Web3 is still making enormous strides and is expected to upend numerous industries. Here, we explore the top Web3 trends in 2023.
Related: Workplace in the Metaverse: Will it be Better to Work in Metaverse?
Web3 is an ever-changing digital network that offers a revolutionary way of doing activities such as working, entertaining ourselves, and interacting. It serves as a decentralized web solution, giving us new pathways to carry out our tasks. Web3 trends in 2023 will evolve radically.
Web3 and the metaverse are sometimes confused, but they are not the same thing. Web3 is already very much alive, whereas the metaverse is a vaguely defined virtual space that is largely hypothetical. Numerous web3-based technologies, including cryptocurrencies, decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs), have gained popularity recently.
In addition, web3 is going through a transformative period right now. Sales of NFTs and investments in cryptocurrencies have significantly decreased since the start of the so-called “crypto winter” earlier this year. The viability of Meta’s vision for the metaverse, which is perhaps the one that has most influenced the general understanding of the metaverse while not being a vision held by the entire web3 community, has come into question as a result of the company’s financial difficulties. Additionally, it appears that governments are making more of an attempt to control the digital asset industries.
The next trend after the metaverse will be the development of decentralized applications (dApps). dApps will allow users to interact with each other and with the digital world in a completely new way. dApps will be built on top of the Ethereum blockchain and will use smart contracts to enable trustless interactions. This will open up a whole new world of possibilities for how we interact with the digital world.
Web3 trends in 2023
Even while Web3 is going through some growing pains, it won’t vanish any time soon. In light of this, the following five web3 trends in 2023 are ones that marketers should be aware of:
A more sustainable mindset:
One of the most (justifiably) important barriers to the general adoption of the technology has been the frequent requirement for massive amounts of energy to run a blockchain. But more and more web3 companies are emphasizing eco-awareness in their business models. And earlier this year, with Ethereum’s successful “merge,” which converted the blockchain platform from a proof-of-work to a proof-of-stake paradigm and cut its energy usage by as much as 99%, the cryptocurrency sector saw a major transformation. The web3 sector is probably going to keep emphasizing sustainability in the coming year.
Increased Government Regulation:
Government regulation of web3 has increased, especially regarding crypto and NFTs. Al Jazeera reported earlier this week that the Financial Action Task Force (FATF), an intergovernmental monitoring organization, will start adding nations that don’t have proper crypto regulatory policies to a “gray list” to prevent the funding of terrorism and money laundering. In a 124-page report released in October, the Financial Stability Oversight Council, a division of the US Treasury Department, urged Congress to start regulating the cryptocurrency market because it posed a risk to the stability of the US economy.
The fact that many NFTs are currently nothing more than expensive pieces of digital art is a major factor in why some people think that NFT sellers are con artists and that the entire NFT market is a massive bubble that will eventually burst. We’ve been observing the rise of “utility NFTs,” which are NFTs that unlock some sort of real value, like access to special events or actual merchandise. This suggests that many people throughout the web3 business have heard these accusations (and found some merit in them).
Constant Corporate Participation:
A rising number of companies have excitedly staked their claims in the web3 area since well and truly 2021, looking to experiment with new approaches to client engagement and marketing, particularly with younger audiences. Some well-known businesses may have refrained from investing in web3 as a result of the crypto winter and Meta’s ongoing issue, but other well-known brands still seem eager to establish themselves in the constantly changing market. For instance, Mastercard and Fidelity Investments both recently launched new campaigns meant to make it simpler for some clients to start becoming involved with cryptocurrency.
Augmented Reality’s Rise:
As Meta’s recent business difficulties have shown, virtual reality (VR) has a bleak future. Meta is marketing its new Quest Pro VR headset primarily as a workplace tool, but it is unclear whether a sizable number of working professionals will be eager to use the device in their jobs, let alone fork over the $1,499 price tag.
Web3 is still a novel idea, yet cutting-edge technologies have the power to completely transform whole sectors of the economy and aspects of daily life. We have seen web3 trends in 2023 that can impact several industries.
Despite this, it is predicted that the business will continue to develop due to increased M&A activity and investment in metaverse-related projects. By 2030, the market for the metaverse is expected to be worth USD 824.53 billion, expanding at a rate of 39.1% from 2022 to 2030, providing greater chances for brands to improve business processes including customer loyalty, shopping, and experience.
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Disclaimer: This blog is for educational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.