Welcome Bonus: Sign Up & Get Up to $150 in BTC

Get Started

Chinese citizens are showing more interest in Web 3.0

Despite the Chinese government’s best effort to curtail interest in the crypto industry, new data has shown that interest of its citizens in the space continue to spike.

Chinese citizens are showing more interest in Web 3.0

Photo by Jimmy Chan from Pexels

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Over the past few years, the Chinese government declared a full-fledged war on the crypto industry, barring its citizens from carrying out either trading activities or mining digital assets. 

While this action has led to the demise of many crypto-related firms in the country, interest in the industry appears unaffected as a recent tweet from a foremost Chinese crypto reporter has revealed that interest in Web 3 is surging.

Chinese are interested in Web 3.0

According to Colin Wu, search interest for “web3/web3.0” has surged recently largely thanks to interest from Asian powerhouses like China, South Korea and Singapore. He continued that data from Baidu, a foremost Chinese search engine, also corroborates the above.

In recent days, interest in Web 3 and the Metaverse has spiraled largely due to Facebook’s rebranding to Meta plus the sudden resignation of Twitter’s Jack Dorsey in order to focus on blockchain technology.

All of this has had a positive effect on NFT/Metaverse-related projects which were the only digital assets that were performing well despite the market-wide correction.

Jonathan G. Blanco, Founder & CEO at NiftMint told CryptoSlate:

“Breaking into the Chinese market for Brands is an incredibly difficult task with their physical products and services, but NFTs and Web3 dramatically reduces this friction. With 15 percent of China being GenZ, more than 210 million people, the opportunities for digital goods in a mobile-first environment are unlike any other. In 2022 you will see massive brands entering China with NFTs and Web3, and these brands will gain an advantage with their physical products as well.”

In essence, despite the Chinese government’s best efforts to rein in interest in the crypto space, available data has now proven that while governments can try to regulate or curtail exposure of their citizens to the space, interest in the sector is only going to keep rising regardless of their intentions.

What is Web 3.0?

Web 3.0 is widely regarded as the future of the inherent. According to experts, it is set to be a huge paradigm shift as it is built on decentralization, greater user freedom and openness.

Many have argued that the Web 3.0 would be where activities carried out in the real world could also be replayed in the virtual world i.e. users will be able to collaborate and interact like they ordinarily would do in the real world.

To make all of this possible, Web 3.0 would be dependent on blockchain technology which would also bring the burgeoning crypto field into the space thereby allowing the nascent industry to make a more profound impact than it is presently doing.

Posted In: , Adoption