Digital Business Ireland Launches €10M Fund to Onboard Businesses to Web3

  • August 15, 2022

Quick take:

  • Digital Business Ireland is raising €10 million for Web3 businesses.
  • The company wants to help businesses to unlock the power of web3 by building new customer experiences.
  • Digital Business Ireland chairperson Ashley McDonnell said the organisation is equipped with the technical capacity to guide businesses into Web3.

Digital Business Ireland (DBI) is raising €10 million for a new program that will help Irish businesses transition to Web3. The organisation wants to help local companies tap into the disruptive power of technology by creating new customer relationships.

DBI is the representative body of online business in Ireland. According to the chairperson of the organisation Ashley McDonell, DBI has the technical capacity to guide businesses into Web3.

Web3, or the next iteration of the web, is broadly described as a next-gen internet that leverages artificial intelligence, blockchain technology, decentralised apps and AR/VR devices. It is the underlying technology for most metaverse worlds (virtual 3D spaces where people can interact immersively). 

Several businesses have seized the opportunities presented by the rapid adoption of Web3 applications by rolling out utility-based non-fungible tokens (NFTs), that offer more than just an opportunity to showcase collections owned.

NFTs are digital files representing music, video clips, collectibles or artwork that are stored in the blockchain.

According to DBI, these instruments have the capacity to create new channels of engagement between online businesses and their customers, thus opening more avenues for income generation.

“From engagement with our members, it is evident that many businesses are enthusiastic about the prospect of new and emerging technologies; but naturally, need support on how best to optimise the opportunities that will arise,” said McDonnell.

“The future of the internet is boundless, and Web3 will enable businesses of all sizes to provide tailored experiences to their customers; while transforming the ways in which we work, meet and do business,” McDonell added.

According to the DBI chair, the funds the government has allocated to the organisation coupled with Ireland being viewed as a tech hub means DBI has the right infrastructure to onboard businesses onto web3.

The organisation also called on the Irish government to be actively involved in developing a national strategy for Web3. Several countries around the world including China, South Korea, and Indonesia already have their governments heavily involved in shaping their economies for the adoption of Web3.

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