Social Finance Launches SoFi Web 3 ETF Tracking Solactive Index
Web 3.0 has recently been gaining much attention from investors. It describes the next big transformational change to what we call the internet or the world wide web. Also known as the decentralized web, it includes a wide range of technologies and transformations, such as blockchain platforms, NFTs, contributors’ ownership, AI applications, big data, and, among others, the so-called metaverse. As an example, the latter alone has enormous potential: recent studies project the metaverse opportunity to reach at least $800 USD billion of market capitalization by 2024. According to a report by Emergen Research, the global Web 3.0 market size has reached 3.2 billion USD in 2021 and is projected to register a CAGR (Compound Annual Growth Rate) of 43.7% at $81.5 billion in 2030. Within this scenario, Social Finance launches SoFi Web 3 ETF (TWEB), tracking the Solactive Web 3.0 Index.
The Solactive Web 3.0 Index is a representation of companies that potentially stand to benefit from the adoption and usage of technologies expected to grow and support the functioning of Web 3.0. To be eligible to be part of the index, companies must offer products and/or services within the following industries: NFT & tokenization, blockchain technology, metaverse, and big data & artificial intelligence.
The selection of the Solactive Web 3.0 Index constituents is based on Solactive’s proprietary Natural Language Processing Engine ARTIS®. ARTIS® utilizes advanced algorithms to parse high volumes of public documents evaluating companies’ exposure to various themes or topics.
Timo Pfeiffer, Chief Markets Officer of Solactive, comments: ”We are convinced that the future of the internet lies right in front of us, and we believe that each of the iterations of Web 3.0 is driven by a set of technological and organizational innovations that will create a meaningful improvement on the previous version making our lives better. Web 3.0 has a strong potential to democratize the internet to the masses, and we are happy to be part of that and to jointly with clients to provide investors with the opportunity to contribute to this change. We share a spirit for innovation with SoFi to always deliver to our clients the latest trends in investing, and we are delighted to be part of such a cutting-edge product.”