Year-end summary of web3 in 2023

In 2023, the Web3 industry will continue to develop rapidly and become a hot topic worldwide. During this year, with the popularization and application of blockchain technology, more and more companies and individuals began to realize the potential and value of Web3. The ecology of the Web3 industry is also constantly expanding, covering areas including but not limited to finance, games, social networking, copyright, etc. Below we will introduce it in detail from seven aspects.

1. Financing situation

 In 2023, Web3 startups will attract a large amount of capital s concern. According to relevant data, global investment in the Web3 field has reached a record high this year, with public chain projects such as Ethereum and Solana becoming investment hot spots. In addition, NFT, DeFi, GameFi and other fields have also attracted much attention, attracting the attention of a large number of investors. In terms of financing, a number of eye-catching projects have also emerged in the Web3 field. For example, the Blur NFT trading platform at the beginning of the year completed US$20 million in financing; the Sumer NFT market announced that it had raised US$29 million in new funds; on the other hand, the open financial protocol Ethereum Alchemy received US$12 million in seed round financing, etc. . The financing performance of these projects not only reflects investors’ enthusiasm for the Web3 field, but also provides important financial support for the rapid development of the industry.

Some incidents in the Web3 industry that raised more than US$5 million in financing:

1.GameFi Platform Mhaya completed a $5 million Pre-A round of financing: This is a financing event in the chain gaming circuit, led by Firestone Global.

2. NFT project Pudgy Penguins raised US$9 million in a new round of financing: This is a financing event in the field of NFT and Metaverse, led by 1kx Lead investment.

3. Decentralized wallet developer Odsy Network raised US$7.5 million at a valuation of US$250 million: This is a financing in the infrastructure and tools track event, led by Blockchange Ventures.

4. Encrypted media company Blockworks completed $12 million in financing at a post-money valuation of $135 million: This is a financing event among other Web3/encryption-related projects , led by 10T Holdings.

5. Nomba, a Nigerian payment technology provider startup, has completed a $30 million Pre-B round of financing: This is a financing event in the field of centralized finance , led by Base10 Partners.

2. Technical progress

In terms of technology, many advances have been made in the Web3 field in 2023 . First, the performance and scalability of blockchain technology have been significantly improved. For example, the Polygon project expanded the capacity of Ethereum through side chain technology, greatly increasing the transaction speed and scale; the Celestia project launched a decentralized network that combines the scalability and decentralization features of the blockchain. The launch of these projects provides better technical support for the widespread application of blockchain.

Secondly, privacy protection technology has also made important breakthroughs. For example, the ZeroDB project uses zero-knowledge proof technology to allow users to verify the authenticity and integrity of data without leaking the data; the Secret Network project launched a decentralized privacy network to provide users with end-to-end End-to-end encrypted communication services. The application of these technologies provides better solutions for privacy protection on the blockchain.

3. Policy supervision

With the rapid development of the Web3 industry, governments of various countries have strict regulations on encryption. Regulation of currency and blockchain is also gradually strengthening. During the year, many governments introduced stricter regulatory policies to strengthen supervision of the cryptocurrency market and crack down on illegal activities. However, this also brings considerable challenges and uncertainties to the Web3 industry. Some countries such as China and India have begun to ban or restrict the use and trading of cryptocurrency; while countries such as the United States have strengthened supervision of the cryptocurrency market and require exchanges and project parties to conduct more compliance operations. These policy changes have brought uncertainty and risks to the development of the Web3 industry, but they have also prompted project parties and teams in the industry to pay more attention to compliance and transparency.

4. Application scenario expansion

In terms of application scenarios, the Web3 field in 2023 will show Diversified development trend. In addition to the traditional financial field, Web3 has begun to gradually penetrate into various industries.

For example, the game industry has become one of the important application scenarios of Web3. Players can obtain corresponding rights and benefits by purchasing in-game assets; in social networking In the field of copyright, blockchain technology can also solve the problems of traditional social platforms; in the field of copyright, more and more blockchain-based rights confirmation platforms and trading platforms have emerged. In addition, with the rise of the metaverse concept, Web3 is also playing an increasingly important role in the virtual world.

In terms of specific applications, many projects have also made significant progress. For example, Immutable The emergence of these projects not only promotes the development of the Web3 industry, but also provides users with richer and more diverse application scenario choices.

5. Community development and activities

The community is an important supporting force for the development of Web3. In 2023, the development of the Web3 community has also made significant progress. Numerous blockchain conferences and events have been held around the world, attracting more and more people to join the Web3 family. At the same time, many excellent projects and teams have emerged in the community, promoting the prosperity and development of the Web3 ecosystem.

In terms of community activities, the Ethereum Developer Conference Devcon was successfully held this year; there are also many well-known blockchain conferences such as Consensus, EDCON, etc. Attracted the participation of many industry insiders. These conferences provide a platform for developers, investors and related enterprises to communicate and learn, and promote the innovation and development of the Web3 ecosystem.

In addition, in terms of education promotion, some organizations have strengthened the popularization and education of blockchain and Web3 by setting up courses and workshops, such as the blockchain education organization Blockchain Education. Network will hold a number of online and offline activities in 2023 to help students around the world understand the concepts of blockchain technology and Web3. These community activities and promotions are of great significance in expanding the influence of Web3 to attract more talents and attention.

6. Challenges and opportunities

Although the Web3 industry has made considerable progress in 2023 progress but also faces many challenges. First of all, the volatility of the cryptocurrency market brings huge risks and uncertainties to investors. Due to the high volatility of cryptocurrency prices, investors need to bear the risk of significant fluctuations in asset values. At the same time, market uncertainty may also make it difficult for project parties to obtain continued financing.

Secondly, the uncertainty of governments’ regulatory policies on cryptocurrency and blockchain has also put considerable pressure on industry development. The regulatory attitudes and policies of different countries vary greatly. Some countries may introduce restrictive policies to protect investors and market order, while other countries may adopt a more open attitude to encourage the innovative development of blockchain and Web3. This regulatory uncertainty may cause project parties to face many difficulties and challenges when expanding into international markets.

However, challenges and opportunities coexist. With the continuous development of blockchain technology and the expansion of application scenarios, the Web3 industry is still full of huge potential and opportunities. First of all, the continuous progress and application innovation of blockchain technology will help improve the efficiency and transparency of financial transactions, reduce costs and risks, and bring changes to the traditional financial industry.

Secondly, the application of Web3 in the copyright field and social field will also provide a more fair and open platform for creators and users to realize the sharing and transfer of value.

In addition, with the rise of the metaverse concept, Web3 will play an important role in the virtual world, providing users with a more immersive and real experience and creating new businesses. Model and revenue sources. Overall, in the future, with the continuous advancement of technology and the richer application scenarios, the Web3 industry is expected to usher in a broader development space and a more prosperous ecosystem.