Web3 adoption is gaining momentum as both mainstream enterprises and startups vie for opportunities in the decentralized ecosystem. While some believe that the innovation is primarily driven by enterprises, others see immense potential in the startup space.
Web3 adoption is a journey where both enterprises and startups play a vital role. While enterprises currently lead the way, startups have ample opportunities to bring forth innovation in the decentralized ecosystem. Simplifying the technology and terminology is crucial to lower the barrier to entry and attract a wider audience.
Enterprises Paving the Way
According to Gagan Mac, head of product and senior director of web3 services at Circle, the current signals indicate that the bulk of innovation is coming from enterprises. He cited examples such as Nike and Starbucks, who have launched their own NFT-linked services, including a marketplace and a loyalty program. Despite the recent decline in NFT values, those who minted Starbucks NFTs through the Odyssey program have seen the value of their assets grow.
Additionally, Dan Sun, startup success manager for web3 APAC lead at Google Cloud, highlighted that the web3 market is still in its early stages. Google Cloud is actively exploring the value it can bring to emerging markets and considering its positioning in this space.
Leveling the Playing Field
One potential barrier to web3 adoption is the complexity of the technology. To make it more accessible, some big brands entering the space have opted to use terms like “digital” or “virtual” instead of referring to it as web3 or the metaverse. This shift in terminology aims to simplify the understanding of web3 elements for a broader audience.
Startups’ Path to Success
While enterprises are currently at the forefront of web3 innovation, startups are not to be overlooked. Lihan Lee, co-CEO and founder of web3 data intelligence platform Xangle, believes that both enterprises and startups have equal chances to thrive in the web3 landscape. As the market matures and startups find their niche, they can contribute significantly to the growth of web3 adoption.