Web3: the foundation of the metaverse's future

Written by Dr Jane Thomason

Imagine a world where decentralised technologies are powered by virtual experiences, creating a new economy driven by blockchain technology. This is the promise of the open Web3 metaverse, a transformative force set to impact multiple sectors, from gaming to healthcare to tourism and many more business sectors.

Gaming: beyond play

Web3 gaming isn't just about entertainment, building communities and fostering social integration. With the market projected to reach $200 billion, Web3 gaming is booming, as seen in the 2,000% increase in activity from 2021 to 2022. Blockchain game transactions hit $5.41 billion in 2022, with a projected CAGR of 68.9%​, and are expected to be worth more than $1 billion by 2032​. This month, Sandbox raised $20M in convertible debt at a $1B valuation for Sandbox Metaverse. Play to Earn (P2E) games gained traction during the pandemic but often fell short due to unsustainable models. In contrast, Play and Earn (PAE) games, such as Illuvium and Guild of Guardians,…