitter feed provides a good deal of crypto commentary. It seems likely that the social media giant could further embrace web 3.0 if it falls under his ownership.
For example, the start of 2022 saw Nvidia (NASDAQ: NVDA) announcing a new partnership with Flux Crypto. Flux has constructed a unique cross-blockchain bridge called Fusion and is attempting to avoid the problematic energy consumption problems of 'proof-of-work' mining with its own 'proof-of-useful-work' concept.
Fellow chipmaker Advanced Micro Devices (NASDAQ: AMD) is also looking to keep up with the latest developments in web evolution. The company recently completed the acquisition of Xilinx which develops AI engines that could prove essential for the next generation of online applications. With acquisitions and projects like these, AMD looks like it is seeking to keep up with the quickening pace of web 3.0 development.
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