According to Market Research Future, by 2023, the value of the Web3.0 blockchain technology field will exceed $6 trillion, and from 2023 to 2030, Web3.0 will continue to grow at a compound annual growth rate of 44.6%.
Because Web 3.0 relies heavily on blockchain, many people mistakenly believe that its fate is inevitably tied to the volatile cryptocurrency market. However, cryptocurrencies are only part of the new frontier.
Gartner explained that while cryptocurrencies crashed in the first half of 2022, policymakers should not assume that the value of Web 3.0 technologies would be affected.
According to research, Web 3.0 technology will soon reach a tipping point for its adoption, with applications ranging from aircraft maintenance to food safety tokenizing its applications.
According to Aarti Dhapte, senior research analyst at Market Research Future, blockchain is a proven technology that takes cryptocurrencies and NFTs to the next level of security — and now, it’s poised to finally transform the next generation of web technology .
The Web3 blockchain will revolutionize existing routine processes in different industries.