In the last thirty years, the internet has undergone a rapid scale of evolution. Venture capital firms and other well-known IT companies are showing interest in the next generation of the internet. Web 3.0 allows people to share information and communicate with one another through photos, videos, and audio in three-dimensional, immersive settings.
You must be aware of the market potential for web 3.0 if you want to learn which leading IT companies are investing in Web 3.0. By 2030, the market for web3 services might be worth close to $81.5 billion. This is because web3 services are developing more quickly. The web3 scene has also been fueled by the rising popularity of blockchain and cryptocurrency systems. You may learn more about the leading businesses investing in web 3.0 across various industries in the following discussion.
Why is Web3 Important?
In the current digital era, privacy is users’ top necessity. Today, internet users want privacy for their personal and professional data. Numerous people have been using social media platforms, which has led to a severe invasion of privacy. The growth of web 2.0 has also raised many issues about privacy and managing digital identities.
Users have been unintentionally pushed to disclose their personal information with significant tech corporations due to the growth of web2. Whatever you post on Facebook, even if you believe it to be your unique work, ultimately belongs to Facebook. For instance, Facebook records every action you take on the site, the posts you like, and the length of time you spend there.
The need for web3 businesses has not arisen only as a result of issues with data ownership. In actuality, companies gather data by studying how people use the internet. Businesses can use this data to target clients with particular promotions that fit their interests.
Top IT giants, including Meta, Apple, and Amazon, have shown interest in the growth of web3. By creating a decentralized web cluster that enables users to engage, produce, and claim ownership over their digital content, Web3 modifies these components. Eliminating the intermediaries establishes the groundwork for decentralizing the internet.
What Businesses Invest In Web 3.0?
Decentralization advantages and all of blockchain’s features, such as immutability and application availability, would be introduced in Web3. It would ensure improved interactions between people and computers, making the internet more user-friendly. The most crucial aspect of all is that web3 heavily depends on giving people total ownership and control over digital experiences and information.
Observing how IT firms in many industries use web3 technologies is very crucial at this time. An interest in learning more about web 3.0 companies to invest in now is sparked by the promising potential associated with these technologies. A list of some of the top web 3.0 technology companies across many industries.
Top 10 leading IT companies investing in Web 3.0
- Meta
When Facebook announced its rebranding to Meta in 2021, the buzz surrounding prominent tech companies investing in web 3.0 grew. Mark Zuckerberg, the CEO of Facebook, presented his concept for transforming the social media site into a fully immersive Metaverse environment.
The social media behemoth has also committed a sizable amount of money to create virtual reality headgear that can be used to access its metaverse. The business has also submitted trademark registration requests for several terms related to cryptocurrencies, including crypto exchanges, crypto trading, metaverse wallets, and crypto-wallets.
Instagram is mentioned as the following web3 company in the social media and entertainment categories. Adam Mosseri, the CEO of Instagram, had disclosed the company’s intentions to investigate NFTs. Additionally, Mark Zuckerberg announced that NFTs would soon join the Instagram community.
The head of Meta also highlighted that Instagram would gradually introduce NFTs over the following months to guarantee seamless access for all users. The business has also stated aspirations to provide NFT minting facilities within the Instagram ecosystem.
Twitter is another well-known company that is among the top investors in web 3.0 in the social media space. The famous social media site actively participated in the latest NFT wave, with BAYC and CryptoPunk NFTs dominating Twitter profile images.
One of the critical elements that may influence the company’s future investments in web3 is the popularity of Twitter NFTs. If a user has a Twitter Blue subscription, Twitter allows them to choose an NFT as their profile picture. Digital assets owned by certified NFT owners may appear as their profile images.
- Steemit
Steemit is a new name in web3 firms that investors should look into. It is a social media and blogging platform built on the blockchain that emphasizes different web3 ideas. The platform’s incentive structure, which lets users earn the native coin STEEM in exchange for sharing content, is what’s most significant.
Paying attention to the specifics of the innovative reward or upvoting system is crucial. The Steem blockchain serves as the basis for Steemit. Users can earn awards for their contributions to the Steemit platform, the content they publish there, and their interactions. One of the critical features for a top option among web3 companies to invest in, with the potential for long-term rewards, is the upvoting mechanism. Users can either convert their STEEM awards into Steem Power or trade them in for Steem Dollars, giving them two alternative options.
Users can then convert their Steem Dollars into genuine US dollars. Users may be rewarded for finding or creating popular content thanks to Steemit’s reward system, which adheres to web3 principles. DTube, a decentralized video platform, is one of the numerous third-party services Steemit provides in its ecosystem.
- Netflix
Why does Netflix require web3? The online streaming juggernaut Netflix, which has been updating its approach, would also be included on the list of top businesses investing in web 3.0. With its current business strategy, Netflix has been suffering from significant losses. Until recently, Netflix continued to operate well under its previous business model despite stiff competition from Disney and Amazon. The two main rivals of Netflix each have unique sources of competitive advantage, including production companies’ wide range of content and cloud infrastructure. Therefore, Netflix must plan its web3 transformation to significantly increase the amount of original content available on the platform.
The decentralized or Web3 production house rationale would suggest that Netflix be transformed into one of the web3 businesses that are now sprouting. How can Netflix become a web3 business? The business can start by paying royalties to each person involved in the TV show or movie production department. Web3 can also be quite helpful in optimizing the production process by organizing the many functions. The potential of interoperability without any worries about various platforms would make web3 different. Web3 can facilitate greater online access to professionals while focusing on expanding independent creators. By combining retail and gamification, Web3 might persuade Netflix to take a comprehensive approach.
- Alphabet
One of the first backers of web3 was the parent firm of the largest and most reputable search engine in the world, Google. One of the largest businesses actively investigating the potential of web3 technologies for gaining a competitive edge is Alphabet. Alphabet’s CEO recently revealed the company’s plans to include blockchain technology into its core ecosystem.
The CEO also provided information on plans to include more augmented reality capabilities and blockchain tools in well-known applications. Alphabet, one of the significant internet firms working in web 3.0, has the potential to transform online services like Google Maps. The Alphabet team also intends to use blockchain technology to enhance its customer care offerings.
7. Spotify
In the world of digital services, the responses to the question “Which companies are investing in web3?” would also center on Spotify. The well-known music streaming app noticed the rise in web3-based music portals and has been making active web3-related initiatives. Several job openings in various web3 roles have just been made available by Spotify.
It’s interesting to note that famous musicians like Justin Bieber, Taylor Swift, and Snoop Dogg have embraced NFTs. Non-fungible tokens have enabled musicians to communicate with their fans directly. Artists may offer their albums as NFTs in exchange for exclusive goods or access to front-row tickets at upcoming performances. Spotify would be one of the top contenders to watch out for web3 adoption as NFTs and other web3 technologies enter the music world.
- Amazon
Amazon would be the top contender on the list of the finest IT firms investing in web 3. It has used numerous strategic initiatives, such as the Amazon Managed Blockchain, to investigate the web3 ecosystem. A completely managed solution that aids in the creation and administration of scalable blockchain networks is the Amazon Managed Blockchain.
Additionally, with the ability to lower overhead costs, Amazon Managed Blockchain enables various public and private blockchain solutions. Automatic scaling is another feature that Amazon has added, and it aids in the quicker execution of many transactions.
Also Read: Why Is Web 3.0 The Next Big Thing?
- Shopify
Another popular option for top businesses investing in web 3.0 for fundamental technology advancements is the well-known e-commerce platform Shopify. Shopify has been aggressively investigating web3 technology’s potential. A beta version of the company’s NFT-enabled marketplace with the ability to mint and sell digital items on several blockchain networks had just been released. The new market also provided the ability to use cryptocurrencies to buy non-fungible tokens. The team also intended to add new and potent AI capabilities to the Shopify tech stack.
- Tesla
It’s interesting to note that the web3 landscape has seen enormous development in Tesla’s services. Tesla is an obvious choice for web3 adoption due to its reputation for innovation. Tesla, a leading web 3.0 technology investor, recently adopted blockchain for use cases, including traceability. Tesla has used blockchain to monitor cobalt from the mines to the battery in a transparent, decentralized, open system that is accessible worldwide. Tesla is also expected to offer solar installation and batteries for power assistance to a cryptocurrency mine in Texas built by businesses like Block and Blockstream.
To sum up
An accurate representation of the variety of the firms is provided by the summary of the responses to the question, “Which companies are investing in web 3?” Various industries, including financial, digital services, data storage, social media and entertainment, and messaging applications, are served by web3 technology businesses.
Each business that has invested in web3 applications wants to benefit from the distinctive features of the web3 ecosystem. To move toward web3, existing tech companies must undergo significant changes. However, businesses that can start preparing for web3 now have a competitive advantage. Discover more about web3 and its potential by exploring.
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About the Author: Diana Ambolis
