In the fast-paced world of technology, a new wave of innovation is reshaping the startup landscape – Web3 startups. Born from the revolutionary concept of Web3, these startups are the ones still holding on to and expanding the limits of web3 technologies.
In this article, we embark on a journey of the most amazing web3 startups to look out for in 2023. Although, these startups are located in different locations around the world, they are still pushing the limits of the basics we know about web3.
We’ll also delve into the challenges these startups face and the strategies that pave the way for success. Here’s a list of the best 8 web3 startups according to Dipprofit.
- Xterio
- LooksRare
- Edverse
- ZenGo
- Rarible Inc.
- ZYBER 365
- BlockFi
- StormX
See also: The Truth On How Web3 Companies Make Money
Xterio
Xterio is a web3 startup that focuses on creating cross-platform multiplayer games with deep and rich gaming experiences.
As a web3 powered company, they use web3 technologies to incorporate player ownership into their games. Xterio believes that players should have ownership rights over the in-game assets they acquire, similar to physical goods in the real world.
They have a team all around the world, and their games can be played on different devices. The web3 company’s goal is to create enjoyable gaming experiences for everyone, without requiring expensive NFT purchases, and to build an ecosystem that offers real value to players.
Check out their Discord community and follow them on Twitter to be the first to know about their incredible creations.
LooksRare
LooksRare is an NFT marketplace that has been dominating the NFT industry since 2021. It has always been promoted as a community-focused marketplace which in turn has resulted to its rise in daily trading volume exceeding over $394 million.
The web3 startup’s NFT marketplace is built on Ethereum allowing it to place a fee of 0.5% on all NFT sales.
With its other features mainly built to challenge the likes of Opensea, it rewards traders with trading rewards, protocol rewards and royalties based on trading volume.
Visit their website at LooksRare and also check out their social media pages to get more information about their LooksRewards.
Edverse
In the realm of education, Edverse is an indian web3 startup leading a transformative charge by revolutionizing the learning experience through the power of the metaverse. Their groundbreaking platform stands as the pinnacle of virtual education, forging a path toward the creation of an expansive “education metaverse.”
They offer immersive virtual environments that foster deep interactions within closed dynamic spaces where learners find comprehensive opportunities for growth, from teamwork and onboarding to training and development.
Since their launch in 2022, they have secured over $700,000 in seed funding, backed by prestigious venture capital firms.
To see more about Edverse, find them at Edverse.com.
ZenGo Wallet
ZenGo Wallet is a mobile cryptocurrency wallet created by an Isreali-based web3 startup in 2017. It offers a unique approach to security and ease of use. It distinguishes itself from traditional wallets by using threshold signatures instead of private keys and seed phrases.
The ZenGo wallet app offers a streamlined user interface that is easy to understand, making it suitable for both experienced crypto users and newcomers to the web3 space.
It doesn’t require users to write down a seed phrase, as it uses encryption shared is stored on your device and their servers, allowing the wallet to be unlocked and used with just a few authentications such as facial recognition on enabled devices.
See also: Discover the 12 Best Web3 Wallet for Seamless and Secure Transactions
Rarible Inc.
Raribe Inc. is a web3 startup and also one of the creators of a well known Ethereum NFT marketplace. It is a B2C focused web3 startup focused on offering blockchain based art and digital collectibles as NFTs to investors and creators alike.
The company was founded in 2020 and is based in Wilmington, Delaware.
ZYBER 365
ZYBER 365 was established in May 2023 by Pearl Kapur, an Indian-origin entrepreneur serving as the founder and CEO, along with Sunny Vaghela, who is the co-founder and CPO. This startup brings together the realms of web3, AI, and cybersecurity, with a specific focus on Globalization 3.0 and Sustainability.
Headquartered in London, UK, ZYBER 365 operates with a base in India with a vision to leverage cutting-edge technologies and a sustainable approach to address the challenges of the modern digital landscape.
In a recent Series A funding earlier this month, they secured about $100 million in Series A funding from a UK-based Group.
See more about the company by visiting their website at Zyber 365
BlockFi
Another web3 startup founded in 2017 by Zac Prince and Flori Marquez, BlockFi was created to provide credit services to markets with limited access to simple financial products.
BlockFi sets itself apart from other crypto service providers by pairing competitive rates with institutional-quality benefits. BlockFi is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi, and Coinbase Ventures.
The team consists of professionals with a deep bench of expertise across financial services and technology with offices in New York, New Jersey, Singapore, Poland, and Argentina.
StormX
StormX is a revolutionary app and Chrome extension that allows users to earn crypto in a multitude of ways. So whether you are shopping, completing tasks or staking your existing $STMX, you earn crypto every step of the way.
StormX is mainly for users and traders who like to earn smaller amounts of crypto passively while also trading and earning crypto on other platforms. It is great for 9-5 workers, freelancers and other small scale workers.
See also: 5 Easy ways To Earn From the Cryptocurrency Market without Risk
Challenges Faced by Web3 Startups
Despite the immense promise of Web3 startups, they are not without challenges. As with any nascent technology, there are obstacles that need to be overcome to realize the full potential of the decentralized future.
Regulatory Uncertainty
The regulatory landscape surrounding cryptocurrencies and blockchain technology is still evolving, creating uncertainty for Web3 startups. Ambiguous regulations can hinder innovation and create barriers to entry for new players in the market.
Scalability Issues
Blockchain networks, particularly those of major cryptocurrencies like Bitcoin and Ethereum, face scalability challenges that result in slow transaction times and high fees. Startups must find innovative solutions to ensure their platforms can handle large-scale adoption.
User Education and Adoption
For Web3 startups to succeed, they need to educate users about the benefits and functionalities of decentralized platforms. Many potential users may not be familiar with blockchain technology, which can be a barrier to adoption.
The Future of Web3 Startups: Predictions and Speculations
- Integration with IoT and AIThe convergence of Web3 with the Internet of Things (IoT) and Artificial Intelligence (AI) is expected to unlock new possibilities, such as autonomous decentralized systems and smart contracts interacting with real-world data.
- Web3 and the MetaverseThe concept of the metaverse, a virtual shared space, is gaining momentum, and Web3 startups are expected to play a vital role in its development. The metaverse can offer immersive experiences and new business opportunities.
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