Web3, the next-gen internet technology, started revolutionizing every industry from fintech to healthcare. The demand for this new internet technology is gaining traction as we witness its uninterrupted evolution.
Web 3.0-based platforms will be built, managed, and governed by their users for their benefit and advancement. It enables them to earn from various revenue-generating sources instead of simply using the platform.
Compared to its predecessor (Web 1 & Web 2), Web 3.0 is more transparent and secure thanks to its openness, decentralization, and community-driven concept. It shifts the power from a central authority to the community members and enables users to enjoy its utmost benefits without the intervention of a third party.
This sparks interest regarding the trends of Web3 in the upcoming years among the internet community. This article focuses on where this new technology will be heading in 2024.
Why is the Adoption of Web 3.0 Inevitable?
With Web 3.0, the platform user will be the managing authority, not monopolistic tech firms. It gives power and freedom to the platform users and enables them to participate in the ecosystem's growth.
Web 3.0 allows its users to create, own, and manage their content, enjoy authority over their assets & data, safeguard them, monetize their content, and earn lucratively without the intervention of central authority.
Web3 eliminates third-party control and enhances the user's privacy while increasing trust, transparency, and security. The data encryption concept of blockchain technology allows only the authorized person to access the data. Blockchain security protocols (KYC/AML) prevent spammers and bots.
In addition, AI, AR, VR, and ML are pioneering aspects of Web3 that diminish the line between virtual and physical social engagement. Further, Web3 facilitates users utilizing, modifying, and altering the Internet with an open-source computer program. Netflix, Alphabet, Apple, etc., are the big tech firms that believe in and support the advancement of this innovative technology.
With the increased funding and backing of tech players, Web 3.0 will advance enormously in 2024 and revamp many industries!
Web3 Trends For 2024
Web 3.0 is rapidly evolving, and 2024 promises to be an exciting year for its continued development. Here are some of the top trends and predictions I'm seeing:
1. Decentralized Identity (DID):
Taking control of your own digital identity will be a major focus. Imagine managing your personal data and online interactions without relying on centralized platforms. DIDs empower individuals with greater privacy and security.
2. The Rise of DAOs
Decentralized Autonomous Organizations (DAOs) are revolutionizing governance. These internet-native communities leverage blockchain technology for collective decision-making and resource management, fostering transparency and community ownership.
3. Web3 Gaming
According to earlyestimates by Fungie, the global Web3 gaming market will be worth $30 Billion in 2030 at a CAGR of 18%. The gaming industry is already on the verge of a paradigm shift as Web 3.0 technology matures.
According to Statista, tech firms and investors boosted the emerging Web 3.0 gaming industry with $2.5 Billion. In Web3 or NFT games, the in-game collectibles like lands, vehicles, armor, characters, etc., can be minted as NFTs and traded on secondary marketplaces.
In gaming, Web 3.0 enables players to earn money instead of playing games. Web3 games, the next-gen gaming concept, find or purchase gaming collectibles and trade them with others.
4. Web3 Metaverse
Metaverse is a virtual environment that allows people to engage in digital activities and interact with each other. The most popular coffee chain, Starbucks, ventured with its Starbucks odyssey into the metaverse. It allows users to collect rewards as NFTs and engage in enthralling virtual activities.
One real-world utility of Metaverse is the gamification of everyday activities, which will be the next big trend that one could expect in 2024. With this trend, one can visit the virtual store, explore, interact with the storekeepers, order the things and have them delivered to the doorstep, or even win the items they want in the form of rewards. It will give a surreal shopping experience for users from their homes.
Web3 Metaverse enables digital streaming, allowing music lovers to enjoy concerts virtually. Artists like Marshmallow and many others joined the metaverse and performed virtual reality concerts. Virtual concerts and events will break the geographical, financial, and cultural barriers that separate people.
The global metaverse market will reach a $5 Trillion market cap by 2030. Metaverse as a Service will enable enterprises to open their virtual stores in the metaverse. This subscription-based model helps encourage global firms to plunge into the metaverse in 2024 as it helps them save tremendous costs associated with in-house resources, infrastructure, licensing, etc.
5. Web3 and NFT
Web3 and NFT will tremendously impact the art and creative industry and benefit the creators. Artists can convert their works into digital assets in the form of NFTs via NFT minting software. NFTs give artists more control over their creations and allow them to compete and earn in the global atmosphere. They can sell their artworks in online marketplaces in a decentralized infrastructure. Plus, they will receive a small amount of royalty whenever their artwork is traded.
Ownership, traceability, transparency, royalty, income & rewards are some advantages of blending Web 3.0, NFTs, and art niche. In addition, it prevents copyright infringement and scams with the immutable and transparent nature of blockchain technology.
NFT and Web3 will make the artworks more accessible virtually and extend beneficial opportunities for artists, collectors, and art museums in 2024.
6. Interoperable Standards
Seamless data and asset transfer across different Web3 platforms will be crucial for wider adoption. Expect advancements in interoperable standards that enable users to move freely between various blockchain ecosystems.
7. Web3 in AR & VR
The transformation from Web 2.0 to Web 3.0 paved the way for virtualization. AR and VR will be the core of digital innovation for Web 3.0-based platforms like Web 3.0 gaming, Virtual banks, etc.
The global market has already understood the growing demands for AR & VR technologies owing to the emergence of Web3-based platforms. According to Forbes, the AI industry will grow by 37.3% in 2024. In mid-2024, we can see global firms competing in the virtual world with the amalgamation of AR and VR technology as it helps them amplify their brand marketing and customer services.
8. Web3 Social Platform
Web3 social platforms are decentralized and community-driven. It shifts the power from big tech firms to platform users. Web 3.0 platform users create, manage, and monetize their content without the involvement of central or managing authority.
Blockchain data encryption improves user privacy and transparency and safeguards their data and assets in a Web3-based platform. Server outages, data breaches, and privacy violations are impossible on Web3 social media platforms.
Open source, interoperability, community-oriented, freedom, in-app payment, transparency, improved security, attractive monetizing sources, etc., are the benefits of Web3 in social networking.
Web3 components like NFT, crypto, metaverse, smart contract, etc., will leave content creators and users with numerous opportunities that will expand the scope of the Web 3.0-based platform in 2024.
9. Regulatory Frameworks
As Web3 matures, regulatory frameworks will become more important. Expect to see clearer guidelines established for development and adoption, fostering trust and stability in the ecosystem.
10. Web3 in Regenerative Finance (ReFi)
Regenerative finance combines the fundamentals of regenerative economics and decentralized finance. It is an alternate financial system that aims to democratize financial services and goods.
Web 3.0 will help fight against deforestation, land degradation, climate change, etc. Ecolab and AEternals are among the top Web 3.0 projects working to reverse ecosystem degeneration.
The refi-based initiative started communicating with one another, and this niche is advancing rapidly, thanks to Web 3.0. special emphasis is given to sustainable development projects in every sector, with Web3-based Refi trends, and we will witness them take off in 2024.
Future of Web3 in 2024
The core of Web3 lies in fundamentals - blockchain, smart contracts, and digital assets, which will collectively benefit society to a massive extent in 2024.
Though Web 3.0 still needs to find a way to demonstrate its applicability for many real-world applications, many big tech firms are utilizing Web3 business ideas to strengthen their value proposition, believing in the promising future that it has to deliver.