A yet-to-be-released report on Web 3.0 technologies has revealed that investments in blockchain technology in Africa between 2021 and 2022 increased by 1,668 per cent.

The State of Web 3.0 in Africa Report, which is set to be released in June, will highlight the landscape of Web 3.0 technologies in African countries, according to Emurgo Africa, the firm that curated the report.

In a statement, the firm stated that Web 3.0 technologies are experiencing growth and expansion in Africa, with the potential to bring transformative change to various industries such as trade and industry, financial services and lending, supply chain management and logistics, and healthcare provision and accessibility.

It said its report aims to fill a knowledge gap by examining the potential of these technologies to advance social and economic development on the continent.

The Chief Executive Officer, Emurgo Africa, Ahmed Amer, said, “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.

“This report emphasises the critical importance of collaboration between stakeholders, policymakers, and regulators in fully realising the transformative power of Web 3.0 technologies in Africa.”

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