Experts believe that Web3, which includes decentralised applications and blockchain-based protocols, is the future of the Internet. This market continues to evolve rapidly as new technologies are integrated into everyday life.
Here are seven Web3 trends that are gaining momentum now and are expected to play an important role in 2023.
1. The emergence of social networks based on decentralised platforms
Decentralisation is a key principle of Web3, and it means that in the future the Internet will be free from intermediaries, such as the large technology companies that control the information flow at the moment. It is likely that in 2023 we will see the growth of social media based on decentralised platforms and blockchain technology.
2. Significant growth in the tokenisation of assets
Tokenisation is the process of creating digital counterparts to real assets in blockchain. As large companies begin to explore the possibilities of decentralisation, the rise of tokenised assets is becoming increasingly relevant. This trend will undoubtedly have a significant impact on financial markets and other sectors, such as real estate and entertainment, where digital assets play a significant role.
3. The widespread use of cryptopayments
Cryptocurrency payments in online shops, cafés and restaurants as well as online services are becoming increasingly common. Mainly this is due to blockchain technology, which makes transaction flows between users and merchants seamless, cost-effective and secure.
With Green Crypto Processing, for instance, you may easily activate cryptocurrency payments for your business and attract customers from all over the world.
4. Mass adoption of Web3
While large companies, such as Starbucks, are exploring the potential of Web3 and incorporating it into their business models, more and more users are also seeking to become familiar with the technology. Web3 projects are expected to grow in popularity. These include, for example, Helium, which provides Internet access to a variety of 'smart' devices, offering a cheap and stable alternative to traditional wireless networks, satellite equipment and mobile Internet.
5. Increased innovation in crypto-insurance
Investments in DeFi and cryptocurrency can yield significant returns, but they also come with risks, such as hacking, exploiting and scams. To protect their assets, investors are increasingly seeking crypto insurance, and various platforms already offer risk coverage. So far, coverage periods and protection of various insurance products are limited, but as the market develops, we can expect positive changes in liquidity, capital efficiency, availability and cost of these insurance products.
6. Growth and development of NFT liquidity tools
For a long time, NFTs have been an illiquid asset, making it difficult for owners to convert them into cash. In response to the growing demand, a number of promising solutions are already developing in Web3: pools where NFTs can be bought and sold instantly, as well as NFT aggregator services aimed to facilitate trade in this digital asset.
In 2023 we expect to see further improvements in tools that make buying and selling NFTs easier. This will improve the overall liquidity of the market and make it more attractive to investors, collectors and Web3 users. Overall, the development of NFT liquidity solutions is crucial for the growth of the Web3 ecosystem.
Transparency in the crypto industry has been a growing concern in recent years, and events such as the collapse of crypto exchange FTX once again highlight the need for more openness in operations, finances, teams and partnerships.
The following steps in the functioning of the cryptoproject help to solve this problem:
- De-anonymisation of team members;
- Making product updates and progress publicly available;
- Creating own DAO with community members to make common decisions;
- CEOs and founders actively engaging with the community through blogs, podcasts and social media;
- Publishing addresses of project wallets and project reserve funds;
- Publishing roadmaps for enhancing community participation;
- Announcing important decisions within the project;
- Sharing mistakes and lessons learned publicly;
- Disclosing connections with investors, associations and other stakeholders.
The trends mentioned above will play a crucial role in making decentralised platforms more accessible and secure for users. And the year 2023 itself promises to be a game changer for the entire Web3 industry and define the future of the Internet.