In recent years, the Chinese government has started an all-out war in the cryptocurrency industry, banning its citizens from engaging in crypto mining or trading activities.

This has caused many crypto-related companies to collapse in the country, but interest in the industry has remained unaffected. Colin Wu, a journalist specializing in the Chinese crypto industry, has revealed that the people of this country are increasingly interested in Web 3.

The Chinese interest in Web 3 is increasing

According to Colin Wu, searches for “web3 / web3.0” have increased recently. Most of the Asian powers like China, South Korea and Singapore are very interested in this keyword according to Baidu search data.

Google Trends shows that the search interest for “web3 / web3.0” has risen sharply lately and the search interest comes mainly from China, South Korea, Singapore and other countries. The Chinese search engine Baidu also shows that the search popularity of “web3.0” has skyrocketed. pic.twitter.com/gGO5E2ViKX

– Wu-Blockchain (@WuBlockchain) December 13, 2021

Trends on Google show that searches for the keyword “web3 / web3.0” have been increasing recently and are mainly coming from China, Korea, Singapore and other countries. Baidu has also shown an increase in searches for the keyword “web3.0”.

In the past few days, interest in Web 3 and Metaverse has grown rapidly, largely due to the rebranding of Facebook to Meta and Jack Dorsey, CEO of Twitter, who has abruptly resigned to focus 100% on crypto.

All of this has had a positive impact on NFT / Metaverse-related projects, which are the only digital assets that do well despite the overall market correction.

Jonathan G. Blanco, Founder and CEO of NiftMint, said:

“It is very difficult for brands to enter the Chinese market with physical products and services, but NFT and Web3 have reduced that difficulty significantly. 15% of the Chinese population are GenZ, which is more than 210 million people. This will be a completely different chance for digital goods to have priority in the mobile environment. In 2022, you will see big brands pushing into China thanks to NFT and Web3, and those brands will take advantage of their physical products. ”

In essence, despite government reluctance, no matter how well the Chinese government tries to contain interest in the crypto space, public interest in this sector will continue to grow.

What is Web3?

Many see Web 3.0 as the future of what is already there. According to experts, it is based on a major paradigm shift, since it is based on decentralization, it can create more freedom and openness for users.

Many people think that Web 3.0 will be a place where activities performed in the real world can also be played back in the virtual world, meaning that users can collaborate and interact as they would in the real world.

To achieve this, Web 3.0 will depend on blockchain technology, which is also catapulting the burgeoning cryptocurrency sector into space, allowing the burgeoning industry to have a deeper impact.

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