TechPression

Tag: Web 3

  • Top 11 technology trends in 2023

    Top 11 technology trends in 2023

    The technology landscape is ever-evolving, with groundbreaking trends shaping the way we live, work, and communicate. This article delves into the top 15 tech trends of 2023 that are set to redefine industries and influence global progress.

    Global Tech Market Overview

    In 2023, the global tech market is projected to reach a staggering $4.4 trillion, reflecting a 4.7% growth compared to 2022, as per Forrester Research, Inc. This growth will be driven by various regions, with the Middle East and Africa (MEA) and Asia Pacific (APAC) at the forefront. These regions are expected to experience the fastest tech spending growth, at 5.6% and 5.4%, respectively, by 2027. In contrast, North America and Europe are forecasted to grow at rates of 5.1% and 3.6% during the same period. Notably, tech software and IT services are poised to account for 66% of global tech spending by 2027.

    The rise of cloud application and platform services is set to be a pivotal factor in this surge. Forrester Research, Inc. projects that the public cloud market will reach a monumental $1 trillion by 2026, capturing almost a quarter of the global tech spending.

    Read also: Top technology trends in Software Engineering for 2023

    African Internet Economy and Esports

    In Africa, the internet economy is projected to swell to $180 billion by 2025, surpassing the continent’s GDP by 5%. Saudi Arabia, as part of its investment in tech, has unveiled plans to allocate $25 billion to the sector. Savvy Games Group, owned by Saudi Arabia’s Public Investment Fund, is leading the way, committing around $37.8 billion to transform Saudi Arabia into a global gaming hub.

    Asia’s Tech Dominance

    In the Asia Pacific, China is poised to lead tech spending with an annual growth rate of 7% from 2024 to 2027. Meanwhile, India’s domestic tech sector is expected to grow by an impressive 9.6% in 2023. According to Michael O’Grady, principal forecast analyst at Forrester Research, the next five years will witness even more substantial growth in tech spending. Factors such as increased R&D investment in the Middle East and Africa, Asia Pacific, and North America, along with companies in APAC investing more in software and IT services, are anticipated to drive tech spending.

    Pioneering Companies in Tech Advancements

    Several tech giants are driving these transformative trends, each contributing uniquely to the evolving tech landscape.

    1. Generative AI and Applied AI

    Generative AI and Applied AI represent pivotal segments of AI technology with immense potential. These developments are heralding significant breakthroughs across various sectors.

    2. Quantum Computing

    Quantum computing is set to impact several industries, including automotive, financial services, chemicals, and life sciences, creating an estimated $1.3 trillion in value by 2035.

    3. Web3

    With the evolution of blockchain technology and cryptocurrencies, Web3 has become a reality, redefining the internet experience for users. The Web3 market is estimated to grow to $81.90 billion by 2032, reflecting a compound annual growth rate of 44.5%.

    4. Green Technology

    Green technology is emerging as a critical trend as governments and companies strive to reduce their carbon emissions. The global green technology market is expected to reach $89.18 billion by 2032, growing at a compound annual growth rate of 20.60%.

    5. 3D Printing

    The use of 3D printing technology is expanding across various industries, making it a central tech trend in 2023. The global 3D printing market is projected to reach $98.31 billion by 2032, growing at a compound annual growth rate of 18.92%.

    6. Robotics

    The integration of AI into robotics is driving a significant trend in the field, making robotics a highly sought-after technology. The global robotics market is estimated to reach $102.4 billion by 2028.

    7. 5G Technology

    5G technology, after generating considerable excitement in recent years, continues to play a central role in shaping the telecommunications industry. The global 5G technology market is anticipated to grow to $348.76 billion by 2030, reflecting a compound annual growth rate of 45.2%.

    8. Cybersecurity

    As online security threats escalate, the importance of cybersecurity is more significant than ever. It’s a pivotal technology in preventing cyberattacks and safeguarding sensitive data. The global cybersecurity market is estimated to reach $424.97 billion by 2030.

    9. Bioengineering Technology

    Bioengineering technology, which fuses biology and technology, is creating innovative processing methods across various sectors. The global bioengineering technology market is expected to reach $538.56 billion by 2029.

    10. Blockchain

    Blockchain is revolutionising the digital finance industry, shaping decentralised finance and banking through cryptocurrencies. The global blockchain market is projected to reach $674.41 billion by 2030.

    11. Space Technology

    Governments are investing heavily in space technology, with missions to various planets and improvements in satellite infrastructure. The global space technology market is expected to reach $700.28 billion by 2029.

    These tech trends in 2023 represent the dynamic nature of technology and the continuous pursuit of innovation to enhance and streamline various aspects of life and industry. As they continue to evolve, they will undoubtedly leave a lasting impact on the world.

  • Emurgo Africa to release Africa’s State of Web 3.0 Report

    Emurgo Africa to release Africa’s State of Web 3.0 Report

    Emurgo Africa is getting ready to share a full State of Web 3.0 in Africa Report on June 23, 2023. 

    The analysis reveals how fast African Web 3.0 technologies are changing. It also provides an in-depth study of their consequences, opportunities, and challenges, as well as proposals for growth and influence.

    Africa is rapidly adopting Web 3.0. They can transform trade and industry, financial services and financing, supply chain management and logistics, and healthcare provision and access. Clear legislation, infrastructure development, and stakeholder engagement will be needed to apply these technologies widely.

    The study, funded by Emurgo Africa, will be released in Nairobi, Kenya, during a media event with industry leaders, policymakers, and the press. NODO, CVVC, GreenHouse Capital, PwC, and Cardano will speak at the event.

     Read also: Adaverse Announces Investment In Digital Nation Afropolitan

    Emurgo Africa’s report on technology’s impact on African growth

    The report examines how these technologies could boost African social and economic progress and bridge a knowledge deficit. It covers real-world use cases, opportunities, and challenges of Web 3.0 technologies in the region.

    Decentralized finance (DeFi), blockchain technology, digital identity, smart contracts, and data privacy are covered in the report. It examines target countries’ legal systems, infrastructure, and technology. This identifies areas for improvement to promote Web 3.0 technologies.

    The report found that Web 3.0 technologies offer huge opportunities for Africa, that blockchain investment in Africa increased by 1,668% between 2021 and 2022, and that industry stakeholders, policymakers, and regulators must work together to foster Web 3.0 technology growth.

    “The future of Web 3.0 technologies in Africa is bright, with the potential to drive unprecedented social, financial, and economic development across the continent,” stated Emurgo Africa CEO Ahmed M. Amer. This paper emphasises the crucial role of stakeholders, policymakers, and regulators in realising Web 3.0’s revolutionary capacity in Africa.

    Nigeria’s Lemonade Finance rebrands as LemFi

    About Emurgo Africa

    A blockchain technology company with a lot of energy, EMURGO Africa is dedicated to building a bright future for all of Africa. By using the promise of blockchain, our experienced team hopes to solve big problems like poverty, inequality, and climate change.

    To empower Africans to improve their lives and communities, we aim to develop a strong blockchain ecosystem that fosters economic growth, social inclusion, and environmental sustainability. Governments, companies, non-profits, and universities are our clients. This aligns with our principles of innovation, collaboration, honesty, and sustainability.

    Blockchain-based platforms provide millions of Africans with free education, healthcare, and financial services. We’re delighted to help improve Africa with blockchain technology.

  • Adaverse Announces Investment In Digital Nation Afropolitan

    Adaverse Announces Investment In Digital Nation Afropolitan

    Adaverse, a Cardano ecosystem accelerator supported by EMURGO that supports African Web3 development, recently announced its investment in the “Network State” Afropolitan, a Web3-based community for African development. Adaverse joins Hashed, Cultur3, Microtraction, Future Africa, and a number of other well-known backers in Afropolitan’s competitive seed round.

    The startup is a partnership between EMURGO Africa and Everest Ventures. EMURGO Africa is the regional office of EMURGO Middle East & Africa (MEA), a Cardano commercial arm that has invested in more than 20 African businesses this year. Adaverse invests in African companies that are making Web3 products on Cardano’s blockchain platform, which is good for the environment. They do this by giving them money, technical resources, and mentorship. These startups are concentrating on a wide range of Web3 solutions, such as NFTs, gaming, and others.

    Read also: Hibret Bank launches digital payments platform for Ethiopian businesses

    What to know about Afropolitan

    Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Afropolitan wants to build a global network of Africans online before bringing them together in the real world.

    The main goal of Afropolitan is to bring together Black and African talent, culture, capital, knowledge, and experiences for its members all over the world. Afropoliton is still in its early stages, but it is already helping its network of 220,000 people connect, share, and grow as a group. Afropolitans get access to podcasts, seminars, and other methods to network and connect in over 33 countries across the world.

    Afropolitan’s objectives will increase in line with the network. As more of Africa’s 140 million diaspora members join the Afropolitan network, the network state intends to convert to complete decentralized autonomous governance (DAO) via a “super app” that integrates all utilities inside the ecosystem. As the network expands, attempts will be made to legitimize the Afropolitan nation through state-building activities supported by both the internal token economy and external revenue sources.

    Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

    Eche Emole and Chika Uwazie, inventors of Web3, are Afropolitan’s core team. The core worked together to make the manifesto that will guide how the Afropolitan network state grows and moves forward.

    Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Partisan wants to build a global network of Africans online before connecting communities in the real world.

    Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

    However, Africa’s riches are not solely derived from the African continent. A significant diaspora of roughly 350 million people returns approximately $65 billion every year. If this diaspora were regarded as a country, it would have the world’s third-largest population.

    “Through its pan-African, value-driven platform, Afropolitan is helping millions of Africans enhance their boundless potential across the globe.” “The transition to Web3 will expand economic opportunities for Africans and the African diaspora in the flourishing digital economy, and Adaverse is ready to help this scale with tools on Cardano’s environmentally sustainable blockchain,” said Eche Emole, co-founder at Afropolitan.

    Nigerian digital bank OjirehPrime, secures $1,240,000 in funding

    About Adaverse

    Adaverse is a Cardano ecosystem accelerator that was started by EMURGO Africa and Everest Ventures Group to help the next generation of Web3 entrepreneurs from Africa become successful around the world. As an alchemist for organically formed solutions, we help companies on the African continent grow sustainable businesses through finance and a 1:1 coaching program. All year long, African startups with a crypto-native edge and a proven idea can submit a proposal to our accelerator program.

  • Africa’s largest gaming company (MVM) raises $3.2M at a $30M valuation

    Africa’s largest gaming company (MVM) raises $3.2M at a $30M valuation

    Metaverse Magna (MVM), an African cryptocurrency gaming platform, has raised $3.2 million through a seed token offering, which valued the company at $30 million when all of its shares were sold.

    Investors including South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (GCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan), and IndiGG all welcomed participation in MVM, which was incubated in partnership with a multi-strategy blockchain investment fund, Old Fashion Research (OFR). In a statement, MVM said the funding will expand its efforts to build “Africa’s largest gaming DAO and provide gamers with access to world-class opportunities.”
    More than 3 billion people play video games and spend more than $200 billion annually on consoles and in-app purchases like NFTs. Platforms such as MVM see games as a means of bringing these millions of consumers online.

    Merging Crypto and Web 3

    The game DAO releases mobile games in emerging countries and produces developer tools for game developers to make use of new revenue streams in web gaming. When asked why MVM needed to raise money after the African web3 start-up closed a $6.45 million round this year, Nestcoin CEO Yele Bademosi responded in an email interview that it functions as an autonomous entity as part of the larger Nestcoin ecosystem.

    Read also: The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

    “Africa has the highest youth population globally, but over 60% of the continent’s youth are unemployed,” said Bademosi. “Gaming presents a unique opportunity to help young Africans earn and lift themselves and their families out of poverty. MVM’s seed sale token ensures opportunities for millions of gamers in these emerging markets. ”

    Axie Infinity and Pegaxy are two examples of free-to-play Web 2.0 games and crypto games. What began as a gaming guild offering play-to-earn scholarships to over 1,000 gamers has grown to a 100,000-member-strong community across an ecosystem that includes 2,000+ gamers, 10,000 Telegram, and 20,000 Discord members.

    MVM said that it is building the software for the Hyper social game, which will come out soon. In the same interview, Bademosi mentioned that the gaming DAO platform was developing ten Web 2.0 games, most of which were hypercasual games that spanned several genres. These games included Candy Blast, the platform’s take on Candy Crush, Wordler, Kong Clumb, and Electron Dash.

    When queried, Bademosi tentatively replies, “12 months,” even though MVM doesn’t have a specific time for releasing its token to the general public. Additionally, after the Token Distribution Event, MVM tokens would be locked for 12 months before being unlocked for 30 months in quarterly increments. The platform’s CEO also said that, in line with its “create in public” philosophy, more information about the governance token for MVM’s member community would be made available in due time.

    “Gaming guilds will be one of the mainstream DAOs and play a pivotal role in game tokenomics.” “Partnership with MVM is an opportunity to expand the ecosystem of WEMIX [a global blockchain gaming platform developed by Wemade] in Africa, a continent with a rapidly growing market and a young population,” said Henry Chang, CEO of Wemade, in a statement.

    Nestcoin raises $6.45 million in pre-seed funding to accelerate web3 adoption in Africa.
    The initial wave of opportunity created by technical improvements was lost on Africans and people in emerging markets. People in these areas have always had to play catch-up regarding technology, be it computers, the internet, finance, artificial intelligence, or any other technology (apart from mobile tech).

    However, emerging technologies like web3 and crypto give Africans optimism that they may be able to shape how it looks in the years to come significantly. Nestcoin, a business established in November of last year that develops, manages, and finances web3 apps, aspires to play a key role in this shift and has secured $6.45 million in a pre-seed round to that end.

    Cryptocurrencies Growth in Africa

    According to a study by New York-based research firm Chainalysis, the market value of cryptocurrencies in Africa increased by 1,200%, reaching $105.6 billion between July 2020 and June 2021. The causes of this rising adoption include regional inflation, depreciating currencies, high unemployment rates, and unpredictable economic conditions. Despite numerous governments’ attempts to curb it, we should anticipate stronger crypto growth since these problems will not soon go away in Africa.

    Read also: Nigeria, Binance, and Talent City Partner for Crypto City

    Peer-to-peer transactions and retail trading are two main reasons why African people are starting to use cryptocurrencies. Yele Bademosi and Taiwo Orilogbon, the co-founders of Nestcoin, were in charge of Bundle Africa, one of the continent’s well-known crypto trading platforms, before founding Nestcoin.
    When Bademosi decided to launch Bundle as CEO in 2019, he was the director of Binance Labs in Africa, overseeing blockchain startup incubation and development. The company’s chief technology officer was Orilogbon.

    Bademosi had high hopes for Bundle, which was created on the biggest platform for trading cryptocurrencies. “The goal was to be present in 30-plus African countries and have millions of users,” he said in an interview. Three years after he left, Bundle had fewer than 100,000 active customers and was only available in Ghana and Nigeria in the upcoming couple of years.
    “The first iteration of crypto products were trading products. The second iteration has been more like decentralised finance and non-custodial trading of financing activities,” said Bademosi.
    “The current situation of crypto, and now more like applications that everyday people use and love, whether it is like consumer applications, finance apps, entertainment, gaming, but these applications now have potential to reach millions of users across frontier markets. And that’s what we are trying to do with Nestcoin.”
    Examining the Digital Currency Group can help you comprehend how Nestcoin functions (DCG). The venture capital and holding company are based in Connecticut. It has more than 60 subsidiaries and investments in cryptocurrency and blockchain in 30 different countries, including LUNO, CoinDesk, and Bitso.

    But Nestcoin focuses on developing, investing in, and running web3 and non-custodial solutions that are more accessible to regular people in frontier areas. On the other hand, DCG focuses on western markets and developing products with custodial features for HNIs and institutional clients.