Top 5 Web3 Predictions For 2024
You might have seen multiple internet trends gaining momentum overnight and fading away within a few days. It might be difficult to make a list of all the internet fads that caught the attention of the world. Most of them have disappeared into oblivion in a few days. However, there are some ideas that brave all odds and emerge as major forces in shaping the technological landscape.
Web3 is one of such trends which arrived as an innovative concept in the world of technology. It has become a major force for transforming the internet as we know it. The interest in top web3 predictions has picked up quickly owing to the popularity of cryptocurrencies, NFTs, dApps, and DeFi. People want to know what web3 holds in store for them in the New Year. Let us find some of the top predictions for web3 in 2024.
Existing State of Web3
Web3 has been hailed as the biggest trend in the domain of technology. Many people believe that it is a new type of technology. Before you find the best web3 predictions, it is important to learn about the identity of web3. It is not something tangible and could be difficult to define.
On the contrary, it points to a concept that focuses on revolutionizing the existing version of the Internet or web2. The distinct highlights of web3 include decentralization and creating a semantic internet that understands the users. For example, if you search for ‘best retail stores near me,’ web3 would display results that are based on your previous interactions with the web.
The discussions about future of web3 require deep insights into the existing state of web3. People who ask questions like “Is there a future for web3?” should know that it is still in the stages of infancy. However, it has formidable potential for changing how we view and use the internet. The beginning of web3 revolved primarily around the attention to cryptocurrencies.
Subsequently, smart contracts arrived, and Ethereum jumped the ranks in the blockchain world to offer competition to Bitcoin blockchain. With the arrival of smart contracts, decentralized application development became a prevailing trend. Smart contracts paved the path for arrival of DeFi solutions and NFTs, which took the world by storm.
However, the early stages of web3 presented multiple challenges. For example, NFTs opened the doors for hackers to use them as a tool for scamming users. In addition, hackers exploited vulnerabilities of smart contracts to implement attacks. Some of the common examples include flash loan attacks, reentrancy attacks, and denial of service attacks. On the other hand, the challenges have actually fostered the growth of web3. Developers have learned from the challenges to figure out new ways to strengthen and expand the web3 ecosystem.
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What are the Most Popular Expectations from Web3 in 2024?
The beginning of 2024 brings a lot of hope and anticipation regarding the future of web3. The previous year was all about the crypto winter with falling asset prices and decreasing trust of users in web3 solutions. Curiosity about web 3.0 trends has increased by huge margins as more people want to learn about cryptocurrencies, dApps, DeFi, and NFTs. On top of it, businesses are also exploring opportunities for using web3 to their advantage and preparing for the future.
At the same time, it is important to know that there is no way to predict what will actually happen in the future of web3. However, the expectations from web3 have turned out to be accurate to a certain degree with the help of calculated guesses. Here are some of the most prominent trends that would make a mark in web3 in 2024.
Regulations Might Come In
The biggest setback for web3 revolves around the lack of regulations. It is one of the most dominant additions among web3 predictions for 2024, as it would have a major impact on the future of web3. Why are regulations important in web3? Isn’t web3 supposed to remove the centralized oversight and intermediaries? It is important to note that web3 solutions do not have centralized intermediaries to hold the users accountable for their actions. For example, there is no one to turn back to if you lose your crypto assets due to security breaches in a web3 application.
Regulatory authorities have started increasing their efforts for understanding and regulating web3 technologies. Effective regulation can serve as an answer to questions like ‘Is there a future for web3?’ as it could offer a positive environment in the web3 landscape. Contrary to general assumptions, web3 regulations would not hinder progress. On the other hand, they can offer a clear path for individuals and businesses to adopt web3 technologies with trust. In addition, regulations would also offer benefits such as ensuring effective compliance and security amidst an evolving landscape.
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The metaverse is one of the key components of the web3 movement. While metaverse adoption has been on the web3 predictions list for 2023, it will also have a major impact on web3 in 2024. Web3 technologies such as blockchain, smart contracts, AI, ML and AR/VR have helped in strengthening the foundations of the metaverse. The biggest value proposition of the metaverse revolves around helping users interact with each other and completing transactions in virtual environments.
As the AR/VR technologies gain momentum with innovative advancements and introduction of new features in 2024, the demand for metaverse development will also soar higher. The growing popularity of the metaverse in 2024 would also empower web3 to become a driver of popularity for immersive virtual experiences.
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Creation of a New Economic Landscape
Blockchain is the heart of web3 and offers one of the most important value propositions of web3. With the power of blockchain, web3 can leverage the value benefits of DeFi solutions. The top web3 predictions for the year 2024 would be incomplete without emphasizing the role of blockchain in transforming the conventional economic landscape. One of the first use cases of blockchain technology that gained widespread attention points at cryptocurrencies. The arrival of cryptocurrencies changed the conventional financial landscape by offering a decentralized approach to financial transactions.
Decentralized finance, or DeFi served as a major catalyst for changing the perceptions about using blockchain for transforming traditional financial systems. DeFi provides an easy approach for ensuring accessibility to different types of traditional financial services such as loans or creating a savings bank account. The best web3 predictions in 2024 would draw the limelight towards possibilities for collaboration between web3 and traditional financial institutions. DeFi would serve as the bridge for such a massive collaboration.
Traditional banks have experimented with DeFi platforms in 2023 for offering decentralized lending and borrowing services. As a result, traditional financial institutions found new alternatives for offering their services to customers beyond the borders of traditional banking. DeFi would still remain one of the strongest web 3.0 trends and drive major improvements in the economic landscape.
The collaboration between web3 and traditional financial institutions would also help them leverage the full potential of DeFi solutions. On top of it, DeFi solutions would also gain formidable improvements in mainstream adoption alongside unlocking new possibilities for financial inclusion.
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Web3 Gaming Would Turn into a Formidable Force
The next crucial prediction for web3 in 2024 would focus on web3 gaming. It leverages blockchain technology to facilitate in-game economies and other features. The outline of web3 predictions for 2024 would focus on how web3 games would shift their focus in 2024. First of all, you must know that web3 games have focused primarily on offering rewards to players in return for their participation.
In other words, web3 games work as DeFi solutions with the veneer of gaming experiences. Most of the early web3 games, based on the play-to-earn or P2E model have failed to keep up with the expectations of players. As a matter of fact, many of the P2E games have shut down as the withdrawals exceeded the amount of deposits in the games.
The year 2024 will bring new changes in the domain of web3 gaming as developers seek new alternatives for moving over the existing pitfalls. Most of the discussions about questions like “Is there a future for web3?” draw attention towards web3 gaming. Interestingly, web3 gaming can overcome the flaws in the early projects by providing a seamless integration between web3 utility and traditional gameplay experiences. The shift towards new models in web3 gaming, such as play-to-own models, would lead users away from token-focused projects. It could encourage the involvement of popular studios and companies that specialize in game development.
The popularity of web3 games such as Axie Infinity, The Sandbox, and Decentraland provides favorable prospects for implementing changes in the web3 gaming landscape. The most popular web3 predictions for web3 gaming emphasize the improvement in gameplay experiences. With the new and innovative gaming experiences, web3 gaming sector could achieve momentous growth. Most important of all, web3 games could appeal to the broader target audience of 3 billion gamers worldwide.
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Utility of Non-Fungible Tokens
NFTs are one of the hottest topics in the domain of web3. The unique digital assets gained traction immediately after their arrival with the sale of an NFT artwork for $69 million. Subsequently, the development of NFT collections such as CryptoPunks and Bored Ape Yacht Club garnered more attention towards NFTs. However, the biggest problem with NFTs points to the general assumption that they are only suitable for representing digital artwork on blockchain networks.
The web3 predictions list draws attention to the possibilities of introducing new utilities for NFTs. The predictions for web3 in 2024 would be incomplete without emphasizing the radically increasing orientation of NFTs toward commercial utilities. Non-fungible token use cases would become more diverse, exceeding the conventional assumptions about their relationship with NFTs.
The interest of big players in the world of business, such as Starbucks, in the alternative utilities of NFTs showcases how NFTs might step in a completely different direction in 2024. It is important to note how the best web 3.0 trends in 2024 in the domain of NFTs could attract other commercial brands to alternative NFT utilities. Starbucks utilizes NFTs for its loyalty rewards program, and other brands would follow suit upon noticing success of other NFT reward programs.
Apart from traditional use cases, web3 trends for NFTs would focus on bridging the gap between physical and digital experiences. How can you blend physical and virtual experiences in web3? The growth of NFTs would promote the representation of physical products in digital environments through NFTs. For example, purchasing a pair of sneakers would give you access to NFTs that represent the same sneakers in virtual platforms. If NFT projects do not adapt to the emerging trend of offering additional utility, then they are likely to fall behind.
What are the Other Predictions for Web3 in 2024?
The trends predicted for web3 in 2024 would not be limited to these five predictions only. However, the top web3 predictions in 2024 would also focus on the rise of NFTs in the luxury fashion industry. On the other hand, Bitcoin would go through the 4-year halving process that might increase the demand for cryptocurrencies and drive growth. In addition, technologies like AR/VR, AI, ML, and NLP would gain widespread attention in the web3 landscape. Another crucial prediction for web3 in 2024 would focus on the growth in adoption of better strategies and measures for web3 security.
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Final Words
The top predictions for web3 in 2024 invite attention to the possibilities of major breakthroughs in the web3 landscape. You can notice how the most popular web3 predictions focus on resolving the limitations observed in web3 till now. For example, NFTs would gain new utilities, and web3 games would overcome the conventional setbacks.
On top of it, you can also expect other prominent trends in web3 for 2024 with a formidable impact. Some of the trends include growth in popularity of AI, ML, NLP, and AR/VR technologies and the Bitcoin halving. Awareness of the top trends for web3 in 2024 could help users and businesses prepare for the emerging challenges. Learn more about web3 fundamentals and discover the significance of predictions for web3 growth.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
