How Web3 is becoming a more prominent part of today’s economy
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How Web3 is becoming a more prominent part of today’s economy

How Web3 is becoming a more prominent part of today’s economy

Paul Lalovich, partner at Agile Dynamics shares how Web3 Delight Riyadh is connecting global and local Web3 players for enhanced cooperation opportunities

Divsha Bhat

In your view, how do you see the growth of emerging technologies in the Middle East, such as blockchain, Web3 and the metaverse?
It is difficult to predict exactly how emerging technologies such as blockchain, Web3, and the metaverse will grow in the Middle East, but it is likely that they will have a significant impact on various industries. Blockchain technology has the potential to increase transparency and security in various sectors such as finance and supply chain management. Web3 and the metaverse have the potential to revolutionise the way we interact and conduct business online. The Middle East has been investing in emerging technologies, and it’s expected that this will continue in the coming years. However, the adoption of these technologies may be affected by factors such as government regulations and infrastructure.

How is Web3 becoming a more prominent part of today’s economy and what are the top industries that are using it?
Web3 is becoming increasingly prominent as more businesses and industries are starting to explore its potential benefits. One of the top industries using Web3 is finance, specifically in the form of decentralised finance (DeFi) which is a digital asset-based financial system built on blockchain technology. DeFi allows for the creation of decentralised financial products such as lending, borrowing and trading platforms.

Another industry that is exploring this technology is gaming, specifically in the form of non-fungible tokens (NFTs) which are digital assets that are unique and cannot be replicated or exchanged for an equivalent. NFTs are being used in the gaming industry to represent in-game items such as weapons, armour and collectibles, and players can buy, sell and trade them on various platforms.

Other industries include supply chain management, digital identity and real estate.

Can you tell us more about Web3 Delight? What is the vision of the event?
Web3 Delight is an event focused on the next iteration of the Internet across the growth markets and the technologies that power it, such as blockchain, DeFi and NFTs. The event brings together experts, developers and enthusiasts in these fields to discuss the latest trends, challenges and opportunities in Web3 technology.

The vision of the event is to educate and inspire attendees on the potential of Web3 technology to
revolutionise various industries and to connect them with others in the Web3 community.

The event is designed as a platform for sharing ideas, insights and best practices for building decentralised applications and services on top of Web3, and for fostering collaboration and innovation in the Web3 ecosystem.

Why did you choose Saudi Arabia as one of your locations for the event? Would you be able to give us some insights into the speakers and topics of the panel discussions?
With a vision to engage, empower and support an advanced economy that is proactive, customised, collaborative and secure, after Lagos and Abu Dhabi, Web3 Delight Riyadh is uniting both global and local Web3 players to facilitate cooperation opportunities towards enhancing the digital transformation ecosystem.

Web3 Delight is the first event of its kind in the kingdom fully dedicated to Web3 tech and brining a unique blend of native tech leaders and traditional industry. Saudi Arabia has been actively working to diversify its economy and become a leader in technology and innovation. Saudi government has invested heavily in building a robust infrastructure and creating a favourable environment for technology companies to operate and grow.

One of the initiatives that the kingdom has undertaken to promote technology is the Vision 2030 plan, which aims to develop the country’s technology and digital infrastructure, and to create a thriving startup ecosystem.

Another reason why Saudi is an attractive location is its strategic place at the crossroads of Europe, Asia and Africa, making it a hub for international business and trade. Additionally, the country has a young population that is highly educated and tech-savvy, which makes it an ideal market for technology companies to reach and test new products.

Finally, the Saudi government has been taking efforts to promote the country as a destination for business and tourism, which could be a catalyst for organising a conference in the country.

What are some of the learnings people might be able to take away from the event?
The key message that has been resonating across the pathway of the Web3 Delight is ‘Build Your Own!’. The theme of the kickoff event in Lagos, Nigeria, was ‘Wake up the lion’. We believe in technology sovereignty. We think people should be able to move freely between different technologies, platforms and networks. We want to ensure that people can choose which technologies they want to use, and not be stuck with one because it’s the only available option. Blockchain can be the future, but it’s up to us to forge the frontier.

Please share the roadmap of Web3 Delight for the year ahead.
Web3 Delight is a series of events stretching from Nigeria, the UAE, Saudi Arabia, Indonesia, Vietnam to the Philippines. Events are oriented towards boosting cooperation and interconnectivity between growth markets based on blockchain technology while driving the adoption of Web3.

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