During the projected period, the worldwide web 3.0 blockchain market is expected to grow at a rapid pace. The constant advancement of technologies and movements in data ownership toward consumers can be linked to market growth. Web 3.0 blockchain, also known as the decentralized web, is the third generation of the internet that makes use of decentralized ledger technology (DLT), machine learning (ML), and Big Data. Web 3.0 blockchain gives users a better surfing experience and makes data analysis more efficient. Web 3.0 is more interactive and user-friendly than previous versions. Leading government agencies are launching digitalization projects to provide a regulatory framework to facilitate the rise of Web 3.0 blockchains. Rising data security concerns, as well as increased company investments to broaden the applications of web 3.0 blockchain, are likely to fuel the worldwide web 3.0 market growth. Rapid urbanization, globalization, and digitalization enable consumers to use new technologies and live a more fulfilling existence. Blockchain technology brings human-like intelligence to systems and improves data communication. As a result, enterprises are embracing web 3.0 blockchain to improve data security and privacy, which will drive the worldwide web 3.0 blockchain market.
The Web 3.0 Blockchain market in Asia Pacific is growing as a promising worldwide market. Massive investments in digital currency by industry verticals, as well as prominent Web 3.0 Blockchain markets such as India, Australia, and China, give enormous market prospects. China, Japan, and India are expected to see strong growth over the forecast period. Over the forecast period, the APAC Web 3.0 Blockchain market is expected to generate significant revenue.
• Dubai stated in March 2022 that it had enacted a new cryptocurrency law to oversee the activities of digital assets and cryptocurrencies as it strives to become a Web 3.0 powerhouse. The UAE intends to establish a Dubai Virtual Assets Regulatory Authority under the new law, which will be in charge of regulating blockchain-based virtual assets.
• In 2022, Adrix, a global leader in building benchmarked indexes based on individual performance, has announced AllStars Digital (ASD), the first-of-its-kind ecosystem that will tokenize and support the trading of a wide range of sports-related alternative assets, such as player-based digital assets.
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Key Market Insights from the report:
Global Web 3.0 Blockchain Market accounted for US$ 1231.54 million in 2020 and is estimated to be US$ 87761.35 million by 2030 and is anticipated to register a CAGR of 45.20%. The Global Web 3.0 Blockchain Market report segments the market on the basis of blockchain type, application, end-user and region.
• Based on Blockchain Type, Global Web 3.0 Blockchain Market is segmented into Public, Private, Consortium, and Hybrid.
• Based on Application, Global Web 3.0 Blockchain Market is segmented into Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contract, and Others.
• Based on End-User, Global Web 3.0 Blockchain Market is segmented into BFSI, E-commerce & Retail, Media & Entertainment, Healthcare & Pharmaceuticals, IT & Telecom, and Others.
• By Region, the Global Web 3.0 Blockchain Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Web 3.0 Blockchain Market:
The key players operating in the Global Web 3.0 Blockchain Market includes Polkadot (Web3 Foundation), Helium Systems Inc., Ocean Protocol Foundation Ltd., Decentraland, Flux, Filecoin, Kadena, ZCash, etc. Various countries around the world are working to legalise the usage of cryptocurrencies in order to attract new participants and boost economic growth. For instance, in March 2022, Dubai announced the adoption of a new cryptocurrency law to control the activities of digital assets and cryptocurrencies as part of its efforts to become a Web 3.0 hub. The UAE intends to establish a Dubai Virtual Assets Regulatory Authority under the new law, which will be in charge of regulating blockchain-based virtual assets.
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