By Nathan Ferguson
Throughout some recent years, the authorities of China consistently waged a war against the industry of cryptocurrency, blocking the residents from doing both the mining as well as trade-related operations for the digital assets. Though this move has resulted in the downfall of several crypto-related organizations throughout the country, the attention grasped by the respective industry is impressive as disclosed by the prominent reporter of crypto in China stating that a substantial upsurge is being witnessed in the matter of Web 3.
A mounting interest of Chinese in Web 3.0
As per Colin Wu, the pursuit for Web 3 has been escalating at a large scale because of the Asian sources of power such as Singapore, South Korea, and China. He added that the stats shared by Baidu – a well-known search engine in China – additionally agree with this ratio of interest and the chief name in respect is that of China.
In the previous days, the Metaverse, as well as Web 3-related interest, has been witnessed partially because of the rebranding of the social media venue named Meta (which was formerly known as Facebook) and the abrupt exit of Jack Dorsey from Twitter for concentration on the technology of blockchain.
All the above-mentioned factors have put an optimistic impact on the projects related to Metaverse and NFTs (being the sole digital assets to have operated well irrespective of the correction experienced by the entire market of the asset class.
At heart, notwithstanding the Chinese authorities’ best endeavors to minimize the interest in the world of cryptocurrency, it is now evident from the present data that even though the governments are struggling hard for the regulation or restriction of the residents against having exposure to the crypto world, their interest is just enhancing.
Web 3.0; a newly emerging field
The concept of Web 3.0 deals with the future of crypto as well as the digital finance industry. As per the experts, the respective field is aimed to bring about a massive shift in paradigm because it is based on openness, more consumer freedom, as well as decentralization.
Several people have pointed out that it would provide a place where there would a possibility to replay the real world-based operations in the digital world. To bring this to reality, blockchain technology would be utilized by Web 3.0 and subsequently, the asset industry will be permitted to create a relatively great impact.