[Reporter's Notebook] The Arrival of the Web3 Era... No matter how you look at it, the conclusion is 'ESG'

The phrase 'Web3 era' is heard quite often. Some say the period is 'imminent,' while others say we have already entered the 'process.' At CES2023 (Consumer Electronics Show) held early this year, Web3 was a major topic. The CES of the Year of the Rabbit presented 'WEB3 & METAVERSE' as one of its core topics, leading to heated discussions about the decentralized era.

Web3 refers to a web environment where data ownership returns to individual users. It features the characteristic that information is not subordinated to platforms. In other words, unlike the Web2 era, it is a concept where individual users become the owners of information. This is also the reason why the movements of the related industry, especially the blockchain industry, are prominent. Some projects are going beyond simply owning NFTs (Non-Fungible Tokens) to establish a 'reward system' where users enjoy substantial benefits, thereby enhancing the authority of individual users.

The metaverse is also a key area attracting interest. Projects that introduce the metaverse into their business domains to create synergy with existing businesses are continuously increasing. It is a blueprint to preemptively secure the Web3 ecosystem early through the intersection of novel technology and existing businesses. The form of 'synergy' that was hard to imagine just 4 to 5 years ago is now appearing in reality.

However, it is also true that the public's view of the blockchain industry is not entirely positive, especially compared to the pace of technological advancement that changes daily. While technology is showing 'overwhelming' achievements and advancing rapidly, the corresponding responsibilities and institutional mechanisms cannot catch up with the speed of development. Because of this, 'restoring trust' in the industry has emerged as an important issue. The Managing Director of the IMF recently argued that 'we should not view all digital assets negatively,' but also made critical remarks about the flagship asset, Bitcoin, stating, 'I don't think it is a currency. It is not a stable store of value.' Such views on the leading player also raise concerns that the entire market could be undervalued.

As if to 'turn around' these negative perceptions, recent trends in the blockchain industry are focusing on management that takes 'good values' into account. Numerous companies are busy introducing ESG (Environmental, Social, and Governance) management. This is not a phenomenon limited to the blockchain industry. At the Davos Forum held this year, the topic of 'How will the green transition, technological advancement, demographics, and restructured value chains affect the global labor market over the next five years?' was discussed, emphasizing the ethical aspect of corporations.

At the transition point from Web2 to Web3, one might wonder what the use of environmental protection or social contribution is. However, within it lies a meticulous management strategy that considers the entire value chain. This is because a 'good process' is just as important as a good outcome. Simply put, no matter how much technology advances, going around in circles ultimately brings us to the point where ESG is essential.

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