Web3 in 2022: Defining a Concept & Developing a New Paradigm

cryptonews.com:

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Web3 is the logical consequence of crypto. In a world where digital currencies and blockchain networks have allowed for the decentralization of money and financial services, it was all but inevitable that the decentralization of the Web would follow.

But while the concept of Web3 certainly took much of the technology sector by storm in 2021, it hasn’t developed into a fully-fledged sector, defined by concrete examples of platforms, products, and services making a substantial difference to our lives. However, numerous industry figures say that it will experience considerable growth in 2022, with an expanding number of startups, organizations, and companies creating valuable products that help to popularize it.

However, commenters also affirm that, rather than being a distinct, standalone area of the crypto sector, Web3 is more of a paradigm for the sector as a whole, a way of conceptualizing the development of crypto as it integrates a variety of different strands. This includes NFTs, DeFi, and the metaverse, which will all combine to ensure that Web3 has a very strong year indeed.

“‘Web3’ seems to be the buzzword taking over ‘crypto’ in 2022, but we believe it's just a different way to describe the industry; and the market is currently moving towards an era of interoperability where NFTs, digital assets, and various token types all live harmoniously,” said Nick Mancini, research analyst at crypto sentiment analytics platform Trade The Chain.

Mancini isn’t the only person who holds the view that Web3 is as much a concept of what crypto and blockchain should be used for, as it is a discrete sub-sector of crypto. A similar stance is taken by Adam Soffer, Livepeer (LPT)’s product developer and the founder of the Web3