The Web3 market has been predicted to reach a staggering figure of about $80 billion by the end of 2030. According to a report submitted by Emergen Research, the market’s potential is expected to grow so well to that point in the coming years. However, the report claims that the market still has more issues to tackle before this happens. Some of the issues highlighted in the report include security and interoperability, among other issues touched on by the market analysts interviewed.
The Web3 market needs interoperability
Interoperability has been the most pressing issue even in the Web2 market, as networks are still looking for ways to help blockchains communicate with each other effectively. According to an executive at Moonbeam, eliminating complex infrastructure while enabling working communication is a way to build a very successful Web3 market.
However, an executive at Immutable thinks that promoting interoperability could bring in a challenge that has to do with security. He mentioned that if the web3 market is built with more than one link, it could witness a breakdown in at least one of them. The executive argues that once this happens, it could open an avenue between blockchains that malicious actors in the market could exploit.
Market participants believe security is a short-term issue
The report also claims that there have been measures have been taken in the Web3 space to ensure that there is optimum security. There have also been some solutions that have been invented across the market to ensure that interoperability is effective. The functionality has also been introduced to address many of these problems in the crypto sector. In the NFT sector, marketplaces hosting digital pieces across different chains can sell them without the users moving the digital arts.
In the DeFi sector, users will be allowed to crest a liquidity pool consisting of more than one digital asset. The gaming sector of the Web3 ecosystem could also use interoperability to achieve several in-game developments. Some games allow users to use one character to play two or three games across different platforms. An executive also mentioned that although security has been fingered as a much-needed issue that needs solving, interoperability could also be looked into. He believes it could help more chains carry out lesser activities easily.