Web3 is the new internet, judging by its rapid growth. Web3 emphasizes that blockchain, cryptocurrencies, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) might help us build online spaces we genuinely own and even digital democracies.
Web3’s unlimited browsing and internet freedom quickly conquer our hearts and smart devices. And despite 2022’s crypto winter, metaverse and crypto growth is also rapid. But will 2023 and the years beyond introduce more advancements in Web3, crypto, and metaverse?
Let’s examine the top 10 crypto trends coming ahead in the near future!
Top 10 Upcoming Trends:
- Growth in NFT Adoption:
NFTs have always been connected with digital art and “collectibles” that may sell for thousands, if not millions, of dollars. However, as 2023 is set to begin, it is expected to promote NFTs growth while making them less about digital art and collectibles and more about real business use cases (or utility NFTs).
- Decentralization and Immersion:
Web3’s future goals also include the introduction of a decentralized metaverse and immersive technologies. This decentralized blockchain technology approach will allow individuals to govern their material in a Metaverse, creating a unique feeling of community.
- Improvement and Adoption of Decentralized Social Network:
The Web3 movement will build a decentralized social network in the coming years. This approach will provide several platforms for influencers and brands to reach out to their audience, ensuring maximum exposure – improving their contact with their fans, increasing their earnings, and offering better monetization strategies via NFTs for fair pricing.
- Decentralized Identity to Become a Norm:
Decentralized identity systems are just getting started now. However, in the coming years, decentralized identity will reach the masses in the developing Web3 ecosystem thanks to the development of avatars in the form of NFTs serving as users’ digital identities within virtual spaces, Soulbound tokens, blockchain, biometrics, and related cutting-edge technologies.
- More Regulation To Be Applied:
More regulations, particularly for centralized crypto exchanges, and stronger laws on investor protection in the crypto trading area are on the way due to FTX.
- More Use-Cases of Zero-Knowledge Proof Technology:
ZK approaches let one party verify they have data without revealing it. This approach uses blockchain technology to improve privacy and security, especially with decentralized identification. Putting this approach into action, ZK-Rollups made ZK the Ethereum scaling tool in 2022. However, the software development kits that allow ZK smart contracts to be coded into applications operated off-chain (off the blockchain) with verification and settlement back on-chain will unlock a broader set of use cases in 2023.
- Community Governance Through DAO Integration:
DAO will be integrated into various applications to govern communities in 2023 and beyond via rewards programs like Starbucks Odyssey, decentralized social media, gaming, or DeFi protocols.
- Fashion and Beauty Companies Adopting Web3:
There is no single technique that the most prominent fashion and beauty brands are taking to embrace Web3. Most are mainly experimenting through partnerships to uncover the best strategies for their brand, as partnerships give a low-cost option to test and learn. L’Oréal, Mot Hennessy Louis Vuitton, and Nike are well-known brands that have entered the metaverse and Web3 worlds to expand their reach.
Considering this adoption of Web3 technology, if fashion and beauty firms, particularly luxury labels, want to stay competitive and relevant, we anticipate that more brands will invest in Web3, the metaverse, and associated technologies in 2023 and beyond.
- Better DeFi Applications On The Way:
Although DeFi had nothing to do with the recent events in 2022, such as the recent bankruptcies of FTX, Celsius, Voyager, and others, DeFi developers are are all set to build commercially sustainable and safe applications.
- Web3 Adoption To Achieve Green Goals:
The World Economic Forum has emphasized the technology’s potential to enable organizations to cooperate and build collaborative technologies to speed climate change mitigation. Hence, we anticipate increased efforts to use web3 and metaverse technology to achieve green goals in 2023.