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PALM BEACH, Florida., June 22, 2022 /PRNewswire/ — The next critical step in the evolution of the World Wide Web is the emergence of Web 3.0. This is an exciting development for technology users around the world, as well as companies working hard to be at the forefront of this new frontier. This article discusses Web 3.0 with reference to Metaplatforms (NASDAQ: FB), Twitter (NYSE: TWTR), Nvidia (NASDAQ: NVDA), Advanced micro-systems (NASDAQ: AMD) and WonderFi Technologies (OTCPK: WONDF).
The Web 3.0 space seems to be preparing for a boom. As the emergence of breakthrough blockchain-related technologies such as cryptocurrencies and NFTs paved the way, last year a number of heavyweight companies outlined their plans for the future of blockchain. online ecosystem.
For instance, Metaplatforms (NASDAQ: FB) unveiled its metaverse project to the world in October last yearwith the founder and CEO Mark Zuckerberg explains the ins and outs. Although the reaction to this project has been mixed, it is a clear sign that the way people use the internet is about to change dramatically.
According to a analysis published earlier this year by Prophecy Market Overviewthe web 3.0 blockchain market is about to take into account $87.76 billion by 2030. This equates to a compound annual growth rate of 45.2%.
With that in mind, it’s no wonder that some onlookers are so excited about Web 3.0 businesses.
It’s not just about cryptocurrency and NFT. Developers can and have created a wide variety of technologies using blockchain technology, including things like social media, video games, and search engines. These DeFi applications, or dapps for short, could play an important role in the emergence of Web 3.0.
Leverage Web 3.0
As Zuckerberg bets on the metaverse, WonderFi Technologies (OTCMKTS: WONDF) is embracing Web 3.0 in an entirely different way. The company is looking to make waves with its expansive platform, which represents an opportunity for users to take advantage of a single point of access to crypto exchanges, wallets, decentralized finance (DeFi) applications, markets NFT, blockchain games and more.
The company sees this as an important solution in a fragmented market. This means that crypto investors and DeFi fans will often need to track multiple sets of account security details. They may also find it difficult to move funds between different platforms.
WonderFi’s plan is to offer users everything they need under one roof. This way, users can easily compare the performance of their different investments, move funds from place to place, and avoid constant identity checks.
Along with offering everything crypto fans need in one place, WonderFi aims to attract new users due to its focus on compliance.
This is an important topic in the world of cryptocurrency and decentralized finance, as governments around the world begin to realize the reality that they will need to regulate this rapidly growing universe. For example, in March, the US President Joe Biden sign a Executive Decree which called for a whole government approach to digital currencies.
Web 3.0 companies that strive to ensure the highest levels of compliance are likely best suited to deal with these legislative changes. At least, that’s the sentiment at WonderFi.
Compliance doesn’t slow the business down, however. It is a rapidly growing company, having acquired BitBuy and Coinberry, two major players in the Canadian crypto scene, over the past two months. The company sees these acquisitions as an opportunity to consolidate its position at the top of the Canadian market, as well as a key element in its preparation for the internationalization of its activities.
While the influx of legislation here could pose a challenge for some companies looking to expand overseas, WonderFi’s strategy of embracing compliance could leave the company well-positioned to meet regulatory challenges in different geographies.
The hope is that the focus on compliance and convenience will make WonderFi the “go-to” platform in various geographies around the world, allowing the company to take full advantage of the explosive growth of Web 3.0.
Stay in touch with Web 3.0
Big tech players have been careful to follow Web 3.0 in one way or another, and the influence of blockchain technology is evident in their work.
Some of the big companies dipping their toes into the Web 3.0 game include meta platforms. As previously reported, the social media giant has made much of its plans to build the metaverse, but its run-ins with Web 3.0 projects have not always been successful.
Earlier this year, the company canceled its long-awaited Diem cryptocurrency and sold the project assets to Silvergate Capital Corporation.
Meta isn’t alone among high-impact technology stocks in its exploration of Web 3.0 opportunities.
Twitter (NYSE: TWTR) is another social media giant embracing elements of Web 3.0 technology. For example, the platform adopted NFTs after announcement in January that platform users could use their NFT artworks as profile pictures.
Elon Musk is likely to take over Twitter after the South African billionaire made a $44 billion offer for the company. Musk seems to be very knowledgeable about all things blockchain and Web 3.0, as his own Twitter feed provides plenty of crypto commentary. It seems likely that the social media giant could embrace Web 3.0 more if it were its own.
For example, the start of 2022 saw Nvidia (NASDAQ: NVDA) announces a new partnership with Flux Crypto. Flux has built a unique cross-blockchain bridge called Fusion and tries to avoid the problematic power consumption issues of “proof-of-work” mining with its own “useful proof-of-work” concept.
Chipmaker friend Advanced micro-systems (NASDAQ: AMD) also seeks to keep abreast of the latest developments in the evolution of the web. The company recently completed the acquisition of Xilinx who develops AI engines that could prove essential for the next generation of online applications. With acquisitions and projects like these, AMD seems to be looking to keep up with the accelerated pace of Web 3.0 development.
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