Every smart company keeps tabs on the new trends in its industry and sets up modalities to innovate and adapt to changes. This is the current reality of the internet space, and as a result, some top companies that dominated web2, are beginning to transition into becoming web3 companies.

Though in its infancy, web3 holds plenty of promises for the future. Hence, it seems like any company that doesn’t align with this moving train may suffer extinction in the near future. On a global scale, also, many talents are positioning themselves to get jobs in this futuristic space.

They do this by educating themselves about blockchain and cryptocurrency technology, and by acquiring different technical skills demanded in the industry.

What Is a Web3 Company?

There isn’t yet a consensus definition of a web3 company. However, the basic element that makes a web3 company is a focus on solving web2 problems. Hence, for a company to belong in this space, it must have these attributes:

• Open-source and focused on decentralization.
• At the point of registration, they place emphasis on connecting your crypto wallet instead of personal data because they don’t own data like web2.
• Transactions are trustless and do not require intermediaries like banks and government agencies.
• Their core offering includes web3 products like cryptocurrencies, NFTs, Machine learning, and artificial intelligence.

Why Are Companies in Web3 Growing so Fast?

In truth, some blockchain companies started building their framework and applications for web3, four or five years ago. However, web3 became a buzzword only in 2022 and the later parts of 2021. With its current growth pace, it is estimated that this blockchain technology sector will be worth over 6 Trillion Dollars by 2023.

According to Electric Capital, 34,000 new developers joined this open-source internet space in 2021. Apart from talent growth, new users are trooping into the space to position themselves as early adopters.

Several factors are driving the growth of web3 tech companies. They include increased demand for artificial intelligence, virtual and augmented reality, and the increased security and privacy that comes with it.

Web3 Companies You Should Know About

While many companies are transitioning into the crypto space, there are a few companies that are doing notable things that you should know about. These top web3 companies are pacesetters disrupting the crypto space, building web3 solutions, and leading the path while others follow. They include:

OpenSea

Founded in 2017, OpenSea is the world’s foremost and most popular NFT marketplace. The company is based in New York and provides an avenue for users to perform trustless peer-to-peer sales and purchases of digital arts, gaming items, domain names, and other blockchain-powered non-fungible tokens and collectibles.

OpenSea serves as a repository for millions of NFTs, so it is largely considered to be the Amazon of web3. Since inception, they have raised over $300 million in venture capital, and have hosted transactions worth over $10,000. The company is currently valued at $13.3 billion, making it the most valuable NFT marketplace and one of the best web3 companies to invest in.

Spatial

Spatial provides tools for brands to build their own virtual stores on the metaverse. It was founded in 2016, and comprises a team of 3D designers and Virtual and augmented reality experts dedicated to building eye-catching spaces where brands can display the 3D renderings of their molds, pottery, sculptures, paintings, and other offerings to prospective clients.

The company has raised over $47 million in venture capital and has attracted investors like Instagram co-founder Mike Krieger, Leaders Fund, Novia Capital, White Star Capital, and many other top investors in the tech space.

Okcoin

OkCoin is one of the best tech companies building the future of finance on the blockchain and is worth mentioning on this list. This fast-growing cryptocurrency exchange facilitates the seamless trading of crypto coins and tokens. This San Francisco-based web3 startup was founded in 2013. They have since hosted two funding rounds in which they raised $10 million.

ConsenSys

ConsenSys is a leading Ethereum-powered web3 startup that provides tools for developers to build next-generation applications and other open-source infrastructure on the Ethereum blockchain. Some products in their portfolio include MetaMask, Quorum, Infura, Truffle, and Diligence. With millions of users depending on them, these tools have solved billions of blockchain queries.

Founded by Joseph Lubin in 2014, ConsenSys is based in New York City and has raised $725 million in venture capital. The company is currently valued at $7 billion.

Autograph

Autograph is a top tech startup dedicated to creating NFT collections of popular names, brands, and moments in the sporting, entertainment, and general pop culture scene.

This web3 startup was founded in 2021 by American football quarterback Tom Brady, alongside co-founders Josh Payne and Dillon Rosenblatt. The company is based in Los Angeles. It has raised $205 million in funding rounds.

NEAR Protocol

NEAR is a decentralized development platform that uses a Proof-of-Stake (PoS) consensus mechanism and will eventually feature a sharded architecture to scale transaction throughput.

Early in 2017, Illia Polosukhin and Alexander Skidanov launched NEAR.ai. Its mainnet launched in April 2020, and in October 2020, network validators opted to permit token transfers.

Over the course of 8 rounds, NEAR Protocol has successfully raised $533.7M in investment.

Benefits of Working in Web3

Every smart talent considers the future of their industry and positions themselves to remain relevant and in demand. This is why developers and other tech talents are acquiring knowledge of cryptography and blockchain development because their demand will skyrocket in the near future.

Other benefits of working in web3 include:

• Web3 allows every creator to upload and have proprietary rights over their products, and also earn from them.
• You can earn a living from playing games like Axie Infinity and other play-to-earn games.
• You can also earn from learning about products on the blockchain, and getting on board as a user.

What Is the Future of Web3 Companies?

Currently, web3 is penetrating almost all sectors of the world economy. Blockchain and smart contracts will prove useful in several conventional processes, and soon, traditional banks will take a back seat if they don’t transition into this decentralized space.

As more web2 companies make the inevitable transition, and more users come onboard, experts predict that this blockchain-powered webspace will be worth six trillion dollars by 2023.

With increased privacy, more opportunities to earn, decentralized data, and trustless transactions, web3 will most likely crush web2 in the nearest future. Early adopters will be the biggest beneficiaries of the oncoming windfall.

Conclusion

Web3 companies are decentralized crypto-powered companies that build products on the blockchain. Web3 market cap has skyrocketed recently as investors flood into the space to become a part of this disruptive industry.

Web3 companies also hold lots of promise for top talents. If you have the right skills, you can easily land yourself a good job in web3 companies through our Match Me service, where we connect skilled talents to their dream job.