Web3 in 2022: Developing a New Mindset

Crypto leads to Web3. Digital currencies and blockchain networks have decentralized money and financial services, thus Web decentralization was inevitable.

It seized the technological business by storm in 2021, but it hasn’t matured into a fully-fledged sector with platforms, products, and services that improve our lives. Numerous industry figures predict significant growth in 2022 as more startups, organizations, and enterprises create valuable goods to promote it.

Commenters say Web3 is not a discrete, isolated region of the crypto sector, but rather a paradigm for the industry as a whole, a means of envisioning crypto’s future as it merges multiple strands. NFTs, DeFi, and the metaverse will help it have a great year.

What is Web3?
“‘Web3’ seems to be the buzzword taking over ‘crypto’ in 2022, but we believe it’s merely a different way to characterize the business,” said Nick Mancini, research analyst at crypto sentiment analytics platform Trade The Chain.

Mancini isn’t the only individual who believes it is both an idea and a sub-sector of crypto. Adam Soffer, Livepeer (LPTproduct )’s developer and founder of the Web3 Index, believes it’s a “mindset” related to governance and ownership, not a set of technology.

Soffer expects the Web3 community to explain what it means this year. Too many people think it means decentralized authority, according to him.

“But that’s not necessarily what’s meant nor how humans tend to structure work. So while there can be decentralization, it’s not necessarily required for a project to be fully decentralized to be Web3,” he claimed.

Jonathan Victor, co-lead at NFT Storage and business development lead at Protocol Labs, sees Web3 as related to NFTs, DeFi, and the metaverse.

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“Really we’re talking about different layers of the tech stack. NFTs, DAOs, the metaverse — all of these trends imply a credibly neutral base layer.”

Assuming Web3 is inextricable from crypto, observers agree it will rise this year.

“Last year was momentous for Web3 and its derivatives”. Solo Ceesay, COO and co-founder of decentralized social marketplace Calaxy, predicts exponential development in community opportunities as the industry reaches new heights.

Ceesay says NFTs and the metaverse, as subsets of Web3, will attract less skilled and crypto-literate consumers. They can be weaved into social and physical experiences by content providers, marketers, and more.

Other critics say crypto (or the wider economy) won’t focus on Web3 until people understand what it is.

“Entrepreneurs will continue to pursue Web3 ventures, and more corporate VC arms will enter the scene. No sector or organization knows what to do with the’metaverse’ and ‘Web3’ landscape yet, therefore billions will continue to finance every good concept, said Nick Mancini.

Mancini suggests that gaming and trade finance, two industries on a development trajectory, will be drawn to Web3 ideology and/or organizational strategy.

Other industry participants anticipate it will be a huge lure for community-driven brands and enterprises with a culture of invention and creativity.

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Solo Ceesay believes content producers will spearhead Web3’s development and growth. This includes authors, artists, musicians, and filmmakers.

“Content creators will continue to be the pioneers of Web3, given the dialogue inside those communities, where ownership and monetization are major issues. Web3 technology allows for a more direct, efficient transfer of value between fans and content creators, he said.