While still a work in progress, Web3 became a buzzword in 2021 and continues to be widely discussed this year. With the growing adoption of NFTs, DeFi, crypto, and other blockchain-based applications, more and more brands, companies, and individuals are venturing into the Web3 space. So what are some of the top Web3 companies at the forefront of the Web3 revolution?
In this guide, we’ll cover the basics of Web3 and Web3 companies. We’ll also discuss what are the leading Web3 companies you should know this year as well as the perks of working in this space.
What is Web3?
In the simplest terms, Web3 (or Web 3.0) is the next iteration of the Internet which will be completely decentralised. The term was first coined by Ethereum co-founder, Gavin Wood in 2014. To put things in perspective, Web 1.0, the first iteration of the Internet, only allowed reading or viewing a website. On the other hand, Web2 is the web we know today—where we can connect with others through social media, build audio and video streaming capabilities, and much more.
However, Web2 is limited by how a bunch of centralised tech giants have majority control of the web, and in turn, that of user data. In contrast, “Web3 embraces decentralization and is being built, operated, and owned by its users,” according to Ethereum. In short, “Web3 puts power in the hands of individuals rather than corporations.”
What is a Web3 company?
While there is yet to be a clear definition of a Web3 company, at its core, a bunch of factors differentiates it from a Web2 company. Firstly, the companies focus on decentralisation. Next, they take a step back from typical data ownership processes. To demonstrate, most Web3 companies will not ask you to share your personal data. Instead, to sign in to the platform, you simply have to connect your crypto wallet. Lastly, Web3 companies focus on one or more Web3 technologies. This can be artificial intelligence, machine learning, NFTs, crypto, or other blockchain-based technologies.
Top Web3 companies you should know
Now that we have covered the basics, let’s take a look at the top Web3 companies of 2022 (in no particular order):
OpenSea is the most popular NFT marketplace. Founded in 2017, OpenSea is a non-custodial, peer-to-peer NFT marketplace. It allows users to mint, buy, sell, and view NFTs. At least in theory, no centralised entity controls the assets on the platform. Due to the wide range of NFTs it offers, OpenSea is often called a “Web3 Amazon”. Currently, it is the top marketplace in all-time sales volume, having amassed close to $32 billion in sales so far (at the time of writing).
2. Magic Eden
Magic Eden is the leading NFT marketplace for Solana NFTs. A decentralised NFT marketplace on the Solana network, Magic Eden boasts $1.6 billion in all-time trading volume. On the platform, users can create, buy, sell, and trade NFTs such as digital collectibles and gaming assets. Reportedly, the platform accounts for over 90% market share of secondary Solana NFT trades.
Immutable is an Australia-based startup founded in 2018. The company is behind Immutable X, a leading Layer 2 solution for NFTs, which is powering the next generation of Web3 games. What’s more, it is a carbon-neutral platform that offers gas-free minting. Immutable is backed by Animoca Brands and has so far raised $279.8 million in funding.
4. NFTY Labs
NFTY Labs is a Web3 venture studio headquartered in Miami, Florida. Essentially, the company focuses on “backing and building the products for tomorrow’s Web3”. In short, NFTY Labs builds community-based tools, standards, and tech for NFTs. At the same time, it is facilitating cross-chain NFT standards and practices.
Founded in 2016 by Anand Agarawala and Jinha Lee, Spatial helps creators and brands to develop their own metaverse spaces, such as virtual art galleries. With a well-experienced team, the Web3 company offers 3D, Virtual Reality (VR) rooms to create your own NFT or non-NFT art gallery. This way, anyone can display 3D renderings of their sculptures, pottery, moulds, paintings, and more in the metaverse.
Web3 consulting company, Vayner3 is the brainchild of entrepreneur and NFT enthusiast, Gary Vaynerchuk, popularly known as Gary Vee. The firm works with partners across the Web3 space, including digital worlds and DAOs. It aims to guide global enterprises and intellectual property owners in their Web3 journey. While originally called VaynerNFT, Gary Vee recently rebranded the company to Vayner3.
An experience-driven NFT platform, Sweet offers officially licensed NFTs and collectibles from leading teams, brands, and artists across the globe. More specifically, the platform brings scores of fans closer to everything from professional sports to live events. Their collections include NFTs from Cleveland Cavaliers, Australian Open, Arrow McLaren, and much more.
In a nutshell, Exclusible is a curated NFT marketplace bringing luxury to the metaverse. Founded in 2021, the platform offers NFTs from luxury brands in fashion, beauty, watches, jewellery, lifestyle, and supercars. What’s more, Exclusible offers a range of luxury penthouses, villas, private islands, and more to enjoy in the virtual world.
Founded in 2017, Arianee is an NFT platform focusing on the luxury and fashion industries. The company offers the open-source Arianee Protocol for brands to add digital value to their physical products. Through the NFTs, the customers get to enjoy a range of phygital experiences. So far, the company has collaborated with several global brands, including Breitling, Vacheron Constantin, and Richemont. In May this year, the firm also raised €20 million in a Series A round.
Autograph is an NFT platform that brings together some of the world’s leading brands and iconic figures in sports, entertainment, and culture. Headquartered in Los Angeles, the company was co-founded by football star, Tom Brady. Already, the platform has offered NFTs from sports legends such as Simone Biles, Naomi Osaka, Wayne Gretzky, and Tiger Woods. It recently launched Signature Experiences offering VIP event access, exclusive merch, curated forums, and more.
Founded in 2018, Sorare is a fantasy soccer game where players can buy, sell, trade, and manage a virtual team using NFT player cards. Using the Ethereum-based digital cards, users can create a five-player team to take part in virtual tournaments. Moreover, users can earn weekly rewards in ETH and/or rare cards. As of now, the game features more than 280 officially licensed football clubs.
Kraken is one of the largest and oldest cryptocurrency exchanges in the world. Founded in 2011, it is one of the leading platforms to buy, sell, and trade crypto. The company’s mission is to accelerate crypto adoption to facilitate financial freedom for everyone in the world. Currently, it boasts more than 8 million traders, institutions, and authorities. Besides, it supports over 185 cryptocurrencies.
Based in San Francisco, Ripple is a leading provider of crypto solutions for businesses. It was founded in 2012 by Chris Larsen and Jed McCaleb. Using crypto and blockchain technology, Ripple offers faster, more transparent, and cost-effective solutions than traditional financial services. Using its solutions, customers can source crypto, enable instant payments, empower their treasury, lower capital requirements, and much more.
Founded in 2016, Singapore-based Crypto.com claims to be the world’s fastest-growing crypto app. While originally called Monaco, the Web3 company was rebranded to Crypto.com in 2018. At present, the platform has over 50 million users buying and selling more than 250 cryptocurrencies. In addition, it supports purchases in over 20 fiat currencies using bank transfers as well as credit/debit cards.
Last on the list of top Web3 companies is Alchemy, a Web3 developer platform enabling enterprises to build scalable decentralized applications. As a matter of fact, Alchemy powers some of the major NFT platforms and marketplaces. Top Web3 projects like Cryptokitties, OpenSea, Ledger, Kyber, and others use the company’s products to support their infrastructure.
Benefits of working in Web3
Naturally, with the growth of Web3 companies, there is a growing demand for Web3 talent. What’s more, there is a slew of benefits to working in the sector. For example, most Web3 jobs offer remote working opportunities, allowing you to work from the comforts of your home. Besides, Web3 provides something for almost everyone. Whether you are in design, development, content creation, social media, or community management, there are plenty of opportunities in the industry.
In addition, most Web3 jobs offer higher compensation compared to Web2 jobs. You will also get to be part of exclusive communities and DAOs. A chance to attend Web3 events and conferences across the globe as well as the possibility of receiving NFT airdrops are some of the other perks of working in this industry.
If some of the above-mentioned Web3 companies interest you, make sure to check their websites for any open positions. We also have a guide that covers everything about how to find a job in Web3.