Web3 Adoption: Impact on Digital Industries

Abstract

Background in today’s digital age, the Web2 centralized model still dominates, presenting significant access, control, and innovation challenges. Web3, with its decentralized principles built on blockchain technology, offers a method to transition to a more open and innovative system, reducing dependence on large service providers and giving greater control to users. The objective of this research is to explore the impact of Web3 on digital industries, focusing on the financial sector through Decentralized Finance (DeFi), digital asset markets through Non-Fungible Tokens (NFTs), and the gaming industry. Using a qualitative method involving an extensive literature review, phenomenological analysis of current data, and in-depth interviews with Web3 industry experts, the results reveal that Web3 adoption significantly impacts the digital industry by improving operations and security, facilitating innovation, and expanding access and capabilities in the global market. The main conclusion of this research is that it provides valuable insights into the impact of Web3 technologies on the digital industry and suggests policy formation to support the expansion of these technologies for a more inclusive digital future.