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The metaverse and web3 are inextricably linked. Although theoretically distinct, web3 and the metaverse are mutually dependent. Their relationship is symbiotic due to the overlap in technology. This article delves into what the web3 era entails and what web3 companies are. In addition, we will highlight ten of the world’s top web3 companies in 2022.
What is Web3?
Web3, also referred to as Web 3.0, is the new direction of the World Wide Web (www). Decentralization is a key concept in this context. Token-based economics (cryptocurrencies) and blockchain protocols are also emerging technologies.
To truly understand Web3, you must first understand its predecessors, Web 1.0 and Web 2.0.
What is a Web3 Company?
One of the key differences between a tech company (Web 2.0) and a Web3 company is that the company’s commercial goals align with a number of factors. These include a complete focus on decentralization, total ownership of the product/technology, and the scope of the technology leveraged, such as blockchain-related, AI, ML, and/or IoT.
Top 10 Emerging Web3 Companies
But keep in mind that the 10 companies represented are just the tip of the growing iceberg, and as Web3 grows, so will the Web3 companies that comprise the Web3 ecosystem.
ConsenSys is the leading Ethereum software company, enabling developers, businesses, and individuals around the world to create next-generation applications, launch modern financial infrastructure, and access the decentralized web.
Its product suite, which includes Infura, Quorum, Truffle, Codefi, MetaMask, and Diligence, serves millions of users, handles billions of dollars in digital assets for its clients, and has handled billions of dollars in digital assets.
ConsenSys was founded in 2014 by Joseph Lubin in Brooklyn, New York City. The company is now valued at $7 billion, having raised a total of $725 million in funding over five rounds, the most recent of which was a $450 million Series D funding round in March of this year.
Blockchain.com, one of the most well-known names on the list, is known as the world’s most popular crypto wallet and is on a mission to revolutionize the $14 trillion financial services industry.
Blockchain was founded in 2011 by Benjamin Reeves, Nicolas Cary, and Peter Smith in York, UK, but is now headquartered in Luxembourg.
Blockchain.com has received $490 million in funding over seven rounds from leading investors such as Lightspeed Venture Partners and Google Ventures. The company was valued at $5.2 billion in 2021.
Okcoin, which has its headquarters in San Francisco, California, as well as offices in Malta, Hong Kong, Singapore, Japan, and Korea, is one of the world’s largest and fastest growing cryptocurrency exchanges, assisting millions of people every day in buying and selling Bitcoin, Ethereum, miamicoin, and many other crypto assets.
It is also constructing an inclusive financial future, one that provides new opportunities for everyone to learn financial literacy, store value, and build wealth.
Okcoin, founded in 2013 by Star Xu, has raised a total of $10 million in funding over two rounds in the nine years since its inception.
4. Project Galaxy
Bullet Labs founded Project Galaxy in San Mateo, California, and it is the world’s largest Web3 credential data network. Project Galaxy, built on open and collaborative infrastructure, assists developers and organizations in leveraging digital credential data to build better Web3 products and communities.
Project Galaxy, founded in 2021 by Charles Wayn, Harry Zhang, and Xinlu C., has raised approximately $10 million in funding.
Anand Agarawala and Jinha Lee founded Spatial in 2016 with funding from iNovia Capital, White Star Capital, Expa (founded by Garrett Camp), Kakao Ventures, Lerer Hippeau, Leaders Fund, Samsung NEXT, and angels including Mark Pincus (Founder of Zynga), Andy Hertzfeld (Co-Inventor of the Macintosh), and Mike Krieger (Co-Founder of Instagram).
Spatial, comprised of a passionate team of 3D Design and AR/VR experts based in New York and San Francisco, is committed to assisting creators and brands in creating their own spaces in the Metaverse to share culture by empowering its users to leverage their beautiful spaces to share eye-popping content, build a close-knit community, and drive meaningful sales of their creative works and products.
It also enables its users to design beautiful and functional 3D spaces, which they can mint as NFTs and sell/rent to others looking to host mind-blowing experiences.
Spatial has raised $47.3 million in funding over five rounds to date.
6. NFTY Labs
NFTY Labs, headquartered in Miami, Florida, was founded with the goal of developing community-based tools to foster the newly discovered growth within token ecosystems. NFTY Labs was founded with the goal of enabling cross-chain NFT standards and practices while developing newfound standards and technology for NFTs.
NFTY Labs will help spearhead the tech created for these new NFT ecosystems to ensure their success as NFTs continue to change the landscape within the upcoming digital economy.
NFYT Labs was founded in 2020 by four co-founders: James Lawrence, Ty Blackard, Kevin Caffery, and Johnathan Ballinger.
BitGo is a startup based in Palo Alto, California that was founded in 2013 by Ben Davenport, Michael Belshe, and Will O’Brien. It provides institutional investors and crypto platforms with liquidity, custody, and security in addition to digital asset and financial services.
The launch of BitGo Prime, the first and only deeply integrated, full-stack solution with custody, trading, and lending, in 2020, marked a new milestone for the company. The company now manages activities across wallets, exchanges, and service providers with the launch of BitGo Portfolio and BitGo Tax.
It launched BitGo Trust Company in 2018, the first qualified custodian designed specifically for storing digital assets. BitGo handles more than 20% of all Bitcoin transactions globally and supports over 250 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges as well as qualified custodial entities in Switzerland and Germany.
In May 2021, Galaxy Digital paid $1.2 billion for BitGo. BitGo had raised a total of $69.5 million in funding over seven rounds prior to the acquisition, with investors including Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
Immutable X, the first scaling solution for NFTs that does not jeopardize the security or decentralization of the world’s leading public blockchain, Ethereum, is scaling the world’s digital assets.
Immutable, a Sydney, Australia-based startup founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly, is powering the next generation of Web3 games.
Immutable has received $279.8 million in funding over five rounds, valuing the Animoca-backed startup at $3.5 billion as of March 2022.
Braintrust is the world’s first decentralized Web3 talent network, connecting skilled, vetted knowledge workers with leading corporations. The people who use Braintrust to find work are the same people who own and build it, ensuring that the network always serves the needs of its users rather than a centralized corporation. And, because the community of knowledge workers and contributors earns ownership and control of Braintrust via its native BTRST token in exchange for their contributions to the network and its growth, new Talent and jobs have joined the network at breakneck speed.
Braintrust has over 700,000 community members worldwide, including knowledge workers and project contributors. Hundreds of Fortune 1000 companies, including Nestlé, Porsche, Atlassian, Goldman Sachs, and Nike, rely on Braintrust.
Adam Jackson, Gabriel Luna-Ostaseski, and Brian Flynn founded Braintrust in 2018 in San Francisco, California. To date, the company has raised a total of $123.5 million in funding over six rounds and has a market cap of around $200 million as of July 2022.
Devin Finzer and Alex Atallahis founded OpenSea, the first and largest peer-to-peer marketplace for NFTs, in 2017. Collectibles, gaming items, domain names, digital art, and many other items backed by a blockchain are examples of NFT applications.
OpenSea is an open, inclusive Web3 platform where people can learn about NFTs and connect with others to buy and sell NFTs. YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital have invested in the OpenSea team, which comes from Stanford, Pinterest, and Google.
OpenSea was valued at $13.3 billion in January 2022, after raising $427 million in outside funding since its inception.
The twenty-five Web3 companies included in the list are part of the future, one where we will observe a sea change in attitudes to how business is done, both in terms of the product/service and how the customer interacts with the product/service.
As more legacy companies shift to a Web3 state of mind, and the number of Web3 startups grows, a pattern will emerge, one where the old world, that of Web 2.0, will slowly disappear, being replaced by the new order — the twenty-five Web3 companies mentioned in this post are some of the earliest.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.