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- 1 Confidence in Web3 is high among analysts while speculating about the technology.
- 2 Generative AI has simplified the work for everyone.
The world is witnessing the magic of multiple disruptive technologies in various fields where artificial intelligence (AI) is leading this magical troupe. New use cases and benefits of AI are being discovered increasingly. Meanwhile, another disruptive technology, Web3, which promises a decentralized internet where large corporations won’t control user data, has slowed down in terms of growth. There are even speculations of its death.
Artificial Intelligence is Advancing Rapidly
AI became the fastest-growing ‘disruptive technology’ with the advent of OpenAI’s ChatGPT. Over 100 Million users used the technology within just a couple of months of its launch. Now, tech giants including Google, Meta Platforms, Microsoft, and more have jumped into the race to exploit and develop artificial intelligence.
The Internet is getting increasingly integrated with AI, which is no surprise given that these tech giants control a vast amount of data hovering over the Web. Data is quintessential for the advancement of AI, and tech giants have more data than almost anyone.
The so-called ‘future of the Internet,’ Web3, is deemed as a decentralized Internet where people will have control over their data rather than these companies. Imagine asking the biggest companies to let go of all user data and stop collecting it…
Markets Show Discouraging Signs
While the above statements can be set aside as mere conjectures, markets tell a similar story, but with glaring facts.
Globally, Web3 market revenue is expected to reach $5.5 Billion by 2030, while AI is already miles ahead with over $200 Billion generated in 2023 alone. But the intersection of these two may produce some unexpected results uplifting the Web3 market alongside.
Inflow of investments in AI and Web 3.0 appears to be inversely proportional. Investments in Web3 plunged by 60 percent between 2022 and 2023 according to business information provider Crunchbase. While 38 unicorns poured money in Q1 2022, only 4 showed interest in Q4 2023. Is Web3 losing its appeal?
Startup-focused data aggregator DealRoom’s reports leave no doubt about who stole the show last year. Venture Capitalists poured $17.8 Billion, more than the amount invested in the prior years. Generative AI has simplified work for millions, from painting pictures to analyzing data for research, although perfection is yet to be reached in terms of quality of output.
In a joint study by The Alan Turing Institute and Ada Lovelace Institute a majority of respondents were positive about the technology. In health-related matters, nine out of ten individuals saw AI as an effective cancer-detecting technology, meanwhile, some also believe human dependency on AI for decision-making through such advancements will increase.
Web3 as an idea lags in terms of trust, which is ironic because as a technology it is dependent on trust. The perspectives are on the extreme ends of the spectrum. Some see it as a revolutionary technology while some even call it a scam!
Companies are hyperfocused on artificial intelligence while Web3 lurks in the dark. However, the Internet as we know it today had to go through a similar phase in its initial days.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
