Web 3.0

FTX just imploded, and Jack Dorsey wants to talk about the next stage for crypto?

People need time to catch up before Jack Dorsey tries to launch the next generation of the internet.

It’s barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5.

The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about plans to build a decentralized web on Bitcoin’s blockchain through Block subsidiary TBD. According to Dorsey’s TBD white paper, Web5 will be “a trustless, decentralized internet platform where users own their data” as opposed to Web3, which is mostly centered around Ethereum and a select few centralized blockchain networks.

It’s easy to see why there is a need for change, but is Web5 the answer? With Web3 barely off the ground, surveys suggest that little more than 10% of people in the world think they know what it means — including more than half of Americans. Maybe it is still too soon to start thinking about Web5 as the next generation of the web, and here are three reasons why.

Third-generation internet’s potential is not fully realized

Web2 is still the dominant force on the internet, with social media, e-commerce, and video streaming platforms growing in popularity. With a combined market capitalization of top Web3 networks amounting to only $2.7 billion, it is clear that there is still a long way to go before Web3 can even begin to rival Web2.

Behemoths of the Web2 internet such as Facebook, Google and Amazon, not to mention the gaming world, still have a firm grip on the internet, given their combined market cap of more than $14 trillion.

While this clearly shows that it would take a lot for Web3 to catch up, it also indicates that Web3 and the metaverse have a huge potential yet to be realized.

Shortage of talent

One of the biggest bottlenecks that Web3 is facing is the lack of developer talent. The industry is still in its nascent stages, and the number of experienced developers is still very low.

While reports indicate that the number of developers entering the Web3 space is increasing rapidly, with roughly 60% of Web3 developers entering the industry last year, the available talent is still a drop in the ocean compared to more than 31.1 million software engineers globally.

This talent shortage is compounded by the fact that Web3 is relatively new and has only been around since 2014. Plus, the number of college courses teaching Web3 and blockchain technology is still very low, with most courses only being introduced in the past year or two.

Another peculiar aspect about Web3 developers is that, while Web2 programmers are attracted to companies with big brands and fat paychecks, the same can’t be said for Web3, where most developers would rather work on open-source projects.

This is all well and good, but it does make it harder for companies to attract top talent. Reports show that active Web3 developers represent a paltry 1% of the active developers worldwide and that each of these Web3 developers has already generated $12 million in value.

We have a lack of crypto education

We must consider that a lack of education about cryptocurrencies and blockchain-related technologies is still a huge problem concerning a shortage of developer talent.

A survey of consumers found that awareness of CBDCs and Web3 among the masses is even lower at 30%. Among the population, there is a lack of understanding of how blockchain and cryptocurrencies work, not to mention limited trust owing to the security concerns that accompany crypto assets.

Studies show that over 46,000 people have reported crypto scams, with more than $3 billion lost to these scams or hacks in the first 10 months of 2022 alone. As long as people are uneducated and driven by fear of losing their money to scams, the possibility of Web3 becoming widely adopted anytime soon is very low.

Let people catch up

One of the main problems facing Web3 is the lack of developer talent. The next five years will see the market focus more on the development of Web3 and the growth of human capital, with more emphasis on attracting and fostering new talents.

Sure, current trends regarding the future of the internet (whether it’s Web3 or Web5) are mostly advanced by the world’s brightest minds such as Jack Dorsey, Vitalik Buterin and Elon Musk, to name a few. However, not everyone is a genius, and we should remember to remain grounded and focus on educating the masses on the current state of the internet. To boost mass adoption and give room for incremental innovation, we should return to the roots and introduce crypto education to the deepest levels. After all, education is important in transitioning the masses from Web3 and later to Web5 when the time comes.

Fuad Fatullaev is the CEO and co-founder of WeWay with more than 10 years of experience in launching and developing fintech startups in the United Kingdom and United Arab Emirates. He holds degrees from Harvard Extension School and University College London.

The opinions expressed are the author’s alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

Crypto executives discuss the emergence of Web3 tech hubs around the world

While the San Francisco Bay Area and Miami are the traditional top picks, Singapore — or just about anywhere in the world with stable internet — has also been gaining in popularity.

Where are the top destinations for a career in crypto? For some, it’s traditional innovation hubs such as Miami or Silicon Valley. For others, it’s Singapore or Seoul. In addition, some would even argue that simply having a stable internet connection, irrespective of location, is sufficient for one to carve their own path in the realm of Web3.

To answer this question, Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, asked a panel of experts at the annual Web Summit conference in Lisbon. Speakers at the event included Zach Coelius, managing partner at Coelius Capital; Laura González-Estéfani, founder and CEO of TheVentureCity; and Oscar Ramos, general partner of Orbit Startups.

*The four experts at “The Next Silicon Valley” panel at Web Summit. Source: Cointelegraph*

According to González-Estéfani, who was born in Spain but spent most of her time in the San Francisco Bay Area and Miami, the next tech hub will be a place where people can “get the support they need from the different partners, investors and ecosystem builders.” And for González-Estéfani, that place is more likely to be in the United States than in Europe.

“The Bay Area is very approachable. Anyone is willing to help you. People see you, and they fall in love with you with your vision. If you’re looking for funding, there are a lot of entrepreneurs willing to help you. If you go to Miami, it’s a huge mix of people from all over the world, entrepreneurs of all ages. But if you look at Europe, it’s a lot more conservative.”

González-Estéfani’s take, however, was not echoed by Coelius, who was originally born in Minnesota and moved to the Bay Area in 2005. He saw the matter very differently: “When I first arrived, I saw billions upon billions of dollars flowing into the tech industry,” said Coelius. “But that energy, which was all centered in the Bay Area, has now scattered all over the world. So, whether it’s Miami or Lisbon or Kosovo, there’s just amazing innovation happening all over the world.”

Coelius further added that groupthink in the Bay Area is a major factor in why he believes the next tech hubs will instead be in locations scattered around the world:

“A lot of people think the same way. They go to the same parties, they play the same games, they think the same things. And it makes things really boring. And so, I’m personally very excited about all the new ideas that are showing up for people worldwide.”

As for Ramos, who also came from Madrid but has lived in Asia for the last 15 years, he believes the future of tech development will be concentrated in the East. “In China, I’ve seen the revolution of a technical system,” he said. “When I first arrived, you couldn’t pay for anything online. You need to have somebody to come to you, and you pay back to that person. And now, there is a market we’re currently seeing as the most advanced fintech ecosystem in the world.”

At this point, Lucrezia-Cornèr also joined in on the matter. While Cointelegraph is based in over 30 countries, Lucrezia-Cornèr manages her everyday corporate affairs in a very small Italian village with less than 7,000 inhabitants. “If we were to bring all the people in one place, we actually would lose all our value,” she said, “because our value is not biased to the place where we are based, but whether or not we are able to look for the likes of others.”

Coelius seemed to agree, adding that his advice for entrepreneurs and workers alike is to “go where your network is, where your support system is, where your infrastructure has been built. And then, you can recruit talent from all over the world.”

*“The Next Silicon Valley” panel in Web Summit. Source: Cointelegraph*

India ranks third in the world in terms of Web3 workforce size: Report

There are currently 450 Web3 startup in the country, including four unicorns.

According to a new study published by the National Association of Software and Services Companies (NASSCOM), a nonprofit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web3 talent. The figure makes India the world’s third-largest regarding its Web3 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years.

India is also home to 450 Web3 startups , four of which are unicorn companies. Through April 2022, the Indian Web3 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web3 startups have expanded their footprints outside of the country.

The vast majority of firms listed in the study are building applications in decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms and so on.

Within the next few years, NASSCOM remains optimistic about Web3’s growth outlook in the country, stating that it expects the number of Indian internet users to increase by 150 million and 5G users in India to increase to 500 million. Debjani Ghosh, president of the NASSCOM, commented:

“India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.”

NFT Steez and Cryptoys CEO discuss the future of toys within Web3 environments

NFT Steez chats with Cryptoys CEO Will Weinraub about the future of toys, entertainment and play in blockchain-based games.

On Oct. 14, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with the founder of Cryptoys, Will Weinraub to discuss the current role of play and toys in regard to their integration with nonfungible tokens and Web3 as a whole.

Weinraub believes that the act of play is “not restricted to children” and believes that as adults, “we still crave the element of play throughout life.” According to Weinraub, through the development of technology, “play has evolved.” Nonfungible tokens, especially in gaming, have highlighted this layer of ownership through play.

Technology will continue to evolve “play”

Weinraub and Cryptoys theorize that “adults are just looking for ways to feel like kids again.” Keeping the question of “how does play evolve” at the forefront, Weinraub says this is a core tenet of his experience with the evolution of play.

From action figures to watching his children build virtual worlds in Roblox, Weinraub emphasized how profoundly the internet has catalyzed an evolution in play and gaming. Players are no longer limited within the confines of their neighborhoods or geographic locations, according to Weinraub.

Weinraub stressed that the content of gaming is “very, very, different” and it leans more toward “social play,” regardless of geographic barriers when compared to the gaming of previous decades.

When asked about concerns of children and young adults’ comfort level with their digital interactions in contrast to their real-life social interactions, Weinraub acknowledged that the situation exists. However, he said that while it can “impact some people, it can amplify some of that as well.”

The evolution of gaming seems to be turning toward more “social play” and, in many ways, it could be designed to “enhance communication skills,” posits Weinraub.

The future of gaming and cryptocurrency

When asked about the role in-game cryptocurrencies and tokenomics play in blockchain gaming, Weinraub said, he firmly believes that they are an “important foundation of blockchain gaming.”

A level of “exuberance” was displayed when play-to-earn models were first created and tested and Weinraub commended the pioneers who initially navigated these uncharted waters. The sector is likely to develop “very fertile grounds over the next year or so” and Weinraub believes that there eventually will be a “relaunch of token-based economies and gaming in a much healthier, sustainable way.”

When discussing in-game tokens and their current use, Weinraub pointed to how the present state of the “Web3 economy is based on tokenization.” Regarding the next generation adopting and interacting with tokenization and ownership, Weinraub described how it’s “incredibly important and in the right way.”

To hear more from the conversation, tune in and listen to the full episode of NFT Steez and make sure to mark your calendar for the next episode on Oct. 28 at 12 pm ET.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea

Before it expired, the offer stood at approximately 10x the amount of the domain’s last sale.

On Tuesday, the Ethereum Name Service, or ENS, domain Amazon.eth received an offer for 1 million USD Coin (USDC), a stablecoin pegged to the United States dollar, from an anonymous wallet address on OpenSea. The offer to buy the ENS domain went unanswered, however, and no transaction took place. This is despite the last sale of the domain name being five months ago for 33 Ether (ETH), worth around $100,000 at the of writing.

The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSea

It is unclear at the time of publication whether the owner simply was not informed of the offer, did not consider it to be near fair value or if the bidding and domain owner accounts were linked in an attempt to boost the price of the asset (in what is known as a wash trade). According to data from OpenSea, other bid offers for the ENS domain stand at just around $6,200 in USDC. The domain name is verified as official by ENS and is owned by anonymous OpenSea user 4761BF.

The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSea

ENS is a blockchain naming protocol that allows users to store avatars and profile images for use across devices and send or receive crypto and nonfungible tokens (NFTs). To sell a .eth domain on OpenSea, users would first need to connect their wallet and register an address at manager.ens.domains then list it on their OpenSea account.

While many crypto enthusiasts took up interesting or creative names for the ENS service, others have embarked on the practice of domain-flipping. That is, registering ENS domains containing names of prominent entities beforehand and then later demanding a high price for the domain should the said entity wishes to enter the Web3 space later on.

Since its inception in 2017, there have been over 1.67 million .eth domain registrations across approximately 482,000 owners. More than 154,100 registrations were made recently between July 5 to Monday, partly due to lower gas fees and continued interest from entities seeking to enter the Web3 space. To date, the ENS collection on OpenSea has witnessed approximately 46,200 ETH, or $71.5 million, in cumulative transaction volume.