Evolution of Web 3 in the Middle East:
Many developing countries have not yet adopted Web 2 to the same extent as more developed economies, and with the rapid development of Web 3, they won’t have to. Countries in the Middle East, for example, are beginning to transition directly into blockchain technology, much like how some countries skipped over Web 1 in favour of Web 2.
Web3 is built on blockchain technology and is a decentralized internet that restores user control over their data. Although the development of Web 3 in specific Middle Eastern countries has been sporadic, overall advancement in this area has occurred.
Web 3 And The Middle East
Web3 has become an umbrella term for the concept of a new and improved internet. At its core, Web3 uses blockchains, cryptocurrencies, and non-fungible tokens to return ownership to users. Several Middle Eastern nations have publicly stated their enthusiasm for Web 3.0, blockchain technology, and similar information and communications technology developments. Some of these nations are thus becoming increasingly important centres for some of the world’s most prominent blockchain platforms and industries. Their governments are taking unique approaches to embrace innovative moves. To do so, they are adopting a proactive stance toward blockchain technology and its related emerging markets, such as its integration with Web3, the Metaverse, and non-fungible tokens (NFTs).
For example, in contrast to the global crypto bear market, the Middle Eastern crypto market grew at the fastest rate from July 2021 to July 2022. This suggests that people and businesses in the region are enthusiastic about blockchain’s potential and are eager to take advantage of its benefits. As crypto and NFTs continue their meteoric rise to mainstream popularity that began only a few years ago, the Middle East is uniquely positioned to take the lead.
Recent research indicates that the UAE has emerged as a significant centre for Web 3.0 activity. Crypto Oasis Ecosystem, a Web 3.0 firm, recently researched decentralized networks and their associated initiatives and institutions. The report claims the United Arab Emirates (UAE) has the largest Web 3 economy. More than 1,450 Web 3.0 organizations are currently operational in the UAE, attracting a total of almost 7,000 participants. Reports identify UAE as the region with the highest expansion rate for Web 3 projects. The government’s dedication to the Web 3 ecosystem facilitates this shift.
In this way, Web 3 technologies can help societies develop into a truly global community because it introduces a borderless basis, disregarding divisions and nationalities. Adopting blockchain technology, for example, on a national level presents a unique opportunity for countries in the Middle East to establish themselves at the forefront of the Web 3.0 revolution. Without a doubt, they look forward to developing Web 3 opportunities in their native countries and are optimistic about the future.
Additional work is still required to provide an attractive ecosystem for Web 3.0 in the Middle East. Nevertheless, industries are making rapid progress to pave the way for the widespread adoption of these technologies and solutions.