Top 10 Web3 Predictions For 2024
Internet fads come and go so fast that it can be hard to wrap your head around them. Most of the time, they’re lost in the noise and forgotten before long. But some of these ideas stand the test of time.
In 2014, the term Web3 was coined by Ethereum co-founder Gavin Wood. It didn’t take long for the potential of Web3 to shine through. The continued relevancy of Bitcoin and the NFT boom of 2021 proved it.
Web3 has come a long way since then, and it still has a long way to go. So what’s next? Today we’re taking a look at the current state of Web3, its growth so far, and the impact it has had until now. Most importantly, as the year comes to a close, we’ll be discussing the top 10 Web3 predictions for 2024.
A Quick Refresher: What Is Web3?
Web3 is more of a concept than something tangible, so it can be hard to define. It builds upon the Internet of today (Web2). Features like decentralization give users a certain degree of freedom and security.
The Current State Of Web3
Before talking about the future of Web3, it’s only right to delve into its current state a little.
Web3 is still taking baby steps, yet it’s enough to completely change how we use the internet. The earliest stages of Web3 are characterized by cryptocurrency gaining attention. Who can forget the meteoric rise of NFTs?
These early stages were not without their challenges. NFT popularity created a new way for scammers to rip people off using (pardon our French) “shitcoins” (scam tokens). This, combined with other factors, led to the sudden tanking of NFT values.
Thanks to these previous challenges, Web3 has grown and learned from its mistakes. Things like anti-piracy measures are being used to seriously tackle the problem of scam NFTs.
What To Expect From Web3 In 2024
With the new year approaching, it’s time to speculate on what the future will hold.
It’s impossible to say what exactly will happen, of course. However, it is possible to make calculated guesses by studying and analyzing the data at hand. Thanks to the high-level software of today, these calculated guesses could be accurate to some degree.
Having an idea of what to expect can help individuals and businesses prepare for the future. With that in mind, let’s briefly discuss our top ten Web3 expectations for 2024.
1. Mainstream Adoption of Web3
2023 seemed to be the year of Web3. From AI to crypto and NFTs, it’s slowly becoming better known, even among people who aren’t affiliated with it. Web3 is taking over, and technology organizations are catching on quickly. About 40% of tech leaders think Web3 will be an important part of their strategy in the next two to three years.
Can we expect mainstream adoption of Web3 by 2024? Only time will tell. The odds, however, definitely seem in favor of that happening.
2. More Practical Use of NFTs
NFTs were definitely the dark horse of Web3 internet before 2021. They’ve always been subject to much criticism and skepticism.
The public interest in NFTs has moved through peaks and valleys over the years. Sometimes a big business announces an NFT project, which becomes the talk of the town. Other times, these projects get lost in the crowd and their value plummets.
The past few years have already seen appreciation for NFTs in more practical roles aside from digital art. The film industry, fashion industry, and gaming industry are a few sectors that are readily embracing NFTs.
3. The Metaverse
The metaverse has been the home of many exciting, experimental ventures. From music concerts to fashion shows, the only limit in the metaverse is the imagination.
There are different opinions online about what the metaverse market value will be like in 2024. The one thing that all these opinions have in common is that the market value will see an increase. Some even predict that by 2024, the market value of the metaverse will reach a whopping $800 billion.
4. Decentralized Finance (DeFi)
Decentralized finance, or DeFi, is one of the foundational technologies of Web3. It is also one of the most well-known, at least conceptually (though a lot of people don’t know it by the term DeFi).
It was made to solve the problem of third-party institutions dictating transactional processes. DeFi is an aspect of Web3 that has financial applications built on blockchain technology. Further DeFi development is definitely one of the Web3 expectations for 2024 to look out for.
5. Privacy and Security
Thanks to the high security of blockchain technology, which Web3 runs on, it ensures almost total data privacy.
The coming year will most likely see an increase in Web3 applications. The applications will run on a blockchain, making them more secure than Web2 applications.
As more people start using Web3, more Web2 apps will switch to Web3 too. This might be one of the Web3 development trends for 2024 to look forward to the most.
6. Interoperability
The gradual interoperability between Web3 platforms is a no-brainer. As we have already seen in the last year or so, Web3 technologies such as NFTs and the metaverse are already blurring into each other.
On a more niche level, blockchain interoperability is a buzzword that’s catching on. Blockchain interoperability bridges the gaps between different blockchains. In doing so, they become able to communicate and share data between themselves – a concept that will become more relevant as Web3 continues to expand.
7. Augmented Reality (AR) And Virtual Reality (VR) In Everyday Life
Since Apple created the iPhone, they have maintained a near monopoly over the mobile phone business and cemented a reputation as one of the biggest tech companies in the world.
At their yearly event in September 2023, the tech giant unveiled its pricey new mixed reality headset. The Apple Vision Pro goggles mark the company’s venture into the realm of Virtual Reality. The device promises seamless VR and AR capabilities, the likes of which have never been seen before. It’s set to be released in 2024.
After the announcement, online searches for VR went up by 300%! Despite the device costing more than what a lot of people are willing to spend, it still marks a turning point in VR, AR, and Web3. It’ll be exciting to see what the future of Web3 holds following this gadget’s release next year.
8. Increase In AI Popularity
This year was definitely the breakout year for artificial intelligence platforms like ChatGPT. ChatGPT became available to the public for the first time in November 2022. According to statistics by Forbes, it garnered 1 million users in the first five days after being released.
Google Trends data shows that between November 5th and 11th, search inquiries for ChatGPT reached an all-time high. Terms like generative AI also saw a surge in popularity.
Even though AI is just one part of Web3 as a whole, it’s encouraging to see its speedy rise. It also creates a boon effect for other parts of Web3, like NFT, to shine.
9. Web3 Educational Platforms
Web3 can make education more accessible than ever before. In the metaverse, students can experience education differently from what they know now. It’s far more immersive, and far more interesting!
Web3 provides a virtual learning system, the likes of which we’ve glimpsed during the pandemic. With the metaverse, teaching and learning can be done immersively by using VR.
Educational content and resources will no doubt be decentralized and made free for students. Web2 platforms like Khan Academy can serve as models that can be built upon. NFTs can be used as a new form of certification that shows proof of education.
If done right, the future of Web3 education holds a lot of promise.
The progression of Web3 represents a transition toward a digital space that’s secure, inclusive, and focused on users. As technology advances, the ongoing developments in Web3 will play a key role in defining the future of the Internet. This era marks a turning point in the internet and how users interact with it. We don’t know about you, but we’re eagerly anticipating the future of Web3 that lies ahead!
Featured image by Kajetan Sumila on Unsplash
