7 Upcoming Web3 Trends You Just Can’t-Miss In 2023
Web3 trends are taking the world like rapid fire, and it’s only a question of time when it will come on the heels of the business venture you are interested in. But as we all know, you can either hop on a trend and use it to your advantage, or sit and wait when it’s too late.
To help you keep up, our blockchain development company created a deep dive into the next stage of Web3 and what groundbreaking change it will bring in 2023. Read on and learn the ways to harness the new decentralized web trends for your business advantage!
Why should brands keep up with Web3 trends?
Web3 is a vision of the future that imagines a world where blockchain, digital currencies, NFTs, and DAOs (decentralized autonomous organizations) give users the ability to build websites that belong to them. It shifts the focus from centralization to decentralization.
Also, the next generation of the web will take advantage of cryptography and blockchain development technology to protect people’s personal information. The blockchain provides a reliable source of certainty for facts, making it an ideal place for storing data about transactions between users.
- The global Web3 market was valued at $1.36B in 2021
- It’s projected to grow by around 45% in 7 years
This growth happens because of the increasing demand for data safety via Web3’s decentralized virtual identity and the growing tech adoption on the internet. As well as the popularity of digital assets usage in addition to the rapid development of 5G or 6G technology is likely to contribute to further growth.
Similarly, the growing popularity of the usage of interconnected devices, together with innovative transaction ways, is also promoting the evolution of the Web3 blockchain market.
As the Web3 blockchain market grows and evolves, there will be many interesting opportunities for entrepreneurs. So, let’s take a closer look at 7 Web3 trends that will be going strong this year.
7 main Web3 trends for 2023
Curious to get a sneak peek of the future of the Web3 industry? Let’s take a look at the top 7 trends upcoming and already in action in 2023.
NFTs have traditionally been perceived as digital objects with limited-to-no application value in the real world. But utility NFTs are like NFT 2.0, an upgrade to real life. But what is utility NFTs exactly?
Utility NFTs—virtual tokens that provide their holders access to IRL use cases. These digital assets are also commonly called “NFT with benefits” because they go a bit beyond the average Smart Contract option. Here are the special things about utility NFTs:
- Perks like IRL rewards
- Give access to exclusive memberships or closed events
- Can provide new opportunities for passive income
Utility NFTs are adding value to their work by adding more real value, the majority of people can use at the moment and not just imagine in the long run. And, simultaneously, they are building active and loyal communities, which is the goal of any business.
Right now, there’s a boom in the adoption of blockchain tech in gaming, and people are using Web3 UI/UX. Taking that into consideration, there will be more play-to-earn games in the future, which is another trend that can become a real business opportunity.
- There will be a thought-out game economy
- The market will grow by 50% in the next four years
However, at this point, Web3 – based games aren’t top-rated. Why? First of all, there’s a lot of confusion about these games. Traditional gamers aren’t that interested in understanding how the new technology works. People just want to enjoy fun games.
That’s why many Web3 & blockchain-based games require a lot of revamping and reintroduction in 2023. But eventually, with the higher adoption of Web3 technologies, the market will see a boom in the upcoming years.
Another interesting thing that Web3 offers is to have its own digital wallets that will serve as digital identities. These virtual identities will allow signing in and out of web-based apps more conveniently than they could before.
How can virtual identities become a business opportunity? To create these identities, a blockchain development company can develop a platform that lets people build their own virtual identities by using and connecting their activity across different social media. This coaction allows users to navigate seamlessly and with no problems across various Web3 platforms.
Those who believe in Web3, envision a different version of the internet that is not controlled by the tech giants like Silicon Valley. This explains why decentralized virtual spaces are a major part of what Web3 aims to achieve in the coming years.
Two of these metaverses are:
- The Sandbox
These digital universes are stored on the Ethereum blockchain and thus have no single owner who can shut them down or change their goals at any time. Within these metaverses, you will find a sense of loyal community where everyone’s voice is tried to be heard because there is no traditional hierarchy structure anymore.
- Control their own belongings (data and earnings)
- Benefit from no central power controlling everything
- Don’t worry about abrupt shutdown
Another interesting trend of Web3 in 2023 is DeFi, aka Decentralized Finance. The Web3 system is a platform that aims to replace traditional money and deals through decentralized finance. What is special about DeFi:
- It’s a peer-to-peer method
- It’s powered by digital forms of money and decentralized exchanges (DeXs)
- Transactions are executed through Smart Contracts (aka no bank transaction fees)
Also, DeFi provides peer-to-peer loaning and borrowing, as well as staking of cryptocurrencies—helping the need for traditional investment instruments.
Having extensive experience as a cryptocurrency development company, we can say that the future is behind DeFi, and we can see fast adoption of it even on the governmental level. Therefore, it’s a smart move to start or implement a DeFi solution in your business ventures.
VR & AR
According to Deloitte’s reports, the popularity, and adoption of AI, streaming services, and chips will grow by 50% in 2023. Meta released the $1500 Quest Pro VR headset in October 2022, which represents a growing trend in the VR industry of highlighting video passthrough mixed reality.
Both VR and AR will be at the center of digital transformation for Web3-based platforms. So, both technologies can be your next business opportunity. As well as, marketing and customer services will benefit and grow a lot through the use of these techs.
Web3-Based Social Media
Some people are leaving traditional social media platforms for new Web3 platforms. This has been highly beneficial for both projects and companies. But what’s the deal with Web3-based social media?
- Users are in control. Eliminating centralization gives users more control over their data.
- Better connections. Digital assets and Web3 identities help people to establish connections with influencers and brands.
- Networking & Maximum exposure. Decentralized social media opens up a variety of channels for influencers and brands to reach out to their customers, making sure that they have maximum exposure.
- Higher profit. Enhanced interaction with their fans is bringing more profit.
- Better monetization. Decentralized social media platforms also provide creators with better monetization systems through NFTs for fair pricing.
As you can see, multiple research studies show that Web3 trends will soon reach its adoption tipping point and industries from aircraft to food niches will tokenize their apps. Blockchain development services have been proven to ensure the security of the crypto and NFTs even further — now it’s ready to ultimately transform other sectors of web development.
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