ADOPTION 2023 Part 1: Insight

Ponyo외 1명
Research Analyst/
Jul 13, 2023

Translated by Clara


Table of Contents

1. Overview

2. Bain & Company: Web3 market will have various business opportunities around four domains

3. Xangle: Systemic analysis on on-chain data will become more important as public blockchain use cases increase

4. Recap


1. Overview

On July 11 and 12, Xangle hosted ADOPTION 2023 for the second time following last year under the theme of “Exploring the Business Value in Web3,” and more than 200 companies from various industries—gaming, entertainment, distribution, manufacturing, finance, IT—were in attendance. Last year’s Terra (LUNA) and FTX debacles followed by this year’s collapses of Silvergate, SCV, and Signature Bank put the crypto market in a state of “crypto winter.” Nevertheless, the conference was packed with companies confident in the coming Web3 mass adoption, looking for new business opportunities. The main sessions, fitting the theme of mass adoption, provided insights from domestic and global companies on Web3’s future growth strategies, cautions to take in adopting blockchain technology, as well as the decision-making and trial and error they experienced in entering the Web3 market.


Xangle Research has organized the presentations at the conference into a four-part ADOPTION 2023 series based on the themes of insights, NFTs, gaming, and consumer goods. And in the first part of the series, Insight, we hope to share the perspectives the openers of the two-day conference, Bain & Company and Xangle, on the strategies of entering the Web3 market and the future of the blockchain industry.

2. Bain & Company: Web3 market will have various business opportunities around four domains

Yeonghoon Yang, Partner at Bain & Company, began his session by emphasizing that mass adoption is no longer some distant idea. He stressed this industry that was initially oriented around speculation-driven individuals without knowledge on the technology is gradually evolving to be corporate and institution-oriented as the groundwork is being laid for service differentiation and the increased entry of large traditional companies.

Moreover, Yang predicted that penetration of Web3 will begin with highly inefficient industries or industries with high demand for Web3 from market participants, as mass adoption of blockchain will take various form depending on each industry. Therefore, the Web3 industry currently built on financial and gaming sectors will grow into one with a large customer base that can offer new value to consumers with Web3 adoption.

Yang, before introducing Web3 business opportunities, categorized Web3 business domains as follows:

  • Access Layer: The channel through which customers access Web3 services such as wallets, CEX, and custody services
  • dApp: Applications that customers use to utilize Web3 services
  • Mainnet: The operating system (OS) that underlies the dApps used by customers
  • Infra: Infrastructure that implements technical services so that all the above ecosystems can be realized

He believes that as the Web3 ecosystem develops, various business opportunities will emerge in each domain. While the Web3 ecosystem currently remains in the PoC stage for crypto-based customers, he expects mass adoption to occur as killer dApps emerge. He also saw that as user-based Web3 service models become more sophisticated, more Web3 business opportunities will arise in the medium to long term.