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Web3 is Still Nascent & Vulnerable in 2023

Yan Lee, founder and managing partner at Hive Ventures, is optimistic with Web3 potentially offering decentralized asset custody, expanded NFT utility, evolved social media, and increased digital regulation.

Yan Lee, Founder and Managing Partner, Hive Ventures

Hailed as the next frontier of the internet, the Semantic Web (Web3) has been a focal point of tech conversations in 2022. This is as it promises to give power back to the users, with such "power" involving users having incredible control over their data, monetisation opportunities, and digital identities. Consequently, Web3 is primed to be the decentralised and fully democratised version of our current Social Web (Web2).

With blockchain at its roots and artificial intelligence being one of its many embedded features, Web3 can ensure data control equity by becoming automatically permissionless to the user. Users can experience and leverage this enhanced freedom to secure immutable data ownership and seamless data management while governing the domain itself with other fellow users.

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