Web3.0 Innovation Expected to be a Six Trillion Dollar Market

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Sep 08, 2022, 08:30 ET

FinancialNewsMedia.com News Commentary

Palm Beach, FL, Sept. 8, 2022 /PRNewswire/ -- From financial services to retail and e-commerce, media and entertainment, healthcare, IT, government and energy: Almost every sector is expected to adopt Web3.0 blockchain. Because Web3.0 relies heavily on blockchain, many wrongly believe that its fate is inevitably linked to the volatile cryptocurrency market. However, cryptos are just one part of the new sector. Gartner explains that while cryptocurrencies crashed in the first half of 2022, decision-makers should not assume that the value of Web3.0 technology is affected. According to the research and consulting firm, Web3.0 tech will soon reach its adoption tipping point and industries from aircraft maintenance to food safety will tokenize their applications. "Blockchain has been a proven technology that ensured the security of the crypto and NFTs to the next level — now, it is ready to ultimately transform the next generation of web technologies," Aarti Dhapte, senior research analyst at Market Research Future told TechRepublic. "Web3 blockchain will completely transform the existing conventional processes of the different sectors." In 2023, the Web3.0 blockchain technology sector will be worth more than six trillion dollars, according to Market Research Future, and Web3.0 will continue to grow at a CAGR of 44.6% from 2023 to 2030. The report said: "The concept of Web3.0 implies data ownership and decentralized control. The first version of the internet, Web1.0, was built solely on content produced by governments, organizations and businesses. This web was mainly oriented to information and slowly but gradually shifted to a consumer-driven space. Few users of this web version were content creators." Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), NVIDIA (NASDAQ: NVDA), Coupa Software (NASDAQ: COUP), Marqeta, Inc. (NASDAQ: MQ), Fastly, Inc. (NYSE: FSLY).

The article added: "Forbes explains that with Web 2.0, users became creators, turning to social media, blogs and websites. However, they relied on centralized web services owned mostly by big tech companies. Content creation became a business that required audience building, and advertising became the top revenue income for web tech companies. From the extensive embrace of NFTs and cryptos to the proliferation of decentralized autonomous organizations and blockchain-based infrastructure and storage, rapid Web3.0 innovations are happening across the board. According to the report, leaders, decision-makers and IT executives should be looking at the metaverse, the decentralized apps industry, AI, video gaming and machine learning. These technologies will further accelerate the growth of Web3.0."

ShiftPixy, Inc. (NASDAQ: PIXY) BREAKING NEWS: ShiftPixy Announces Plans to Spin-off ShiftPixy Labs and Dividend its Digital Securities to Shareholders – ShiftPixy ("ShiftPixy" or "the Company"), a Florida-based national staffing enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced plans to transfer ShiftPixy Lab's Virtual Brand development pipeline and technology stack to a wholly-owned subsidiary, ShiftPixy Labs, Inc., which will then be dividended to ShiftPixy shareholders, using a record date of September 8, 2022. The spin-off transaction will be subject to various conditions, including the Company's ability at the time of distribution to comply with applicable Wyoming law, and ShiftPixy Labs, Inc.'s meeting the qualifications for future listing on the Blockchain-powered Securities Exchange Upstream, and if successful, would eventually result in two standalone public companies. Management's intention is to publicly list ShiftPixy Labs, Inc. via an initial public offering on both NASDAQ and Upstream during October 2022.

"Immediately on the heels of our exciting announcement of plans to dual list ShiftPixy shares on Upstream, our planned spinoff of ShiftPixy Labs is yet another example of our strategy to bring additional value to our shareholders," said Scott W. Absher, Chairman and Chief Executive Officer of ShiftPixy. "Since the inception of ShiftPixy Labs, we have made significant progress in developing tech-forward solutions that are nearly ready for launch, including Web3 innovations to support our virtual brand's development. The planned spin-off will allow both ShiftPixy and ShiftPixy Labs to focus resources on the development of their respective initiatives to create even greater opportunity for product development success." CONTINUED… Read this and more news for ShiftPixy at: https://www.financialnewsmedia.com/news-pixy/

In other developments in the markets:

NVIDIA (NASDAQ: NVDA) NVIDIA recently announced a new data center solution with Dell Technologies designed for the era of AI, bringing state-of-the-art AI training, AI inference, data processing, data science and zero-trust security capabilities to enterprises worldwide.

The solution combines Dell PowerEdge servers with NVIDIA BlueField^® DPUs, NVIDIA GPUs and NVIDIA AI Enterprise software, and is optimized for VMware vSphere 8 enterprise workload platform.

Enterprises can experience the combination of these technologies on NVIDIA LaunchPad, a hands-on lab program that provides access to hardware and software for end-to-end workflows in AI, data science and more.

Coupa Software (NASDAQ: COUP) recently announced financial results for its second fiscal quarter ended July 31, 2022. "We're proud of our results this quarter. We delivered record revenues, strong growth in our subscription calculated billings, and we continue to deliver strong cash flows and profitability on a Non-GAAP basis," said Rob Bernshteyn, chairman and chief executive officer at Coupa. "We focus everything we do on our customers. Our platform is built with them and around them. We define our success by our customers' success. As illustrated by our results, the Coupa BSM community is vibrant and powering business transformation and growth."

Second Quarter Results Were: Total revenues were $211.1 million, an increase of 18% compared to the same period last year. Subscription revenues were $192.7 million, an increase of 23% compared to the same period last year; GAAP operating loss was $63.6 million, compared to $54.3 million for the same period last year. Non-GAAP operating income was $24.0 million, compared to $26.7 million for the same period last year; GAAP net loss attributable to Coupa Software Incorporated was $75.3 million, compared to $91.5 million for the same period last year. GAAP net loss per basic and diluted share attributable to Coupa Software Incorporated was $0.99, compared to $1.24 for the same period last year. Non-GAAP net income attributable to Coupa Software Incorporated was $16.5 million, compared to $20.3 million for the same period last year. Non-GAAP net income per diluted share attributable to Coupa Software Incorporated was $0.20, compared to $0.26 for the same period last year; and Operating cash flows and adjusted free cash flows were $29.1 million and $25.0 million, respectively.

Marqeta, Inc. (NASDAQ: MQ) recently reported financial results for the second quarter ended June 30, 2022. Total processing volume (TPV) was $40 billion for the quarter, with net revenue of $187 million. Both figures represent an increase of 53% from the same quarter of 2021. Gross profit was $78 million during the quarter, an increase of 66% year over year, resulting in a gross margin of 42%. GAAP net loss was $45 million and Adjusted EBITDA loss was $10 million for the quarter ended June 30, 2022.

"Marqeta's platform continues to enable customers across many different verticals to build products on the cutting edge of payments, and serve as an accelerator for their growth. Our second quarter results are testament to that breadth and depth, as we again launched new products and bought on major new customers globally," said Jason Gardner, Founder and CEO of Marqeta.

Fastly, Inc. (NYSE: FSLY), the world's fastest global edge cloud platform, recently announced it was named a Challenger in the 2022 Gartner Magic Quadrant for Web Application and API Protection (WAAP).

"We believe Fastly being named a Challenger, along with our recent recognition as the Customers' Choice for Web Application and API Protection for a fourth consecutive year, validates all of our efforts to protect Internet scale in any environment," said Lakshmi Sharma, Chief Product and Strategy Officer, Fastly. "Fastly is able to keep applications and services safe without sacrificing speed of deployment or delivery, which is critical for enabling businesses and developers to provide fast, secure and reliable digital experiences."

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