Web3, which is still a work in progress, gained popularity in 2021 and 2022 and is still a major topic this year. More and more companies, individuals, and brands are entering the Web3 space as NFTs, DeFi, cryptocurrencies, and other blockchain-based applications become more prominent. So what are some of the leading Web3 companies leading the Web3 revolution and influencing significant change in the crypto industry?
We’ll discuss the fundamentals of Web 3.0, Web 3.0 companies, and the leading Web 3.0 companies influencing the cryptocurrency market.
Web 3.0 & A Web 3.0 Company: What is it?
Web3 (also known as Web 3.0) is the new version of the internet that will be entirely decentralized. In 2014, Ethereum co-founder Gavin Wood used the term. To put things in perspective, Web 1.0, the first iteration of the internet, only allowed users to read or view websites. Web 2.0, on the other hand, is the internet as it is today, where we can communicate through social media, develop audio and video streaming capabilities, and do much more.
Web 2.0, however, is constrained by the fact that the web and, by extension, user data are mostly in the hands of a small number of centralized tech firms. On the other hand, Web 3.0, in the words of Ethereum, “embraces decentralization and is being built, operated, and owned by its users.”
Experts believe there have been three stages in the development of the internet. Web 1.0 is the earliest iteration of the internet, which merely permits users to access web content. Web 2.0 refers to the second phase of the internet, in which users can read and write material to share with others. And that’s the stage we’re at right now, but we’re moving swiftly to Web 3. The explosion of social media platforms, which enable users to produce and share content with the world, is one of web 2.0’s most significant developments.
But what is Web 3.0? Users can read, write, and own their material on the new Web 3 version of the internet. In other words, web 3 enables users to connect with other users, read, listen to, or watch other people’s content, and generate content with clear ownership.
Anyone can upload a piece of writing, artwork, or a document to another website in the web 2.0 era, making it challenging to determine where exactly it originated. However, in web 3.0, everyone will know who created and owns an item or material.
The following characteristics of Web 3.0 are based on blockchain technology, machine, and artificial intelligence.
- It gives people more control and breaks the internet’s monopoly.
- Information created and exchanged on web 3.0 will be censorship-resistant since it is based on the blockchain.
- Users’ information won’t be collected and kept in centralized databases like in web 2.0.
- Web 3.0 crypto can be integrated into online platforms as a payment method and exchange for products and services.
Top Web 3.0 Companies Pushing the Crypto Industry Towards Change
The difficulties faced by the requirements for Web 3.0’s architecture are unimaginable. Before a completely decentralized internet is established, years will pass. Who will amend the rules? Nevertheless, thousands of innovative, young businesses worldwide are taking a risk by working to make the future idea of Web 3.0 a reality. Since one year in this hyper-revolutionary frontier equates to ten years of development, they know what they are doing.
Nobody can predict which Web 3.0 companies will flourish and which will falter, but some are undoubtedly in the lead.
We compiled a list of the top Web 3.0 companies that have distinguished themselves in the cryptocurrency sector and will continue to influence it. Let’s move on to discussing the companies in more detail.
Autograph
The most recognizable companies and illustrious figures in sports, entertainment, and culture come together on the NFT platform Autograph to produce one-of-a-kind digital collections and experiences for people worldwide.
Autograph, a Los Angeles-based company co-founded in 2021 by NFL great Tom Brady, Dillon Rosenblatt, and Josh Payne is ushering in a new era of collecting with a streamlined and open process, authentic and unique products, and exclusive partnerships.
Since Autograph has been in business, it has raised about $205 million in the capital. Following its $35 million Series A, its pre-money valuation was estimated to be $700 million as of 2021.
Magic Eden
Magic Eden is the leading NFT marketplace for Solana NFTs. The total trading volume of Magic Eden, a decentralized NFT market on the Solana network, is $1.6 billion. The platform allows users to create, acquire, sell, and exchange NFTs, such as virtual goods and gaming assets.
Approximately 90% of the secondary Solana NFT trade market is reportedly under the grip of the site. What’s more? Apart from revolutionizing the crypto industry, the platform strives to change its operations.
Spatial
iNovia Capital, White Star Capital, Expa (Founder: Garrett Camp), Kakao Ventures, Lerer Hippeau, Leaders Fund, Samsung NEXT, and angel investors like Mark Pincus (Founder of Zynga), Andy Hertzfeld (Co-Inventor of the Macintosh), Mike Krieger, and others helped Anand Agarawala and Jinha Lee launch Spatial in 2016. (Instagram Co-Founder).
Spatial’s purpose is to help businesses and creators create their own spaces in the Metaverse to share culture. Spatial is an enthusiastic team of 3D Design and AR/VR experts with offices in New York and San Francisco.
What’s more? Spatial achieves this by empowering users to share eye-catching material in their beautiful locations, build strong communities, and earn a sizable income from their original art and other items. It also allows users to design stunning and functional 3D environments that they can sell or rent to others who want to hold mind-blowing events or mint as NFTs.
Crypto.com
The Singapore-based cryptocurrency software Crypto.com claims to be the fastest-growing in the world. In 2018, the Web3 corporation, formerly known as Monaco, adopted the moniker Crypto.com. More than 50 million users are using the website to buy and trade more than 250 cryptocurrencies.
Additionally, it supports credit/debit cards for purchases in more than 20 fiat currencies and bank transfers. The platform simplifies operations across multiple levels and aims to make the most of its operations.
Ripple
With its headquarters in San Francisco, Ripple is one of the leading providers of cryptocurrency solutions for businesses. In 2012, Chris Larsen and Jed McCaleb founded it. Ripple provides alternatives to traditional financial services that are quicker, more transparent, and more affordable by utilizing cryptocurrency and blockchain technology.
Customers can use the company’s solutions to source cryptocurrencies, facilitate quick payments, strengthen their treasuries, lower capital requirements, and accomplish many other things.
OpenSea
The most well-known NFT market is OpenSea. Founded in 2017, OpenSea is a non-custodial, peer-to-peer NFT market. This tool allows users to mint, buy, sell, and see NFTs.
No centralized organization, at least theoretically, is in charge of the platform’s assets. Due to the wide variety of NFTs it offers, OpenSea is commonly referred to as a “Web3 Amazon”. Given that it has generated almost $32 billion in sales to date, it is currently the largest market ever (at the time of writing).
Sweet
Sweet is an experience-driven NFT platform that offers collectibles and officially licensed NFTs from the best teams, brands, and artists worldwide. More specifically, the platform increases the number of spectators who can watch a wide range of live events and professional sports. They have NFTs from various teams, including the Cleveland Cavaliers, Arrow McLaren, and the Australian Open.
Sorare
In the fantasy football game Sorare, players control a virtual squad by purchasing, selling, and trading player cards. It was designed and released in 2019 by Nicolas Julia and Adrien Montfort.
To protect the ownership and distribution of restricted cards that cannot be changed, copied, or destroyed, each player card is represented as an NFT that uses the ERC-721 token standard on Ethereum. Every player card is unique, personally owned by the player, blockchain-verified, and able to appreciate or depreciate based on the market.
According to some accounts, Sorare, a French company based in Paris, has raised an astounding $739.2 million in fundraising over four rounds at a $4.3 billion valuation.
NFTY Labs
Miami, Florida, serves as the home base for The Web3 Venture Studio NFTY Labs. Basically, the company’s focus is on “supporting and manufacturing the products for tomorrow’s Web3”. NFTY Labs creates technology, protocols, and tools for NFTs that are based on community input. Additionally, it supports cross-chain NFT guidelines and standards.
Editor’s Takeaway Notes!
The 10 Web3 companies on the list represent a future in which we will see a radical shift in how people think about how business is conducted regarding the products/services offered and how customers engage with those offerings.
The number of Web3 startups will increase as more legacy organizations adopt a Web3 mindset, and a pattern where the old Web 2.0 world steadily fades away and is replaced by the new order will develop.
