Web 3 & Blockchain Predictions for 2024 And Beyond
It’s time for web 3 and blockchain predictions with the start of a fresh year!
The past few years have seen tremendous growth and development in the world of web 3 and blockchain technology.
As we move into the new year, it's natural to wonder what the future holds for these exciting and transformative technologies.
In this post, we will share predictions for what we can expect to see in the world of web 3 and blockchain in 2024.
So without further ado, let's dive into the top predictions for what we can expect to see in the world of web3 and blockchain in 2024.
1. Ethereum: The Dominant Player in 2024
Ethereum is expected to be the most popular and valuable blockchain platform in 2024.
This is due to a series of updates and improvements to the Ethereum protocol, including the Merge and the Shanghai upgrade.
These updates will make it easier for people to use Ethereum and will also improve its performance.
Another important development for Ethereum in 2024 will be implementing a feature called proto-danksharding, which will help the platform scale and handle more transactions.
Overall, these advancements will make Ethereum the dominant player in the blockchain industry.
2. Ethereum Staking: A Growing Area of Innovation
Ethereum's transition to proof-of-stake has made it the most popular platform for staking, with over $20 billion staked.
In 2024, we can expect to see further innovation in the realm of ETH staking as more people seek secure forms of yield.
One particularly innovative project in this area is EigenLayer, which provides "security as a service" to other blockchain projects, allowing them to use Ethereum's staked security to supplement their own.
The increasing demand for ETH staking and the development of new staking innovations will drive adoption and utility for Ethereum, positioning it as a global settlement layer for the Web3 ecosystem.
3. Evolution of Non-Fungible Token Utility
In the coming year, it is expected that the use of non-fungible tokens (NFTs) will become more diverse and commercially focused, moving beyond the current dominance of digital art represented by "jpeg" NFTs.
Major brands such as Starbucks are already exploring alternative applications for NFTs.
It is likely that other commercial leaders will follow suit by releasing NFT rewards programs if successful.
In addition to these more traditional uses, the rise of "phygital" experiences, in which physical products are accompanied by a digital version, will also drive the growth of NFTs.
As NFTs become more widely used for various purposes, projects that have not evolved to offer additional utility are likely to fail or be left behind.
The remaining successful NFT projects will likely include those that have gained recognition but have been overlooked in recent years, such as CryptoPunks.
So it can be said that the expanded and commercialized use of NFTs in the coming year will significantly shape the future of the technology.
4. The Future of Tech Crypto
Cryptocurrency is often considered a way to buy, sell, and trade tokens as investments.
However, another type of cryptocurrency called "tech crypto" is focused on peer-to-peer computer networks where people can use globally accessible software to transact with each other.
In the past, the focus has been on "money crypto," or using cryptocurrency as a financial asset.
But in the next few years, we are likely to see an increase in the use of tech crypto through the adoption of decentralized financial applications and the rise of non-financial decentralized apps like social media platforms and consumer reward programs.
As more people begin to use tech crypto, it will become a more important and useful tool, setting the stage for the next bull market and providing more stability in volatile market cycles.
5. Reputation Management in the Web3 Ecosystem
In 2024, decentralized identity and reputation systems are expected to become a key infrastructure component for Web 3 transactions and interactions.
These systems will allow individuals to transfer their reputation from one application to another and provide a more holistic view of identity through platform-agnostic data aggregation.
Projects such as Intuition lead the way in this field by using attested data to create a more detailed understanding of identity.
The emergence of decentralized identity and reputation systems will make reputation a fundamental aspect of the Web 3 ecosystem, enabling humans to coordinate on a decentralized global scale.
These systems will become critical pieces of infrastructure, supporting the vast majority of interactions and transactions within the Web 3 platform.
6. Bitcoin's Market Challenges
In the coming year, it is expected that Bitcoin will struggle to maintain its market share and position due to a number of headwinds.
One of these challenges is the lack of daily utility for Bitcoin, making it less attractive compared to other tokens and ecosystems that have increased commercial and enterprise use.
This issue, known as "pet rock" syndrome, refers to the idea that holding an asset for its own sake becomes less appealing when compared to investing in assets with practical applications.
Additionally, environmental, social, and governance (ESG) concerns will continue to be a major issue, with increasing pressure on individuals, enterprises, and governments to reduce energy consumption.
Bitcoin, which relies on proof-of-work (PoW) rather than the more environmentally friendly proof-of-stake (PoS) system, is likely to be the primary target of such criticism.
Finally, Bitcoin has failed to live up to its potential as a risk-off digital gold-like hedge, instead acting more like a risk-on tech beta.
These headwinds will likely further set back Bitcoin in the bear market and pave the way for another layer 1 asset with the actual utility to lead the next bull run.
7. Web 3.0 Gaming
Web 3.0 gaming, which uses blockchain technology to enable in-game economies and other features, has so far fallen short of its potential and has gained a reputation as a money grab or DeFi with a veneer.
However, it is expected that in 2024, Web 3.0 gaming will move past these flawed early projects and begin to offer a more seamless integration of Web3 utility and traditional gaming aesthetics.
As a result, attention will shift away from token-focused projects and towards studios and companies that prioritize gameplay.
Web 3.0 games, such as Axie Infinity, Decentraland, and The Sandbox, have seen strong success and gained significant attention in the gaming industry.
In 2024, more game projects will be expected to utilize advanced technologies and innovations to improve gameplay experiences and drive growth in the Web 3.0 gaming market.
With the potential for exciting new experiences on the horizon, 2024 is shaping up to be a promising year for the development and growth of Web3 games.
As a result, Web 3.0 gaming may finally begin to appeal to the 3 billion gamers worldwide and shake off its current negative reputation.
8. The Future of Decentralized Science
In the coming year, decentralized science (DeSci) is expected to become a major focus of the Web 3.0 platform, with decentralized autonomous organizations (DAOs) at the forefront of this movement.
DeSci will use intellectual property non-fungible tokens (IP-NFTs) to turn scientific research into a Web 3.0-native asset class, enabling open-source collaboration and decentralized fundraising.
This shift towards open-source and community-driven models is expected to drive significant breakthroughs in fields such as biotech, leading to more fundamentally aligned outcomes for patients and researchers.
9. Phygital Products in the Luxury Fashion Industry
In 2024, the fashion industry is poised to embrace the potential of Web 3.0 and leverage the technology to drive innovation and growth.
In the luxury fashion industry, phygital products, which combine the physical and digital realms, have gained significant attention recently, with major brands like Prada, Givenchy, and Tommy Hilfiger releasing drops in this space.
However, these brands have faced challenges in unlocking real-world value for their phygital products.
To address this issue, luxury fashion brands focus on creating high-quality goods that bring online identities into the physical realm while maintaining their renowned standards of quality.
Sustainability will also be a key consideration in developing phygital products, as the rise of these trends carries the risk of feeding into overconsumption.
Immersive virtual shopping experiences, which allow consumers to try on outfits and access products through gamified activities and brand storytelling, are expected to continue gaining popularity in 2024.
Digital fashion marketplaces like DressX and Meta's Avatars Store are also expected to become more mainstream in 2024.
Web 3 & Web 3 Marketing Prediction Highlights from Emre Elbeyoğlu
Last but not least analysis is from the CEO of Popupsmart, Emre Elbeyoğlu.
➢ Web3, with its decentralized structure, will be implemented in the next ten years and will shake the seats of big brands. Even big brands such as Booking.com, Airbnb, and Uber are under threat.
➢ With the decentralized structure, these services can be solved with P2P in the long term.
➢ NFT is an artwork with unique owners, but most people miss the main idea behind it. NFT is a non-replicable asset and resembles uncharted territory in a future world. There were wealth-related physical investments in the past, but now digital world assets will rise rapidly with NFT.
➢ More coins will be used in payment systems when coins like Bitcoin And Ethereum become more stable in the coming years.
➢ States can impoverish the people by printing money in line with the decisions of their governments. Talented young people of our age will make their payment structures valid and use them globally to change this situation.
Before You Leave…
In conclusion, 2024 is shaping to be a significant year for developing and adopting Web3 and blockchain technologies.
From the growth of decentralized finance and the evolution of non-fungible tokens to the emergence of decentralized science and the increasing importance of reputation in the Web3 ecosystem, the potential applications of these technologies are diverse and far-reaching.
As we move further into the new year, it will be exciting to see how these predictions play out and what new developments and innovations emerge in the Web3 and blockchain space.
Frequently Asked Questions
1. How will Web3 and Blockchain Technologies Impact How We Use the Internet in 2024?
Web3 and blockchain technologies have the potential to fundamentally change the way we use the internet by enabling decentralized, peer-to-peer interactions and transactions.
This could lead to increased privacy, security, and control over personal data, as well as new types of online services and applications that are not reliant on central authorities.
2. How can Businesses Prepare for the Potential Impact of Web3 and Blockchain Technologies in 2024?
Businesses can prepare for the potential impact of Web3 and blockchain technologies in 2024 by
- staying informed about the latest developments in these areas,
- exploring the potential applications of these technologies for their industry,
- considering how they might be able to leverage these technologies to improve efficiency, transparency, and trust in their operations.
3. Will Web3 and Blockchain Technologies be able to Solve Existing Problems in Various Industries?
Web3 and blockchain technologies can potentially solve various problems in various industries.
For example, decentralized finance has the potential to increase financial inclusion and reduce the cost and complexity of financial transactions.
Non-fungible tokens could enable more secure and transparent ownership and transfer of unique digital assets.
Decentralized identity and reputation systems could improve trust and accountability in online interactions, to name a few.
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