Real-world Web3 use cases will surge like never before in 2023

important discoveries

• Real-world use cases for Blossom: 2023 will see an explosion of real-world use cases for blockchain technology. Polygon’s “Value Prop” database tracked more than 300 web3-based use cases, demonstrating blockchain’s adaptability in industries as diverse as finance, arts, gaming, and logistics.
• Increasing corporate consolidation: Well-known brands and institutions are starting to integrate web3 aspects into their platforms. Examples include Pudgy Penguins working with Walmart and zkSync, WiPro deploying Falcon for supply chain management, and Franklin Templeton launching a blockchain-based US government funding fund at Polygon.
• Blockchain Milestones: Ethereum continued its remarkable growth, recording record-high installations of Ethereum and wallet SDKs for the fifth consecutive year. Account abstraction has emerged as a game changer, simplifying the user experience. Rollup frameworks such as OP Stack, Arbitrum Orbit, and Polygon’s CDK have played an important role in enabling more efficient payments on chain.
• Solana’s rapid rise: In the fourth quarter, Solana gained significant momentum, surpassing Ethereum in both DEX and NFT volume. This marks a notable change in the blockchain landscape, highlighting Solana’s competitiveness and potential market influence.

According to Alchemy’s latest ‘Web3 Development Report’, 2023 marks a significant turning point in the world of web3 development, introducing a variety of real-world use cases demonstrating the practical applications and innovative potential of blockchain technology. While this was a notable trend, the 2023 Web3 Development Report also revealed numerous other findings and milestones that have shaped the landscape of the decentralized ecosystem.

Real-world Web3 use cases thrive

One of the standout trends for 2023 will be the proliferation of real-world use cases for blockchain technology. Polygon, a leading blockchain platform, has led the way by introducing “Value Prop”, a comprehensive database that tracks over 300 web3-based use cases. These use cases span industries such as finance, art, gaming, logistics, and more, demonstrating the versatility of blockchain technology.

Large brands and institutions are starting to integrate web3 elements into their platforms to provide innovative and rich experiences to their customers. Here are some examples:

• Coca-Cola’s NFTs: Coca-Cola launched a commemorative collectible (NFT) collection to commemorate ‘International Friendship Day’.
• Disney Accelerator: Disney selected Polygon Labs as one of six companies to participate in the Disney 2022 Accelerator program. The initiative aims to foster the growth of innovative companies globally, with a focus on emerging technologies such as augmented reality (AR), NFTs and artificial intelligence (AI).
• Dubai Land Department: Dubai Land Department (DLD) has introduced a blockchain solution to record real estate contracts and link them with various entities, including Dubai Electricity and Water Authority (DEWA) and telecommunications systems.
• Harvard Library Innovation Lab: Harvard’s Library Innovation Lab is currently exploring decentralized storage technologies, such as Filecoin, to protect digital information.

Enterprise consolidation and Web3 adoption

Existing brands and institutions are starting to integrate web3 aspects into their platforms, resulting in improved customer experiences and new opportunities. For example, Pudgy Penguins has partnered with Walmart and zkSync to launch a line of toys and collectibles, creating new licensing opportunities for holders.

In the supply chain segment, WiPro has deployed Falcon, a state-of-the-art platform developed by Shell and supported by Polygon PoS. Falcon has revolutionized supply chain management by enabling stakeholders to track heavy equipment throughout its life cycle.

Financial institutions have also embraced blockchain, with Franklin Templeton launching the Franklin OnChain U.S. Government Fund at Polygon. It marks the milestone of being the first U.S. registered mutual fund to utilize a public blockchain for recording transactions and share ownership.

Web3 developer activity will soar to all-time high in 2023

Web3 developer activity reached an all-time high in 2023, with significant milestones and achievements across various blockchain ecosystems. Throughout the year, headlines often focused on corporate scandals, regulatory issues, and Bitcoin ETF rumors, but behind the scenes, web3 developers were actively building and deploying new projects across the decentralized environment.

Ethereum, the leading smart contract platform, has continued its remarkable growth trajectory. Ethereum and wallet SDK installations increased 31% year-over-year, reaching an all-time high for the fifth consecutive year. Additionally, the number of Ethereum Virtual Machine (EVM) smart contracts deployed on the Ethereum mainnet, Arbitrum, Optimism, and Polygon surged by a whopping 303% compared to the previous year.

Account abstraction has emerged as an important development in the web3 space., simplifying the user experience by introducing features such as sponsored gas and social login. In the fourth quarter alone, more than 960,000 new ERC-4337 accounts were created, representing 53% of the total 1.8 million deployed to date. Major companies such as Visa, Wipro/Shell and Circle We are beginning to consolidate our account abstraction infrastructure, signaling its growing importance.

2023 is Ethereum’s rollup-centric roadmap has come to fruition., new frameworks for Layer-2 solutions such as OP Stack, Arbitrum Orbit, and Polygon’s CDK allow chains to be released as Layer-2 or Layer-3 solutions. Specifically built on the OP Stack, Base sought to bring innovative use cases such as gaming and music to blockchain.

One of the most notable trends in 2023 has been Solana’s meteoric rise. Solana’s decentralized exchange (DEX) and non-fungible token (NFT) trading volume surpassed Ethereum in the fourth quarter, marking a major shift in the blockchain landscape. Solana and Polygon, in particular, have made significant inroads into Ethereum’s long dominance.NFTs accounted for 8% of the market share.

In the field of education and skills development, Alchemy University has hosted more than 69,000 students who have completed more than 674,000 classes. JavaScript for Ethereum was the most popular course with 359,000 classes completed. Additionally, industry events and hackathons saw record attendance, with Solana’s Hyperdrive hackathon receiving over 900 final projects and ETH Denver’s attendance increasing by 50%.

The testnet has also undergone significant changes. Due to the discontinuation of official support for Goerli in the first quarter, it will transition to the Sepolia testnet in 2023.

Overall, 2023 was a milestone year for web3 development, with a focus on real-world use cases, enterprise integrations, and important blockchain milestones. As the decentralized ecosystem continues to evolve, these findings provide valuable insight into the future potential of blockchain technology across a variety of industries.

Read: Polymer Labs Raises $23 Million Series A to Address Blockchain Gap