In light of severe global economic turmoil, significant decline in the market prices of major cryptocurrencies, and trading value of NFTs, the safety, potentials, and transformative effects of the Web 3 technologies and digital assets have been called into question.
And considering there is no end in sight yet for the current global economic meltdown, the digital economy is expecting deadlier blows in all perspectives to the revolutionary possibilities of Web 3.
Initially projected to be one of the biggest industrial revolutions to ever hit the world, Web 3 which comprises of AI-driven services, decentralized data architectures, blockchain technologies, and edge computing, the future seems bleak as some of the biggest investors and pioneers of the Web 3 technologies face the worst market crash in history.
Owing to 2022’s market fluctuations alone, high-profile crypto firms and notable tech pioneers have been forced to declare bankruptcy. Although the adoption of Web 3 innovations such as IoT (Internet of things), artificial intelligence and machine learning has aided numerous problem-solving solutions, it has also ushered in a new generation of cyber-crimes, ad fraud, online abuse, and potential ad fraud has increased significantly.
Meanwhile, user interest remains high and engagement is growing, especially for younger generations according to a McKinsey survey.
“As with any new technologies billed as disruptive, it remains to be seen just how revolutionary blockchain, smart contracts, and digital assets will prove to be. While skepticism is significant among some parts of the public, especially following the steep declines in the valuation of digital assets and the recent bankruptcies of some funds and consumer deposit companies.”
Web3 will nonetheless need to overcome continuing challenges, obstacles, and risks for both consumers and institutional participants before it can fully establish itself.
