25 Sep Delving into the Web 3.0 Industry in Europe
Blockchain is being hailed as web 3.0 – the next evolution of the internet. In this article, I will elaborate on Europe’s web 3.0 industry outlook, followed by the latest trends presented during the guest lecture at The Berlin School of Economics and Law.
So what is Web 3.0, and why is it so important?
Web 3.0 is the next evolution of the internet, where users control their data, and there is no central control point. Blockchain technology powers this new internet and enables users to connect directly with each other without the need for intermediaries.
Deep Dive: Web 3.0 in Europe
As blockchain technology evolves, so do its applications and potential use cases. In Europe, blockchain startups are thriving, with Germany leading the way.
According to a Chaineurope, there are 118 blockchain startups in Berlin and 716 blockchain startups in Europe as of January 2022. Germany accounts for 16% of all blockchain startups in the European Union. Switzerland has the second highest number of blockchain startups, most of which are based in Zug.
The top industries for blockchain startups in Europe are enterprise blockchain (9.9%) and public blockchain (9.7%) development, followed by investment (9.2%) and exchange (6%) businesses.
The market outlook for blockchain in Europe shows that blockchain startups continue to grow and thrive. So what’s trending in the web 3.0 industry today?
The Rise of Non-Fungible Tokens (NFTs)
One of the most exciting aspects of Web 3.0 is the rise of non-fungible tokens (NFTs). NFTs are blockchain-based assets representing anything from digital art to in-game items. With the help of blockchain, NFTs can be bought, sold, or traded on a decentralized platform.
The NFT market recorded the total market value of all NFTs reaching $41 billion in 2021. This growth is driven by the rise of blockchain-based gaming and the increasing popularity of digital art.
Many blockchain-based platforms allow users to buy, sell, and trade NFTs. Some of the most popular include OpenSea on Ethereum (ETH), Solana Art on Solana (SOL), and Paras.id on Near protocol (NEAR). Hedera (HBAR) blockchain is also in the game; the Guilty Panda Prison Gang project raises awareness on a real-world social issue through their NFT collection.
Yet it’s not just a recent development. In 2017, CryptoKitties NFT project successfully went viral among the blockchain community, allowing players to purchase, breed, and trade virtual cats. The game sold over $12 million worth of Kitties since its launch.
In 2021, NFT projects were widespread in the area of digital art. Several platforms, such as SuperRare and MakersPlace, already allow artists to sell their work as blockchain-based assets. This provides a new revenue stream for artists and will enable collectors to purchase and trade artworks easily. Luxury brands like Tiffany & Co. started partnering with high-value NFT digital art projects like Cryptopunks selling NFTs.
With the rise of Web 3.0, we can expect to see even more innovative uses for NFTs in the future. So far, they have proved to be a versatile and popular tool for various applications. As the technology matures, we can expect to see even more adoption of NFTs in a wide range of industries.
The NFT market is still in its early stages and has a lot of room to grow. We expect to see more platforms emerge, more adoption by businesses and individuals, and more innovative use cases for NFTs.
What’s More, in the European Union
Blockchain technology and NFTs are just beginning to scratch the surface of what’s possible in the European Union. With more businesses and organizations looking to adopt blockchain technology and more individuals becoming interested in digital assets, the potential for blockchain-based applications is enormous.
Here are some examples of blockchain use cases already being implemented in the EU region:
– Cross-border payments: The European Commission is working on a blockchain-based system for cross-border payments that would be faster, cheaper, and more secure than existing systems.
– Identity management: The EU is exploring the use of blockchain for identity management, which could help to reduce fraud and increase security. Potential areas to develop applications are KYC/AML compliance and personal data management.
– Supply chain management: blockchain can be used to track the movement of goods through the supply chain, from production to delivery. This would allow for increased transparency and efficiency in the supply chain. Food and other products tracing and inventory management are a few examples.
– Healthcare: The EU is investigating the use of blockchain in healthcare, with the potential to use the technology for secure and efficient data sharing between patients and doctors.
These are just some potential use cases for blockchain technology in the Web 3.0 era, and more innovative platforms are to come.
You can see the presentation here if you are interested in reading the entire session.
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