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“The future is already here – it’s just not very evenly distributed.” - William Gibson
Web3, the latest phase of the internet, is a relatively new concept, still in its early stages. At the same time, we already have legions of crypto natives and DeFi degens years into their own web3 niches. Gibson’s famous quote once again neatly applies to this brave new emerging world.
Web3’s total global market size stands already at $2.25 billion. According to analysis from Grand View Research, it is expected to expand at a rapid compound annual growth rate of 47.1%.
Web3’s appeal lies in delivering to users more control and ownership of their data and digital assets, a decentralised internet built on the blockchain. Crypto and blockchain have already enabled the rapid development of new digital assets, profoundly impacting the financial sector, and sparking the inexorable rise of decentralised finance (DeFi). The same ethic and underlying technologies now threaten to transform the whole internet.
While there are myriad web3-related projects, there is no single organisation or standard that defines what web3 is or how it should be implemented. But it’s clear that it presents a fresh new array of opportunities for those with the vision and understanding to capitalise.
Hence the emergence of web3 consultancies. These companies are leveraging their prior experience with all the components of web3 - blockchain, smart contracts, cryptocurrencies, decentralised finance, and so on - to help established organisations and startups get ahead of the curve and thrive in this next phase.
Web3’s infrastructure comprises various components across four main layers which work together to create a seamless user experience. At its foundation is the protocol layer of blockchains, atop of which is a layer comprised of interoperable building blocks which can be combined to create applications. On top of these first two layers is the use case layer (eg. gaming, content, financial services), topped by an access layer for users (eg. browsers, crypto exchanges/wallets, and even established web2 social media like Twitter).
Web3 consultants aim to help established organisations access this new space, develop new business models, navigate legalities, and can also help them adopt and develop new technologies tailored to their needs. Some consultancies also act as incubators for promising startups that have been conceived specifically for making the most of a web3 world.
A company covering both advisory and incubation services is Blocklogica. Arriving in 2022, its team of seasoned advisors already have years of experience working in the space with the likes of Polygon, Balancer and Bankless DAO. The company’s incubator, GrowLab, leverages this experience to shape the success of selected web3 startups. Under their tutelage, the company aims also to guide promising professionals into tomorrow’s web3 leaders.
Aiming at offering something different from other incubators, GrowLab is geared toward being other than an off-the-peg incubation plan or package of services, but rather a supportive and nurturing program. The consultancy side of the business likewise offers a customisable approach for aiding established businesses to enter the web3 space, with technical consulting; dApp, DeFi and DAO strategy; legal, marketing, pitch deck, and other kinds of professional advisory; technical help, dApp and DAO strategy, legal advisory, marketing, DeFi strategy and implementation, and so on.
Blocklogica also offers fundraising services; its advisor team cumulatively has already raised over $150 million for web3 projects prior to joining the company. Securing funding from top-tier venture capital firms makes all the difference, and VC funding has been on an upwards trajectory for blockchain startups for some years (see chart, below). Blocklogica brings its contacts to the table in the form of angel investor meetings and introductions to its large global network of VCs. There are in-depth coaching sessions and help available through every round of fundraising.
Dept is an award-winning international digital agency with over 1,500 experienced thinkers and makers in thirteen countries across Europe and the Americas. In response to web3 they have set up WEB3/DEPT. This division partners with global businesses to help them understand the coming changes, offering education and training, and events such as sprints and hackathons. It can also act as an end-to-end partner for token strategy and design, community management, and NFT implementation.
Dept is especially focused on the Metaverse with its dedicated Metaverse Practice. The practice focuses on the profound changes coming to all consumer interactions. The practice helps brands redefine the way they interact with consumers, melding Dept’s creative marketing pedigree with its experience in web3 technologies. The practice’s expertise and focus currently centres on virtual worlds and virtual stores, NFTs, and extended reality, with the aim of greater customer immersion and tapping the creative potentials of web3.
Another leading web3 consultancy is LimeChain. The company has helped both startups and established businesses implement web3 solutions and build on blockchain. Their services include web3 development and consulting, DeFi, Metaverse, gaming, NFTs, DAOs, and tooling. Like Blocklogica, LimeChain’s team boasts a diverse skill set capable of supporting clients across every stage of product development and providing post-launch support.
LimeChain’s blockchain consulting services include technical training about the nature of blockchain, business workshops to flesh use cases and value, project ideation and design sprints, blockchain smart contracts and architecture design services, and legal advisory. LimeChain’s developers can even be loaned to clients to extend their own blockchain teams.
The rapid emergence of web3 consultancies is a clear indication of the growing hunger for expertise in the space. As the internet undergoes a fundamental transformation, businesses will increasingly be seeking assistance in adapting to, and capitalising upon, this new territory, and innovation will likewise benefit from a helping hand in the form of expert mentorship already well versed in all the moving parts that are enabling this revolutionary new phase.
Web3 consultancies are filling this gap, establishing a bridge between worlds, introducing established businesses to new opportunities and nurturing innovative new enterprises purpose built for a streamlined, decentralised world.
Asal Alizade is an expert in Web3 consultancy, market data analysis and fund raising. Co-founder of Blocklogica, a web 3.0 agency helping client businesses enter blockchain space and use the potential of web 3.0 in their business models. LinkedIn: https://www.linkedin.com/in/asal-alizade/
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