When it comes to economic growth, technology is one of the primary drivers of this.
Over time, as things advance, we see output increasing. This is often coupled with an growing population, so much of it is out of necessity. However, when it comes to the overall, we see the pace of this outpaced.
It is due to technology.
At present, we are sitting in the greatest technological period in human history. Of course, the same could be said about 20 years ago. It is also likely that the statement will be true for the era 20 years from now.
Web 3.0 is crucial in the discussion of where things are going. It is centerpiece of human advancement and the next "industrial revolution" that we are going to see.
Web 3.0 Will Grow The Pie To Absurd Levels
Before delving into this, we have to define Web 3.0.
For the sake of this article, we will operate with the premise there is a difference between Web3 and Web 3.0. The former is what Gavin Wood described as blockchain and cryptocurrency. This is a part of Web 3.0.
In contrast, Web 3.0 is much broader and includes:
- AI and robotics
- renewable energy (maybe fusion)
- mixed reality
- blockchain and crypto
- advanced computing (perhaps quantum)
- 3-D printing
- advancements in the material sciences
Basically, Web 3.0 encompasses everything that goes into the advancement of economic output.
Each of these are advancing at their own pace. Where the true power enters is when some of them converge. This was behind the "smartphone explosion". That was not really new technology as much as the convergence of many technologies combined.
Web 3.0 is going to do the same thing but on a much larger scale.
Rapid Change
In the grand scheme of things, 20 years is not a long time. For those younger, it might seem like a lifetime, especially if you are in your twenties since it effectively is. However, for those with a few years behind them, we realize how quick it goes.
Here are a few charts depicting how things can change.
Does anyone remember that, 5 years ago, remote work was not really part of our language? A couple decades ago, Blockbuster Video was still a powerhouse in the video world. In fact, it only filed for bankruptcy in 2010. Streaming was still not even a legitimate service at that point.
The point being is Web 3.0 is going to sneak up on people. Before the convergence, we are going to see advancement in many of these areas, including blockchain, that astounds people.
While humans are slow to embrace technology, we are getting better at it.
Take a look at some recent applications and the time it took to embrace.
We can ignore Facebook Threads since every Instagram account was basically signed up. However, the growth of the other areas is telling. According to Gemini, there are 1.4 billion users globally of chatbots.
In dealing with the information economy, this is truly a game changer.
Digital Platforms Everywhere
For the moment, the Internet is dominated by a handful of networks. These are the mega corporations we all know. They generate huge amounts of value simply by capturing the different network effects that exist.
It is why we have witnessed a "winner take most" phenomenon.
Web 3.0 is likely to change that.
I see a mixed future arising. On one had, we have powerful corporations building some large scale operations. This is not going to step. At the same time, we have a decentralization of many facets of the list above.
So how is this all going to unfold.
To me, it all comes back to information. A great deal of our economy is tied to this, most of which operates in the digital world. This is the first section that will be disrupted, especially as blockchains get more information on them. The next phase of that progress will be to build out services.
Another major component is going to be the bridges between the digital and physical world. While more is going digital, we still have the existence in the physical. Here is where things such as robotics enter. It is uniting bits with atoms.
In the early stages, this will require the mega corporations. That said, over time, this will expand further out, especially when we consider the impact of open source.
At the core of this is semiconductors. It is the basic component that drives everything. Here is the forecast for growth, which I take as to be the general trend of Web 3.0.
This is in line with the trend of the past. In 2016, global sales were $334B, moving up to $433B by 2020. The estimate is that, by 2032, we are looking at $1.8 trillion. That is roughly 3 times where we are now.
Here we are looking at the core. On top of this are all the digital platforms that people are going to build. As we see the different technologies advance, the services offered on different networks will explode. The abundance of networks is going to expand the growth rate at the base level.
In Conclusion
The next decade will see the entire economic pie growing.
While Web3 is in the early stages, this could potentially offer a completely new business structure that alters how we distribute the economic productivity throughout the world.
It is something that most are not involved with. This is also something that goes far beyond cryptocurrency and green candles. This is a fundamental shift in the ownership model society operates under.
This is why I say the Internet is valued in trillions; Web 3.0 is going to be quadrillions.