Race to Nest Web 3 - the Next $100 Billion Market
How cities are competing to become the new home for Web 3 Projects
TL;DR
The global race to become the hub for the emerging Web 3.0 market, estimated to be worth $102 billion by 2027, is heating up.
Countries and cities like Singapore, Lithuania, the UK, Ireland, Abu Dhabi, Dubai, and Hong Kong are enticing businesses with 1/favorable regulations, 2/reduced corporate taxes, and 2/easy licensing procedures.
In contrast, traditional tech leaders such as the US and Europe are showing hesitation, with policies that seem less accommodating.
The next phase of the internet, known as Web 3.0, is on an unexpected journey. Companies in this growing area are moving away from traditional tech centers like Silicon Valley. Instead, they're finding their way to places with rules that are easier for them to follow, or at least places where leaders are eager to welcome the next wave of Web 3.0.
In the past, the US, Europe, and some parts of East Asia were the main hubs of tech invention. However, as Web 3.0 emerges, these leading nations are showing signs of resistance. For example, the US is trying to squeeze this new and innovative technology into old financial rules that are a hundred years old. Europe, on the other hand, is making it hard for businesses that work with digital money, by creating hurdles when they try to open bank accounts.
This is why cities like Abu Dhabi, Dubai, and Hong Kong, as well as countries like Singapore, Lithuania, the UK, and Ireland, are stepping forward. These places are hoping to draw in Web 3.0 businesses and get a piece of a market that could be worth $102 billion by 2027. They're offering a mix of incentives to these businesses, such as 1) lower taxes for companies, 2) simpler steps to open bank accounts, and 3) licenses to work with digital money that are as good as those for local companies.
However, some critics are not convinced. They compare these moves to old strategies companies used to skip out on paying taxes, hinting that these businesses should "do as the Romans do" when in Rome. But this comparison isn't really fair. Many Web 3.0 companies have a goal that looks beyond just the next few months. They expect their products to be used by a lot of people over the next ten years. They know where they want to end up, but the road to get there isn't clearly marked yet.
The regions that are making space for these companies, like Dubai, Abu Dhabi, Hong Kong, Singapore, Lithuania, and Ireland, are making a smart choice. They're getting ready for the future of technology. Even though the path forward isn't clear, one thing is obvious: the race for the future of the internet has begun.