The Web3 Industry Moves Towards the Era of Enterprise: The Transformation Journey from Concept to Practice

The Web3 industry is undergoing a profound transformation, shifting from idealism to pragmatic business models. This transition is centered on establishing sustainable profitability and structured operations, marking the industry's entry into a new phase.

The main factors driving this transformation include the enhancement of market participants' awareness, the clarification of the regulatory environment, and the influx of traditional financial capital. Nowadays, Web3 projects are no longer recognized solely based on concepts but need to demonstrate actual business results.

The process of corporatization is mainly achieved through two methods: vertical integration mergers and institutional public offerings. This indicates that Web3 is moving from the experimental stage towards mainstream adoption, gradually adopting institutional standards.

From Ideology-Driven to Business-Oriented

The Web3 industry is at a critical turning point. In the past, concepts like "decentralization" occupied a central position, even surpassing commercial considerations. Projects lacking immediate profit models could still gain market favor, a trend that is particularly evident in the speculative boom of the cryptocurrency market.

However, recent developments show that the industry is undergoing a fundamental transformation. Projects are beginning to build substantial profit models and accept evaluations based on commercial performance. Some projects have already generated significant revenue and gained market recognition, marking a shift in the Web3 industry from conceptual value to an evaluation system based on actual outcomes.

Reconstruction of Game Rules

The rules of the Web3 industry are being reshaped. The focus of the industry is shifting from narrative-driven to efficacy-first, reflecting its maturation process. Three core elements are driving this transformation:

1. Deepening market participants' awareness
2. The improvement of the regulatory framework accelerates the institutional integration of Web3.
3. Traditional financial capital is accelerating its influx.

These developments have jointly established stricter industry standards.

Nevertheless, Web3 remains sensitive to strong narratives. The industry is essentially still a participant-driven attention economy, where specific keywords or narratives can still spark widespread interest and influence prices.

However, market participants are already highly familiar with this model, diminishing the impact of the narrative. Relying solely on price increases driven by expectations is difficult to sustain, and the growth has significantly narrowed compared to previous periods, highlighting the limitations of the narrative-driven model.

The integration of institutional players and the entry of traditional financial capital have accelerated this transformation. The regulatory framework requires higher standards of transparency and accountability while reducing project uncertainty. Projects must demonstrate a genuine business structure and operational performance; mere vision is no longer sufficient. Traditional financial capital also evaluates based on quantitative indicators such as profitability, growth rate, and financial strength, rather than short-term market reactions.

The Enterprise Development of Web3

The Web3 industry is undergoing a fundamental shift in structure and strategy. Projects are not only focusing on product-market fit but are also placing greater emphasis on traditional business metrics such as sustainable profit models and stable cash flow. To achieve these goals, projects are evolving towards an organized corporate structure through traditional corporate means such as IPOs and strategic mergers and acquisitions for vertical integration.

The Necessity of Corporatization

Early Web3 was similar to an experimental ecosystem centered around small teams, retaining the agile characteristics of startups. However, as the industry develops, the importance of structured operations is becoming increasingly prominent. This transformation is akin to the rise of commercial companies during the Age of Exploration: from individual explorers relying on royal patronage for voyages, to the emergence of business organizations that systematically manage risks and capital.

Business Expansion Strategy

The enterpriseization of Web3 is not only about organizational expansion but also about the deepening of business development and institutional capital connections, mainly presenting two major directions:

1. Achieve ecological synergy through vertical integration
2. Achieving the integration of institutional systems through IPO

Radical mergers and acquisitions to achieve vertical integration are an inevitable choice under the maturity of the industry and intensifying competition. Companies need to unify user experience and create service synergy effects to seize market share. For example, a certain application integrated trading functions by acquiring multiple Solana ecosystem services; a certain payment company acquired a Solana payment application; a certain stablecoin issuer acquired a cryptocurrency asset management company. These integrations signify an important paradigm shift in the Web3 industry.

This integration reflects a fundamental shift in the core principles of Web3. The early core values—decentralization and community governance—are being adjusted for efficiency and economies of scale, showing that projects prioritize market competitiveness and sustainability over ideological values.

On the other hand, companies are actively seeking institutional integration through IPOs. A stablecoin issuer disclosed reserve management details to enhance transparency during the IPO process; a trading platform became the first Web3 company to adopt accounting standards and disclosure systems by listing on NASDAQ. These institutional initiatives indicate that Web3 projects are evolving from technical experiments into stable business structures, establishing a foundation to address regulatory uncertainties by adopting traditional capital market norms, gaining the trust of institutional investors, and reaching a broader market.

Conclusion

The Web3 industry has officially entered the era of enterprise, with projects reorganizing around structured operations and quantifiable business outcomes, surpassing the stage of defining value based on potential and concepts.

Institutional integration drives the transformation process, and stakeholders demand structural sustainability rather than just technological experimentation. Projects must explore practical utility based on decentralization and translate it into real business opportunities.

This transformation is not a temporary phenomenon, but a necessary step to bridge the gap between idealism and long-term sustainability. Corporatization is not a departure from the original vision, but rather a reinforcement of elements often overlooked in early narratives: investor protection, operational accountability, and a trust-based market system.

Just like the Age of Discovery revealed new frontiers, today's enterprise-oriented Web3 projects are laying the foundation for broader market expansion based on these discoveries. The development of this stage will determine the future direction of the industry and is worth close attention.