The term ‘web3’ is a broad term that has gained immense popularity amidst the technologically evolving world. Web3 is generally referred to as the newest era of the World Wide Web. In this post, we explore the various web3 trends anticipated to be very popular in 2023.
Web1, Web2, and Web3: What Changed?
In the earliest days of the internet, the period was referred to as web1, where there wasn’t much user interaction or exchange of valuable information. The internet was in its most primary and standard form, with only a few experts generating content.
Web2 brought a new era of social networks, where users could easily exchange data with each other. A new breed of content creators emerged, and the internet grew into a vast ocean of data and information. Platforms in every industry evolved with better user interfaces, complex and large databases, and seamless interactive options.
However, with web2 also came a predicament, with a few large technology firms holding huge power with users’ data and fears of its misuse. Regulators rushed to keep technology companies under check, but the issue of privacy, security, and transparency remains to date.
Web3 is the most advanced form of the internet so far. Using emerging technologies like blockchain, machine learning, and artificial intelligence, web3 aims to decentralize the internet, putting more power in the hands of the users. Simple tasks like transferring money, crowd-funding, producing movies, and playing games are expected to be democratized, with a more equitable distribution of rewards amongst all project stakeholders.
Web3 Trends 2023
Web3 trends like NFTs and web3 crypto innovations have gained a cult following in the last few years. The trend is expected to continue well into 2023, but let’s find out which trends are most likely create the maximum buzz:
- Metaverse: The metaverse will probably be one of the most talked about trends of web3 in 2022, with almost all big tech forms working on their own metaverses. From games to sports to live concerts, the metaverse is widely going to change how people interact with each other. Bridging parallels between real life and the virtual world, a metaverse would facilitate users to buy real estate in virtual worlds, trade accessories, win rewards, and buy tokens for projects of their choice, amongst many other uses. Sandbox, Decentraland, and Axie Infinity are some of the most popular metaverses, and many more such virtual worlds are expected to go live in 2023.
- Utility NFTs: Non-fungible tokens (NFTs) have already gained much popularity amongst art enthusiasts, crypto experts, and others. In 2023, the concept of ‘utility NFTs’ is anticipated to gain more prominence rather than NFTs being just unique pieces of art. Tokenizing was originally explored through existing blockchains to issue tokens of an existing project to others, grow a community, raise funds, and distribute the profits equitably. Hence, this is going to be explored extensively, with many web3 projects issuing NFTs where its holders could participate in projects and contribute towards them. The full potential of NFTs can be unlocked through utility tokens.
- Web3 Social Media: We are all well versed regarding traditional social media sites where we put daily updates on our life, learn something new, or make new acquaintances and connections. Web3 will challenge the primary concept of social media in 2023, where a more decentralized and transparent form of social media can be developed, reducing data privacy risks and theft. Censorship by third-party organizations could also be challenged through web3 social media platforms, where a participant could express opinions freely, produce content without artistic hurdles, and pay for services through web3 tokens for a seamless payment system.
- Sustainable web3: The crypto community is widely expected to push efforts to reduce carbon emissions and energy consumption levels in 2023. It is a known fact that a single transaction for quite a few cryptos generates huge carbon emissions. As for 2022, many countries worldwide have adopted resolutions to go net carbon neutral in the future. Such initiatives will also be a trend among the web3 community in 2023, with more green and environmentally friendly policies in new projects.
- Brand experiments with web3: Brands are still catching up in the race to adopt web3 in reaching out to consumers, which will gain more popularity in 2023. More brands would adopt various web3 tools like NFTs and collaborate with existing web3 projects to market their brands. In other words, Brands As A Service (BaaS) would become widespread and allow users to use the protocol to create digital products. Eventually, brands and web3 are going to become strongly integrated, benefiting both users and brands.
Conclusion
It is an exciting time to be alive, with technology advancing in every aspect possible. At the onset of 2023, web3’s full potential needs to be uncovered, with better projects and more community-led participation from experts. Threats from cyber attacks, scams, and frauds need to be given due diligence, and more and more web3 protocols are to be developed, which would open doors to exclusive services and products for anyone from any corner of the world.
The future belongs to a decentralized community, with the non-existence of monopolies in industries. As the world warms up to crypto, the aforementioned web3 trends 2023 are expected to gain a strong footing and stay in place for the upcoming years.