Web3 is no longer actually about bitcoin and DeFi, said Polkadot creator Gavin Wood at the World Economic Forum in 2022
This year already, crypto businesses developing for the Web3 industry have received billions of dollars in investment.
As per Polkadot (DOT) creator Gavin Wood, while Web3 has become a term in the crypto market, its usefulness and value reach further than the realm of cryptocurrencies.
Wood discussed Web3 uses and if the all-encompassing notion is required to expand beyond its modern meaning, in another conversation with Cointelegraph at the Worldwide Economic Forum’s Annual Conference in Davos, Switzerland. “I don’t believe Web3 continues to adapt more from its roots right now,” he stated, before going into detail about the benefits of Web3.
“The most key insight is the liberation from the need to believe. I don’t want to trust or trust that the business I’m using is working well, handling my information accurately, and isn’t being scammed.”
Wood also discussed the benefits of Web3 gaining prominence as a term referring to the further step of the industry’s evolvement:
“The growth of the phrase Web3 is good because it indicates that consumers are seeing this key technical flow into a spectrum of uses — including some they can’t even imagine […] It’s no more about Bitcoin, cryptocurrencies, or blockchain-based. It’s just not about Defi anymore. It’s as though we’re beginning to realise that this is a broad topic.
Wood also was questioned about just how he wanted to whether the cryptocurrency market correction and how other businesses can benefit from prolonged price falls.
He replied, “Build a lot.” “The majority of Polkadot was constructed during the bearish trend that existed from 2018 and 2021 […] That does not necessitate huge numbers […] To do so, you don’t need to acquire huge amounts of money for your white paper.”
Despite this, Web3 initiatives have got substantial funding from investment firms that see the decentralised internet as a tremendous opportunity. According to Cointelegraph, during mid-April, the Web3 gaming and virtual world industries received nearly $3 billion in fundraising. In the first quarters of 2022, angel investors invested $14.8 billion in the cryptocurrency sector, about half of the entire amount invested the previous year.
