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A $600bn dollar opportunity by 2030
We anticipate that the economic value of the digital identity space will grow exponentially over the next 10 years. Compared to other previous technologies in the Web 2.0 era, digital identity no longer requires the fundamental tech infrastructures to be built from scratch. The open source nature of web3 accelerates the turnaround time in software development, and tech teams know how to build the ecosystem much better than before.
Another strong growth factor is the fact that consumers are increasingly enthusiastic about their digital identity and are willing to pay for it. Companies and investors appreciate this and are investing massively in the development of its infrastructure, and major brands are experimenting with related products and receiving positive feedback from consumers.
While the digital identity space is still subject to high societal, legal, and technical uncertainty - we forecast the digital identity space may generate more than $600bn by 2030.
Who will we be in the Metaverse - this question will majorly dictate how we interact as human beings and eventually who will participate in value generation.
While this question will not be answered overnight, it poses a turning point for our lives in the virtual world where we can steer this in the right direction to eliminate the inconsistencies of today's realities.
Avatars are a starting point to express parts of our digital identity, but in order to really mirror the complex details of our unique selves and keep them secure at the same time, we will need to find the right concepts - and that will need some time.
We are seeing early experiments in how programmable, public blockchains are creating new opportunities to provide deeper unique functionalities that help immerse and realize their unique functional benefits.
Matching these benefits with the traditional world, and more collectively our society, will demand a joint effort. We, as web3 companies, corporates, institutions, and end-users will have to stay open-minded to shape the future of digital identity together.
Along the way, the individual parts of the ecosystem must be connected to enable eachother.
The time has come to develop the fundamental concepts that will guide human interaction in the future. In addition to founders, companies, and investors proactively pushing their concepts and ideas forward, it is up to the end-users and society as a whole to make their voices heard.