The world’s largest companies are getting on board with Web 3.0

The world’s largest companies are getting on board with Web 3.0

The world’s largest companies are getting on board with Web 3.0

Just because the crypto markets are taking a break doesn’t mean the blockchain revolution is over. While the NFT craze might be winding down, the Web 3.0 narrative is gaining traction as the world’s biggest companies explore new opportunities in this exciting frontier.

First up is ConsenSys, which has just raised $450 million from SoftBank, ParaFi Capital, and Microsoft. This new funding round has doubled the company’s valuation to $7 billion, making it one of the world's largest Web 3.0 service providers.

For those unfamiliar with the name, ConsenSys is the company behind the wildly popular MetaMask wallet. Metamask is a key piece of architecture in the Ethereum ecosystem, and is a mandatory plugin for many of the most popular DeFi applications. Despite the bearish price action of late, MetaMask had 30 million active users in January, an increase of 42% from just a few months ago.

The fact that a major software company like Microsoft has invested in ConsenSys proves that the Web 3.0 narrative has some serious weight, and the industry giants are paying attention.

In other news, Spotify is also getting involved in the rapidly expanding blockchain ecosystem. The company recently posted two job openings, including a position for a senior backend engineer who is familiar with Web 3.0, and a senior manager who will run a market intelligence team dedicated to Web 3.0.

Despite the job postings, it’s not clear how Spotify intends to merge its music streaming service with the blockchain-powered Web 3.0. Maybe Spotify artists could release limited edition songs as NFTs, or other kinds of artwork available on OpenSea and other decentralized exchanges.

But also, maybe Audius has beaten them to it, and are now the market leaders for music streaming on the blockchain? The platform has boasted up to 6.1 million unique users per month, and currently have 327 million AUDIO tokens locked up on the protocol.

Audius homepage

To wrap things up, Mark Zuckerburg has confirmed that Instagram will integrate NFTs into its platform. Zuckerburg has said that Instagram’s 1 billion users will be able to mint their own NFTs right through the app. Essentially Instagram would abstract away all the technical details and make it easy for anyone to create their own non-fungible tokens. That’s a big step towards mass adoption, and we’re looking forward to seeing NFT support rolled out later this year.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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