Web3, the next-gen internet technology, started revolutionizing every industry from fintech to healthcare. The demand for this new internet technology is gaining traction as we witness its uninterrupted evolution.
Web 3.0-based platforms will be built, managed, and governed by their users for their benefit and advancement. In turn, it enables them to earn lucratively from various revenue-generating sources instead of simply using the platform.
Compared to its predecessor (Web 1 & Web 2), Web 3.0 is more transparent and secure thanks to its openness, decentralization, and community-driven concept. It shifts the power from a central authority to the community members and enables users to enjoy its utmost benefits without the intervention of a third party.
This sparks interest regarding the trends of Web3 in the upcoming years among the internet community. This article focuses on where this new technology will be heading in 2024.
Read More: What is Web3?
With Web 3.0, the platform user will be the managing authority, not monopolistic tech firms. It gives power and freedom to the platform users and enables them to participate in the ecosystem's growth.
Web 3.0 allow its users to create, own, and manage their content, enjoy authority over their asset & data, safeguard them, monetize their content, and earn lucratively without the intervention of central authority.
Web3 eliminates third-party control and enhances the user's privacy while increasing trust, transparency, and security.
The data encryption concept of blockchain technology allows only the authorized person to access the data. Blockchain security protocols (KYC/AML) prevent spammers and bots.
In addition, AI, AR, VR, and ML are pioneering aspects of Web3 that diminish the line between virtual and physical social engagement.
Further, Web3 facilitates users to utilize, modify, and alter the Internet with an open-source computer program.
Netflix, Alphabet, Apple, etc., are the big tech firms that believe in and support the advancement of this innovative technology.
With the increased funding and backing of tech players, Web 3.0 will advance at an enormous pace in 2024 and revamp many industries!
Web3 will undoubtedly support the evolution of many sectors like entertainment, e-commerce, banking, retail, healthcare, supply chain logistics, etc. Industries that benefit from Web3 and its expected trends are described.
According to early estimates by Fungie, the global Web3 gaming market will be worth $30 Billion in 2030 at a CAGR of 18%. The gaming industry is already on the verge of a paradigm shift as Web 3.0 technology matures.
According to Statista, tech firms and investors boosted the emerging Web 3.0 gaming industry with $2.5 Billion.
In Web3 or NFT games, the in-game collectibles like lands, vehicles, armor, characters, etc., can be minted as NFTs and traded on secondary marketplaces.
In gaming, Web 3.0 enables players to earn money instead of playing games. Web3 games, the next-gen gaming concept, find or purchase gaming collectibles and trade them with others.
Some benefits of Web3 games are:
(ii) Income Opportunities
(iv) Surreal virtual experience
(v) Influencer opportunity
(vi) In-game asset trading
Read More: Web3 Gaming
Fintech industries will witness many financial institutions accepting cryptocurrency as payments with Web3 development. Mastercard announced that it is trying to bridge the gap between virtual and fiat currency by partnering with central banks and the trading platform -Paxos.
Web3 in banking enables consumers to avail all the benefits of banking services from their homes without any intermediary. Smart contracts power Web 3.0-based banks that speed up the application processing and saves user time and money. Web 3.0-based banks enable customers to control their funds and improve their security and trust.
Further, Web3 accelerates the development of the Defi dapps or platform that enable lenders or borrowers to lend or borrow capital (virtual assets as collateral) using smart contracts that lock, lend, receive and distribute funds based on the specified criteria.
The fintech industry is undergoing major disruption, and financial institutions will assist the customer to avail of Defi services via their Web3 financial services in 2024.
Web 3.0 and cloud-based technologies will facilitate the dawn of Baas (Brand as a Service). It is an innovative trend in blockchain technology that enables users to work with blockchain to create innovative digital products.
It allows users to participate and monetize their product ideas on cloud-based platforms. Further, they can join brands in the metaverse and contribute to product or service development. They are rewarded based on their involvement and contribution.
The openness of Web3 will enable the advancement of BaaS, and it will be among the watchlist of Web3 admirers in 2024.
Web3 social platforms are decentralized and community-driven. It shifts the power from big tech firms to platform users. Web 3.0 platform users create, manage, and monetize their content without the involvement of central or managing authority.
Data encryption of blockchain improves user privacy and transparency and safeguard their data and asset in a Web3-based platform. Server outages, data breaches, and privacy violations are impossible on Web3 social media platforms.
Open source, interoperability, community-oriented, freedom, in-app payment, transparency, improved security, attractive monetizing sources, etc., are the benefits of Web3 in social networking.
Web3 components like NFT, crypto, metaverse, smart contract, etc., will leave content creators and users with numerous opportunities that will expand the scope of the Web 3.0-based platform in 2024.
Regenerative finance combines the fundamentals of regenerative economics and decentralized finance. It is an alternate financial system that aims to democratize financial services and goods.
Web 3.0 will help fight against deforestation, land degradation, climate change, etc. Ecolab and AEternals are among the top Web 3.0 projects working to reverse ecosystem degeneration.
The refi-based initiative started communicating with one another, and this niche is advancing rapidly, thanks to Web 3.0. special emphasis is given to sustainable development projects in every sector, with Web3-based Refi trends, and we will witness them take off in 2024.
The transformation from Web 2.0 to Web 3.0 paved the way for virtualization. AR and VR will be the core of digital innovation for Web 3.0-based platforms like Web 3.0 gaming, Virtual banks, etc.
The global market has already understood the growing demands for AR & VR technologies owing to the emergence of Web3-based platforms. Some remarkable benefits of aligning AR & VR with Web3-based applications are:
(i) Unification of online and real-world into the single and inter-connected continuum.
(ii) Surreal Virtual gaming, shopping & banking experience
(iii) Blockchain-based virtual transactions
According to Forbes, the AI industry will grow by 37.3% in 2024. In mid-2024, we can see global firms competing in the virtual world with the amalgamation of AR and VR technology as it helps them amplify their brand marketing and customer services.
Web3 and NFT will tremendously impact the art and creative industry and benefit the creators. Artists can convert their works into digital assets in the form of NFTs via NFT minting software. NFTs give artists more control over their creations and allow them to compete and earn in the global atmosphere. They can sell their artworks in online marketplaces in a decentralized infrastructure. Plus, they will receive a small amount of royalty whenever their artwork is traded.
Ownership, traceability, transparency, royalty, income & rewards are some advantages of blending Web 3.0, NFTs, and art niche. In addition, it increases prevents copyright infringement and scams with the immutable and transparent nature of blockchain technology.
NFT and Web3 will make the artworks more accessible virtually and extend beneficial opportunities for artists, collectors, and art museums in 2024.
Metaverse is a virtual environment that allows people to engage in digital activities and interact with each other. The most popular coffee chain, Starbucks, ventured with its Starbucks odyssey into the metaverse. It allows users to collect rewards as NFTs and engage in enthralling virtual activities.
One real-world utility of Metaverse is the gamification of everyday activities, which will be the next big trend that one could expect in 2024. With this trend, one can visit the virtual store, explore, interact with the storekeepers, order the things and have them delivered to the doorstep, or even win the items they want in the form of rewards. It will give a surreal shopping experience for users from their homes.
Web3 Metaverse enables digital streaming that allows music lovers to enjoy popular concerts virtually. Artists like Marshmallow and many others joined the metaverse and gave their concerts in virtual reality. Virtual concerts and events will break the geographical, financial, and cultural barriers that separate people.
The global metaverse market will reach a $5 Trillion market cap by 2030. Metaverse as a Service will enable enterprises to open their virtual stores in the metaverse. This subscription-based model helps encourage global firms to plunge into the metaverse in 2024 as it helps them save tremendous costs associated with in-house resources, infrastructure, licensing, etc.
The core of Web3 lies in three fundamentals - blockchain, smart contracts, and digital assets, which will collectively benefit society to a massive extent in 2024.
Though Web 3.0 still needs to find a way to demonstrate its applicability for many real-world applications, many big tech firms are utilizing Web3 business ideas to strengthen their value proposition, believing in the promising future that it has to deliver.
It will be a matter of time before Web3 matures formidably and for the world to witness its mass adoption.
If you are planning to adopt Web3 solutions for your business, Maticz the pioneer in web3 development can help you with the industry’s best web3 developers. Contact us to implement effective web3 software solutions in your business.
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