Web3 & Crypto

Introduction to Web3

Web3 is the next evolution of the internet, built on the foundation of blockchain technology. It represents a shift towards a more decentralized and user-owned internet, where users have greater control over their data and digital assets.

At its core, Web3 is about empowering users to become owners of their online presence. This is in stark contrast to Web2, in which a handful of tech giants have access to and monetize user data.

Web3 is made possible by blockchain technology, providing a secure and transparent way for users to interact and exchange value without relying on intermediaries. This has given rise to a wide range of new Web3 applications and platforms, such as decentralized finance (DeFi), NFT marketplaces, and decentralized social networks.

One of the key features of Web3 is the use of Decentralized Autonomous Organizations (DAOs), self-governing entities that operate on a blockchain. DAOs are run by their members, who collectively make decisions and control the organization's assets. This allows for greater transparency and accountability, as well as a more equitable distribution of power and ownership.

Web3 represents a major paradigm shift in the way we think about the internet and our relationship with it. By placing control back in the hands of users, Web3 has the potential to create a more open, transparent, and equitable digital world.

Global Web3 Market

Estimated value of the global Web3 market amounts to $1.5 trillion as of March 2023 and is to continue growing at a rapid pace in the coming years. The growth is largely driven by the increasing adoption of blockchain technology, rise of decentralized finance (DeFi), and emergence of new Web3 applications and platforms.

One of the key factors driving the growth of the Web3 market is the widespread adoption of blockchain technology across various industries, from finance and healthcare to supply chain management and gaming. Recent projections suggest that the number of blockchain users worldwide will reach 1 billion by 2025, up from just 40 million users in 2020.

Another key factor is the exploding popularity of DeFi platforms, using blockchain technology to create decentralized financial applications. The total value locked in DeFi protocols surpassed $200 billion in early 2023, and some predict that the DeFi market could eventually surpass the traditional finance industry.

Emergence of new Web3 applications and platforms also drives the growth in market size. Global market size of blockchain-based games amounted to $4 billion in 2022 and is projected to reach over $9 billion by 2026. The Non-Fungible Token (NFT) market has also seen tremendous growth, with sales volume surging from $13.7 million in 2018 to over $10 billion in 2021. Decentralized social networks and marketplaces are also gaining popularity, with some platforms seeing monthly active users in the millions; as these applications mature and become mainstream, they are likely to further fuel the growth of the Web3 market.

As a result, the Web3 market has become an increasingly attractive area for investment. Global VCs and funds put significant amounts of capital into Web3 projects, with total investment reaching over $28 billion in 2022 alone. In fact, these funds have seen an average annual return of 87% since 2020, compared to 131% before 2020, according to Crypto Fund Research Crypto Fund Index, which tracks the performance of leading cryptocurrency investment funds.

The potential for growth and innovation in the Web3 market is widely acknowledged and is expected to continue to drive investment and development in the years to come.

Korea Web3 Market

Korea is one of the largest and most attractive Web3/Crypto markets in the world, with a thriving community of active users. South Korea has the highest blockchain adoption rate in the world, with over 40% of the population having used blockchain technology in some form. In addition, the country has the second-highest per capita cryptocurrency trading volume in the world, with an average daily trading volume of around $6.6 billion.

This strong market activity is driven by a number of factors, including the country's advanced technology infrastructure, a high level of investment in blockchain and crypto-related startups, and a favorable regulatory environment. The Korean government has been proactive in supporting the development of the blockchain and crypto industry, with initiatives such as the Blockchain Law Society and the establishment of a regulatory sandbox for blockchain-based startups.

Web3/Crypto market in Korea is vibrant and growing with a large and engaged user base, making it attractive for businesses and investors alike.