year ender 2023: has web 3.0 set the tone for decentralization in 2023, and for what lies ahead?

year ender 2023: has web 3.0 set the tone for decentralization in 2023, and for what lies ahead?

Web3.0, seen as the future of the digital landscape, is expected to shape 2024 based on developments in 2023. The year witnessed regulatory strides, moving from skepticism to frameworks, and clarity in the crypto and blockchain space. In terms of investments, Web3.0 attracted $549 million in September 2023, with a total of 118 deals. Notably, Web3.0 startups secured $1.8 billion in Q2 2023, compared to $7.5 billion in 2022. Despite the bear market, India remained active in Web3.0, with a focus on transparency and regulatory compliance.

In terms of smart contracts, major blockchains experienced varying growth in Q2 2023. The Web3.0 industry in India engaged with the government to address regulatory concerns. According to Alchemy, Web3.0 startups securing funding in 2023 included 26% in decentralized finance (DeFi), 25% in developer tooling, and 16% in account abstraction. The Web3.0 gaming sector saw substantial growth, with investments exceeding $800 million in Q3 2023, and a predicted global revenue of $29 billion in 2024.

Looking ahead, global revenue from Web3.0 is anticipated to reach $5.5 billion by 2030, with a compound annual growth rate (CAGR) of 44.9% for 2023-30. The industry hopes for continued government support and measures to protect consumers in the Web3.0 space, emphasizing the need for awareness of potential risks associated with Virtual Digital Assets (VDAs).

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